Which Upstream Companies Saw Their Production Volumes Rise?



Noble Energy increased production the most

Noble Energy’s (NBL) total production volumes in 1Q16 were 416,000 barrels of oil equivalent per day (or boepd). This represents a rise of ~31% year-over-year.

NBL noted in its 1Q16 earnings release that its 1Q16 production increase mostly resulted from its merger with Rosetta Resources in July 2015. The assets acquired included properties in the Eagle Ford Shale and the Permian Basin. Excluding these assets, NBL’s production volumes increased by 12% year-over-year.

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EQT’s and AR’s production volumes rose by 20% or more YoY

EQT’s (EQT) 1Q16 production volumes were ~179.9 Bcfe (billion cubic feet equivalent), which represents a ~24% YoY (year-over-year) increase. EQT’s production volumes have mostly increased steadily over the quarters since 1Q15.

EQT attributes this quarterly production increase to improved well productivity, especially in the Marcellus Shale. The Marcellus Shale had contributed ~84% to EQT’s total production for 2015.

Antero Resources’s (AR) 1Q16 production volumes totaled ~1.8 billion cubic feet equivalent per day (or Bcfepd), 18% higher than its 1Q15 production levels.

COG’s production declined in 1Q16

Cabot Oil and Gas’s (COG) 1Q16 production volumes were 160.3 Bcfe (billion cubic feet equivalent), ~6.5% lower than its 1Q15 production levels. COG’s production curtailing efforts have been driving this production decline.

Production guidance for 2016

For 2016, EQT has provided production growth guidance of ~19% at midpoint, and Antero Resources’s (AR) has provided growth guidance of 15% at midpoint. Noble Energy has provided a growth range of 15%.

On the other hand, Cabot Oil and Gas expects its annual production to grow by 2%–7% in 2016 versus 2015.


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