EPL Provides Operational Update
31 Gennaio 2013 - 1:00PM
EPL Oil & Gas, Inc. (EPL or the Company) (NYSE:EPL) today
provided an operational update.
Highlights
- 2012 oil exit rate above guidance at approximately 16,500
Barrels (Bbls) per day
- 2012 operational results include 28 successful development and
exploration projects for a 90% success rate
- Organic reserve replacement expected to exceed production
withdrawals due to its highly successful 2012 capital program
- Hedging provides significant downside protection of cash flow,
with 62% of forecasted oil production hedged in 2013 and
substantial oil hedges added in 2014
Operational Update
EPL announced its oil production exit rate for 2012 was
estimated to be approximately 16,500 Bbls per day, exceeding the
Company's guidance of 16,000 Bbls per day. Total company exit rate
is estimated at year end to be approximately 22,300 Boe per day.
Based upon projected strong fourth quarter 2012 performance, EPL
currently expects EBITDAX for full year 2012 to be in the mid to
upper range of the Company's guidance of $275 million to $285
million.
EPL also reported that its 2012 operational results include 28
successful development and exploration projects for a 90% success
rate. During 2012, capital expenditures on exploration and
development activities totaled approximately $230 million,
including $10.7 million of seismic purchases and $7.0 million of
lease purchases. Based on the high success rate in 2012, EPL
internal projections indicate the Company has more than organically
replaced last year's production withdrawals through execution of
high impact projects. Major rig operations are ongoing, mainly
executing infield development and exploration work within its core
field areas. For full year 2013, EPL still expects to spend
approximately $300 million on its development and exploration
activities.
Gary Hanna, EPL's President and CEO, stated, "While the base
integration of our recently acquired Hilcorp assets is complete, we
continue to identify additional field cost savings while
high-grading near term projects and reprocessing 3-D seismic to
unlock the upside potential of the properties. This process,
successful in prior acquisitions, together with good execution and
efficient capital allocation, resulted in the ramping up of oil
production and a solid performance in 2012. We expect this trend to
continue as we drive organic growth on our significantly larger
asset base."
Hedging Update
The Company has continued to layer in additional downside
protection in the form of swaps and collars for 2013 and 2014 to
protect its cash flow. For full year 2013, EPL has a total of
11,157 Bbls of oil per day hedged, the majority of which is hedged
using Brent swaps at a fixed price averaging $106.01 per Bbl. For
full year 2013, EPL has a total of 9,562 Mcf per day of gas hedged,
all of which is hedged using swaps at a fixed price averaging $3.51
per Bbl. For full year 2014, EPL has a total of 8,715 Bbls of oil
per day hedged, all of which is hedged using Brent swaps at a fixed
price averaging $101.13 per Bbl. For full year 2014, EPL has a
total of 5,000 Mcf per day of gas hedged, all of which is hedged
using swaps at a fixed price averaging $4.01 per Bbl.
Description of the Company
Founded in 1998, EPL is an independent oil and natural gas
exploration and production company based in New Orleans, Louisiana,
and Houston, Texas. The Company's operations are concentrated
in the U.S. Gulf of Mexico shelf, focusing on the state and federal
waters offshore Louisiana. For more information, please visit
www.eplweb.com.
Forward-Looking Statements
This press release may contain forward-looking information and
statements regarding EPL. Any statements included in this
press release that address activities, events or developments that
EPL "expects," "believes," "plans," "projects," "estimates" or
"anticipates" will or may occur in the future are forward-looking
statements. We believe these judgments are reasonable, but
actual results may differ materially due to a variety of important
factors. Among other items, such factors might include:
hurricane and other weather-related interference with business
operations; the effects of delays in completion of, or shut-ins of,
gas gathering systems, pipelines and processing facilities; stock
market conditions; the trading price of EPL's common stock; cash
demands caused by planned and unplanned capital expenditures;
changes in general economic conditions; uncertainties in reserve
and production estimates, particularly with respect to internal
estimates that are not prepared by independent reserve engineers;
unanticipated recovery or production problems; changes in
legislative and regulatory requirements concerning safety and the
environment as they relate to operations; oil and natural gas
prices and competition; the impact of derivative positions;
production expenses and expense estimates; cash flow and cash flow
estimates; future financial performance; drilling and operating
risks; our ability to replace oil and gas reserves; risks and
liabilities associated with properties acquired in acquisitions;
integration of acquired assets; volatility in the financial and
credit markets or in oil and natural gas prices; and other matters
that are discussed in EPL's filings with the Securities and
Exchange Commission. (http://www.sec.gov/)
CONTACT: Investors/Media
T.J. Thom, Chief Financial Officer
504-799-1902
tthom@eplweb.com
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