Extraction Oil & Gas Provides 2021 Guidance
Details can be found in the table below:
|Production||66-74 Mboepd (36-38% oil)|
|Land net capex|
|Lease operating expense|
|Recurring cash G&A expense|
|Production tax expense||8-9% of Rev-T&M|
|T&M expense (beginning 2Q21)|
|WTI differential (beginning 2Q21)|
Low cash G&A reflects in part the adoption of leading-edge, primarily stock-based compensation programs for Extraction’s Board and management team, which ensure full alignment between the Company and its investors.
Extraction anticipates exiting 2021 with
The Company also released its current hedge positions, summarized below:
|Oil volumes hedged (Bopd)||16,552||14,269||12,533||11,315||9,200|
|Avg. swap price ($/Bbl)||$||50.34||$||50.34||$||49.64||$||50.01||$||50.05|
|Gas volumes hedged (MMbtupd)||36,076||100,994||92,197||85,916||71,870|
|Avg. swap price ($/MMbtu)||$||2.94||$||2.94||$||2.93||$||2.93||$||3.00|
Extraction will host a conference call on
Fourth-Quarter 2020 Earnings Conference Call Information
Participant Dial-In (Domestic toll-free): (844) 229-9561
Conference ID: 9956953
To access the audio webcast, please visit the Investor Relations section of the Company’s website at www.extractionog.com. A replay of the conference call will be available on the website for approximately 30 days following the call.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, planned capital expenditures, increases in oil and gas production, the number of anticipated wells to be drilled or completed after the date hereof, anticipated levels of free cash flow and debt, shareholder returns, pursuit of potential acquisition opportunities, our financial position, business strategy and other plans and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “should,” “could,” and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the “Risk Factors” section of our most recent Form 10-K and Forms 10-Q filed with the
Source: Extraction Oil & Gas, Inc.