Rosetta Resources Inc. (NASDAQ: ROSE) detailed its second-quarter 2014 financial results, the company said Aug. 4.
Net income was lower, at $14.4 million, than second-quarter 2013’s $75.4 million, the company said.
The quarter averaged 61.5 thousand barrels of oil equivalent per day (Mboe/d), a 26% from second-quarter 2013, and a 13% increase from this year’s first quarter, Rosetta said. The increases were due to production growth from Eagle Ford and Permian Basin development, the company added. Oil and NGL volumes increased by 56% and 16% over the prior year and its second quarter, respectively, to 19 Mbbl/d and 21.2 Mbbl/d, the company said.
During the quarter, the company drilled 34 gross operated wells, completed 37 gross wells and placed 44 on production, Rosetta added. The production guidance range for the full year was increased. The new range falls between 63 Mboe/d and 66 Mboe/d, while the old fell between 60 Mboe/d and 65 Mboe/d, the company said.
Second-quarter 2014’s revenues were lower than second-quarter 2013’s--$220.9 vs. $236.5 million, Rosetta said. Per boe, the direct lease operating expense was $2.64 during the quarter, and workover expense was $1.78/boe, the company said.
During the second quarter, Rosetta invested about $392 million, excluding acquisitions, the company said. About $57.5 million was spent on central facilities projects to support the year’s activity, and planned development for 2015, the company said.
Rosetta revised its 2014 capital guidance to $1.2 billion from $1.1 billion, the company said. About $130 million will be spent on central facilities, while $790 million will support Eagle Ford development. About $320 million will support development in the Delaware Basin, while the remaining $90 million will support new ventures, capitalized interest and other corporate capital, Rosetta added.
To date in the Eagle Ford, $217.5 million was spent on drilling and completion. In the Permian Basin, in Reeves County, Texas, $91.6 million was spent on drilling and completion, the company added.
Looking ahead, Rosetta plans to operate five rigs in the play(four horizontal), during this year’s third quarter, the company said.
Regarding liquidity, Rosetta’s borrowing base totaled $950 million on June 30, and there was $800 million under the senior revolving credit facility, the company said. On that date, there were no outstanding amounts under the facility, Rosetta added.
Houston-based Rosetta Resources Inc. explores and produces domestic oil and gas.
Recommended Reading
Quantum Capital’s View on AI: Lots of Benefits, Pain Points
2024-05-16 - The energy industry is lagging in the race to implement AI, but Sebastian Gass, CTO of Quantum Capital Group, offered a few solutions during Hart Energy’s 2024 SUPER DUG Conference & Expo.
Aramco Credits Adaptability, Collaboration for Driving Innovation
2024-05-15 - Aramco’s implementation of different approaches has led to the creation and commercialization of newer products, said Max Deffenbaugh, principal scientist for Aramco, at the 2024 Offshore Technology Conference in Houston.
OTC: E&Ps Improving Operational Safety with Digitization
2024-05-13 - Artificial intelligence and the digitization of the oilfield have allowed for several improvements in keeping operators out of harm’s way, panelists said during the 2024 Offshore Technology Conference.
Exclusive: Cost-effective Benefits of Extracting from Mature Assets
2024-05-13 - Baker Hughes' well abandonment leader Bart Joppe details the importance of extracting resources from mature assets and the company's approach to managing a well, in this Hart Energy Exclusive interview.
TGS Starts Up Multiclient Wind, Metaocean North Sea Campaign
2024-05-07 - TGS is utilizing two laser imaging and ranging buoys to receive detailed wind measurements and metaocean data, with the goal of supporting decision-making in wind lease rounds in the German Bright.