Crescent Energy Co., Houston, raised its full year 2023 production outlook based on operational performance including improved capital efficiencies.
The company increased its full year 2023 production guidance to 143,000-148,000 from 140,000-148,000 and lowered its expected capital spending budget to $575-625 million from $625-700 million. The lower planned capital investment level reflects realized operational efficiencies, including reduced drilling days and completion optimizations that have driven capital costs per foot 10% lower relative to 2022, the company said in a release Aug. 10.
Second quarter production averaged 139,000 boe/d (46% oil, 60% liquids), a 1.5% increase from the prior quarter.
Crescent operated one rig in the Uinta and one rig in the Eagle Ford during second-quarter 2023 and incurred drilling and completions capital investments of $148 million. The company drilled 16 gross operated wells (12 Eagle Ford, four Uinta) and brought online 20 gross operated wells (9 Eagle Ford, 11 Uinta).
The company also closed the previously announced $600-million western Eagle Ford asset deal with Mesquite Energy Inc., increasing operating scale and inventory (OGJ Online, May 3, 2023).
Net income for the quarter was $57 million and adjusted net income was $25 million.
