Extraction Oil & Gas, Inc. Announces Production Results for the Third Quarter of 2018; Provides Production and Capital Expenditure Guidance for the Full Year of 2018 and 2019
For the full-year 2018, the company expects to drill between 168 and 173 gross wells with an average lateral length of 1.8 miles and an average working interest of 85%, complete between 170 and 175 gross wells with an average lateral length of 1.7 miles and an average working interest of 90%, and turn to sales between 163 and 168 gross wells with an average lateral length of 1.6 miles and an average working interest of 87%.
The company expects tightness on DCP's midstream system in the northern portion of the Wattenberg field will persist with limited relief after DCP's Plant 11 is placed into service during the second quarter of 2019. As a response, Extraction's planned drilling and completion (D&C) capital expenditures of $650 - $700 million in 2019 are expected to generate approximately 15% year-over-year crude oil production growth while generating free cash flow for the full year.