Upstream operator, Abraxas Petroleum Corp (AXAS) declared that its proved reserves in 2013 have improved from the 2012-end level. Moreover, the company has provided an update relating to its production and capital expenditure in 2013.
Proved Reserves
As reported by Abraxas, total oil and natural gas proved reserves reached 31 million barrels of oil equivalent (MMBOE) at the end of 2013, against 30.2 MMBOE as of Dec 31, 2012. This reflects roughly 2.7% annual increase in the company’s total reserves.
As of Dec 31, 2013, Abraxas’ proved oil reserves stood at 20.9 million barrels (MMBBL). The figure highlights a 20.8% increase from 17.3 MMBBL reported at the end of 2012.
Production
During fourth-quarter 2013, Abraxas produced roughly 4,084 barrels of oil equivalent per day (BOE/D). Moreover, its full-year 2013 average output came in at 4,298 BOE/D. The company also reported December production of 4,348 BOE/D.
Capital Expenditure
Abraxas invested roughly $95.0 million during 2013. Of the total, the company spent roughly $10.6 million on non drilling activities.
Fourth-quarter Estimate
Abraxas is expected to release its fourth-quarter 2013 results on Mar 12, 2014, before the opening bell. The Zacks Consensus Estimate for the company’s fourth-quarter earnings is pegged at 4 cents per share.
Zacks Rating
San Antonio, Texas-based Abraxas involves primarily in the exploitation and production of crude oil and natural gas. The company currently carries a Zacks Rank #3 (Hold), which implies that it is expected to perform in line with the broader U.S. equity market over the next one to three months.
Meanwhile, one can look at better-ranked players in the exploration and production sector like Athlon Energy Inc. (ATHL), Matador Resources Company (MTDR) and Warren Resources Inc. (WRES). All the stocks sport a Zacks Rank #1 (Strong Buy).
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