Approach Resources Inc. Oil & Gas Exploration and Production Operations and Cost Analysis - Q1, 2017

 Published On: Aug, 2017 |    No of Pages: 96 |  Published By: GlobalData | Format: PDF
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Summary

Approach Resources Inc. Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational metrics, analysis and provides a strategic insight into the company. The report provides an annual and quarterly overview of oil and gas reserves and production, changes in reserves, costs incurred and results of oil and gas operations, acreage and well details, share price performance and key valuation metrics.

Scope

The report provides in-depth analysis and insights into companies' capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes the following -
- The report provides detailed and unique insight information on the key operational metrics. It gives a comprehensive overview of oil and gas production and reserves, costs incurred and results of oil and gas operations, acreage and well details and other performance metrics.
- Provides details with respect to the company's oil and gas reserves and production information by country. It further consists of in-depth information on the company's expenditures in relation to the acquisition, exploration and development activities; developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company as disclosed in its annual reports and regulatory filings.
- Provides a comprehensive overview of the company's share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)
- Provides information on key operational and financial metrics on an annual and quarterly basis. The annual information provided is for a five-year period and the quarterly information is for the last five quarters.

*Note:

1. The scope mentioned above is generic and may not apply to all the companies. The report is based on the information disclosed by the companies in their annual and quarterly reports, regulatory filings and other company documents and sources.
2. Quarterly information is provided only for the companies that are December ending and files quarter reports and documents.
3. There can be cases where countries/regions data column/Charts will be blank. This can be due to the fact that the company might have discontinued the reporting of those countries/regions. Information that is not disclosed by the company may not be available in the report.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Be up-to-date with the latest information and in-depth analysis of the operational metrics of the company.
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational metrics of your competitors.
- Rank your performance against other companies in the exploration and production (E&P) sector using operational and financial benchmarking metrics.
- Formulate your strategies based on in-depth analysis of your competitors' financial and operational data.
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational metrics.
- Establish relative performance among the industry's players based on key operational and financial measures.

Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Company Snapshot 7
Key Information 7
Company Overview 7
Approach Resources Inc., Valuation and Financial Data 8
Approach Resources Inc., Share Price Performance 8
Share Price Performance, Q1, 2016-Q1, 2017 8
Approach Resources Inc., Key Valuation Metrics 9
Key Valuation Metrics, Q1, 2016-Q1, 2017 9
Approach Resources Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q1, 2016-Q1, 2017 10
Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2016-Q1, 2017 11
Approach Resources Inc., Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q1, 2016-Q1, 2017 12
Approach Resources Inc., Quarterly Production Trends 13
Approach Resources Inc., Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q1, 2016-Q1, 2017 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2016-Q1, 2017 15
Approach Resources Inc., Crude Oil Production 16
Total Crude Oil Production Trend, Q1, 2016-Q1, 2017 16
Crude Oil Production, By Country/Region, Q1, 2016-Q1, 2017 17
Approach Resources Inc., Natural Gas Production 18
Total Natural Gas Production Trend, Q1, 2016-Q1, 2017 18
Natural Gas Production, By Country/Region, Q1, 2016-Q1, 2017 19
Approach Resources Inc., Valuation and Financial Data, 2012-2016 20
Approach Resources Inc., Share Price Performance, 2012-2016 20
Share Price Performance, 2012-2016 20
Key Valuation Metrics, 2012-2016 22
Approach Resources Inc., Production and Reserves Trends 23
Total Oil and Gas, Reserves and Production 23
Total Crude Oil and Natural Gas Production and Reserves Trend, 2012-2016 23
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2012-2016 25
Total Crude Oil and Natural Gas Reserve Changes, 2012-2016 27
Crude Oil/Liquids Production and Reserve 28
Crude Oil/Liquids Production and Reserve Trend, 2012-2016 28
Crude Oil Production and Reserves By Country/Region, 2012-2016 30
Crude Oil/Liquids Reserve Changes, 2012-2016 32
Natural Gas Production and Reserve 33
Natural Gas Production and Reserve Trend, 2012-2016 33
Natural Gas Production and Reserves, By Country/Region, 2012-2016 35
Natural Gas Reserve Changes, 2012-2016 37
Total Crude Oil and Natural Gas Reserves Life Index 38
Total Crude Oil and Natural Gas Reserves Life Index, 2012-2016 38
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2012-2016 39
Approach Resources Inc., E&P Costs Trends 41
Allocation of the Upstream Capital Expenditure 41
Upstream Capital Expenditure, 2012-2016 41
Exploration and Development Costs, By Country/Region, 2012-2016 44
Oil and Gas Cost Per boe, US$/boe 46
Oil and Gas Cost Per boe, US$/boe, 2012-2016 46
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2012-2016 48
Approach Resources Inc., Reserve Replacement Ratio 50
Oil and Gas Production Replacement Ratio 50
Oil and Gas Production Replacement Ratio, 2012-2016 50
Oil and Gas Production Replacement Ratio, By Country/Region, 2012-2016 53
Approach Resources Inc., Results of Oil & Gas Operations Trend 58
Oil and Gas Revenue and Expenses 58
Oil and Gas Revenue and Expenses, 2012-2016 58
Oil and Gas Revenue and Expenses, By Country/Region, 2012-2016 60
Oil and Gas Revenue and Expenses, Per boe 64
Oil and Gas Revenue and Expenses, By boe, 2012-2016 64
Oil and Gas Performance Metrics 70
Approach Resources Inc., Land Holdings and Well Data 71
Developed and Undeveloped Acreage 71
Gross and Net Developed and Undeveloped Acreage, 2012-2016 71
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2012-2016 72
Well Statistics 75
Producible Oil and Gas Well, 2012-2016 75
Producible Oil and Gas Well, By Country/Region, 2012-2016 77
Exploration and Development Wells Drilled, 2012-2016 82
Exploration and Development Wells Drilled, By Country/Region, 2012-2016 84
Recent Developments 85
Approach Resources Inc. - Recent Developments 85
Aug 02, 2017: Approach Resources Reports Second Quarter 2017 Results, Resumes Production Growth 85
May 04, 2017: Approach Resources Reports First Quarter 2017 Results 86
Mar 09, 2017: Approach Resources Reports 2016 Fourth Quarter And Full-Year Financial And Operating Results And Provides 2017 Outlook 88
Jan 30, 2017: Approach Resources names new president 92
Nov 09, 2016: Approach Resources Announces Reaffirmation Of Borrowing Base Of $325 Million 93
Nov 02, 2016: Approach Resources Reports Third Quarter 2016 Results 93
Aug 03, 2016: Approach Resources Reports Second Quarter 2016 Results 95
May 04, 2016: Approach Resources Reports First Quarter 2016 Results 97
Mar 03, 2016: Approach Resources Reports Fourth Quarter And Full-Year 2015 Results And Provides 2016 Outlook 98
Appendix 102
Methodology 102
Coverage 102
Secondary Research 102
Primary Research 103
Data Information Sources 103
Company Source 103
SEC/Other Regulatory Filings 103
Other Sources 103
Expert Panel Validation 103
Data Definition 103
Oil and Gas Reserves 103
Units of Measure 104
About GlobalData 105
Disclosure 105
Disclaimer 105

List of Tables
Table 1: Approach Resources Inc., Key Facts 7
Table 2: Approach Resources Inc., Share Price Performance, Q1, 2016-Q1, 2017 8
Table 3: Approach Resources Inc., Key Valuation Metrics, Q1, 2016-Q1, 2017 9
Table 4: Approach Resources Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2016-Q1, 2017 10
Table 5: Approach Resources Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2016-Q1, 2017 11
Table 6: Approach Resources Inc., Upstream Capital Expenditure, Q1, 2016-Q1, 2017 12
Table 7: Approach Resources Inc., Total Crude Oil and Natural Gas, Production, Q1, 2016-Q1, 2017 13
Table 8: Approach Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2016-Q1, 2017 15
Table 9: Approach Resources Inc., Total Crude Oil Production, mmbbl, Q1, 2016-Q1, 2017 16
Table 10: Approach Resources Inc., Crude Oil Production, By Country/Region, mmbbl, Q1, 2016-Q1, 2017 17
Table 11: Approach Resources Inc., Total Natural Gas Production, bcf, Q1, 2016-Q1, 2017 18
Table 12: Approach Resources Inc., Natural Gas Production, By Country/Region, bcf, Q1, 2016-Q1, 2017 19
Table 13: Approach Resources Inc., Share Price Performance, 2012-2016 20
Table 14: Approach Resources Inc., Key Valuation Metrics, 2012-2016 22
Table 15: Approach Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 23
Table 16: Approach Resources Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2012-2016 26
Table 17: Approach Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2012-2016 27
Table 18: Approach Resources Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 28
Table 19: Approach Resources Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2012-2016 31
Table 20: Approach Resources Inc., Crude Oil Reserve Changes, mmbbl, 2012-2016 32
Table 21: Approach Resources Inc., Natural Gas Production and Reserves Metrics, bcf, 2012-2016 33
Table 22: Approach Resources Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2012-2016 36
Table 23: Approach Resources Inc., Natural Gas Reserve Changes, bcf, 2012-2016 37
Table 24: Approach Resources Inc., Oil and Gas Reserves Life Index, Years, 2012-2016 38
Table 25: Approach Resources Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2012-2016 40
Table 26: Approach Resources Inc., Upstream Capital Expenditure, US$ mil, 2012-2016 41
Table 27: Approach Resources Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 43
Table 28: Approach Resources Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2012-2016 45
Table 29: Approach Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 46
Table 30: Approach Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2012-2016 49
Table 31: Approach Resources Inc., Oil and Gas Production Replacement Ratio, %, 2012-2016 50
Table 32: Approach Resources Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2012-2016 56
Table 33: Approach Resources Inc., Revenue and Expenses, US$ mil, 2012-2016 58
Table 34: Approach Resources Inc., Revenue and Expenses, By Country/Region, US$ mil, 2012-2016 63
Table 35: Approach Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 64
Table 36: Approach Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2012-2016 68
Table 37: Approach Resources Inc., Oil and Gas Performance Metrics, 2012-2016 70
Table 38: Approach Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 71
Table 39: Approach Resources Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2012-2016 74
Table 40: Approach Resources Inc., Producible Oil and Gas Wells, 2012-2016 75
Table 41: Approach Resources Inc., Producible Oil and Gas Wells, By Country/Region, 2012-2016 81
Table 42: Approach Resources Inc., Exploratory and Developed Wells, 2012-2016 82
Table 43: Approach Resources Inc., Exploratory and Developed Wells, By Country/Region, 2012-2016 84

List of Figures
Figure 1: Approach Resources Inc., Share Price Performance, USD/Share, Q1, 2016-Q1, 2017 8
Figure 2: Approach Resources Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2016-Q1, 2017 9
Figure 3: Approach Resources Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2016-Q1, 2017 10
Figure 4: Approach Resources Inc., Upstream Capital Expenditure, US$ mil, Q1, 2016-Q1, 2017 12
Figure 5: Approach Resources Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2016-Q1, 2017 13
Figure 6: Approach Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2016-Q1, 2017 15
Figure 7: Approach Resources Inc., Total Crude Oil Production, mmbbl, Q1, 2016-Q1, 2017 16
Figure 8: Approach Resources Inc., Crude Oil Production, By Country/Region, mmbbl, Q1, 2016-Q1, 2017 17
Figure 9: Approach Resources Inc., Total Natural Gas Production, bcf, Q1, 2016-Q1, 2017 18
Figure 10: Approach Resources Inc., Natural Gas Production, By Country/Region, bcf, Q1, 2016-Q1, 2017 19
Figure 11: Approach Resources Inc., Share Price Performance, USD/Share, 2012-2016 20
Figure 12: Approach Resources Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2012-2016 22
Figure 13: Approach Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 23
Figure 14: Approach Resources Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2012-2016 25
Figure 15: Approach Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2012-2016 25
Figure 16: Approach Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2016 27
Figure 17: Approach Resources Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 28
Figure 18: Approach Resources Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2012-2016 30
Figure 19: Approach Resources Inc., Oil Production, By Country/Region, mmbbl, 2012-2016 30
Figure 20: Approach Resources Inc., Crude Oil Reserve Changes, mmbbl, 2016 32
Figure 21: Approach Resources Inc., Natural Gas Production and Reserves Metrics, bcf, 2012-2016 33
Figure 22: Approach Resources Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2012-2016 35
Figure 23: Approach Resources Inc., Gas Production, By Country/Region, bcf, 2012-2016 35
Figure 24: Approach Resources Inc., Natural Gas Reserve Changes, bcf, 2016 37
Figure 25: Approach Resources Inc., Oil and Gas Reserves Life Index, Years, 2012-2016 38
Figure 26: Approach Resources Inc., Gas Reserve Life Index, By Country/Region, Years, 2012-2016 39
Figure 27: Approach Resources Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2012-2016 39
Figure 28: Approach Resources Inc., Oil Reserve Life Index, By Country/Region, Years, 2012-2016 40
Figure 29: Approach Resources Inc., Upstream Capital Expenditure, US$ mil, 2012-2016 41
Figure 30: Approach Resources Inc., Development Costs, By Country/Region, US$ mil, 2012-2016 44
Figure 31: Approach Resources Inc., Exploration Costs, By Country/Region, US$ mil, 2012-2016 44
Figure 32: Approach Resources Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 46
Figure 33: Approach Resources Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 48
Figure 34: Approach Resources Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 48
Figure 35: Approach Resources Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2012-2016 50
Figure 36: Approach Resources Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2012-2016 53
Figure 37: Approach Resources Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2012-2016 53
Figure 38: Approach Resources Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2012-2016 54
Figure 39: Approach Resources Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2012-2016 54
Figure 40: Approach Resources Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2012-2016 55
Figure 41: Approach Resources Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2012-2016 56
Figure 42: Approach Resources Inc., Revenue and Expenses, US$ mil, 2012-2016 58
Figure 43: Approach Resources Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 60
Figure 44: Approach Resources Inc., Exploration Expenses, By Country/Region, US$ mil, 2012-2016 60
Figure 45: Approach Resources Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2012-2016 61
Figure 46: Approach Resources Inc., Production Costs, By Country/Region, US$ mil, 2012-2016 61
Figure 47: Approach Resources Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 62
Figure 48: Approach Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 64
Figure 49: Approach Resources Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2012-2016 66
Figure 50: Approach Resources Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2012-2016 66
Figure 51: Approach Resources Inc., Total DD&A per boe, By Country/Region, US$/boe, 2012-2016 67
Figure 52: Approach Resources Inc., Total Revenue per boe, By Country/Region, US$/boe, 2012-2016 68
Figure 53: Approach Resources Inc., Oil and Gas Performance Metrics, 2012-2016 70
Figure 54: Approach Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 71
Figure 55: Approach Resources Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2012-2016 72
Figure 56: Approach Resources Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2012-2016 72
Figure 57: Approach Resources Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2012-2016 73
Figure 58: Approach Resources Inc., Total Net Developed Acreage, By Country/Region, Acres, 2012-2016 73
Figure 59: Approach Resources Inc., Producible Oil and Gas Wells, 2012-2016 75
Figure 60: Approach Resources Inc., Gross Productive Gas Wells, By Country/Region, Number, 2012-2016 77
Figure 61: Approach Resources Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 77
Figure 62: Approach Resources Inc., Gross Productive Oil Wells, By Country/Region, Number, 2012-2016 78
Figure 63: Approach Resources Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2012-2016 78
Figure 64: Approach Resources Inc., Net Productive Gas Wells, By Country/Region, Number, 2012-2016 79
Figure 65: Approach Resources Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 80
Figure 66: Approach Resources Inc., Net Productive Oil Wells, By Country/Region, Number, 2012-2016 80
Figure 67: Approach Resources Inc., Exploratory and Developed Wells, 2012-2016 82


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