Centennial Resource Development reports Q3 EPS (1c), consensus 3c
Reports Q3 revenue $229.1M, consensus $228.08M. Centennial has continued to optimize its Delaware Basin acreage position with multi-well pad co-development to drill extended laterals. During the quarter, Centennial reported strong well results from multiple intervals in both Texas and New Mexico. On the southeast portion of the Company's Toyah acreage in Reeves County, Texas, the Barracuda unit was drilled with approximate 10,300-foot laterals and included one Third Bone Spring Sand well and two Upper Wolfcamp A wells. The wells averaged 1,918 barrels of oil equivalent per day ("Boe/d"), or 1,583 Bbls/d of oil, for the initial 30-day production period. Based on recent operational results, Centennial increased its 2019 oil growth target from 18% to 22% and total company growth target from 17% to 22%. The Company increased the number of completed wells expected this year, as a result of efficiencies gained to date. Centennial's full-year capital budget remains unchanged. The Company also lowered its full-year 2019 guidance ranges for Cash G&A and DD&A, while increasing LOE on a per unit basis.