We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
U.S.-based upstream company PetroQuest Energy recently declared its year-end estimated proved reserves and production results. Additionally, it provided production and capex guidance along with operations update.
2016 Estimated Proved Reserves & Production
The estimated proved reserves of PetroQuest amounted to 115 billion cubic feet equivalent (Bcfe) as of Dec 31, 2016. Of the total reserves, natural gas accounted for 70%, natural gas liquids 23%, while the remaining 7% was oil. Additionally, 59% of the reserves were proved developed. The company has valued its proved reserves at approximately $127 million.
The production for 2016 is expected to be around 23.5 Bcfe. Production in the fourth quarter is estimated to be around 4.6 Bcfe.
2017 Guidance
The capex budget of PetroQuest for 2017 is estimated to be within the range of $40–$48 million, which is expected to be funded with the internally generated cash flow. The capital budget for the year will be directed towards development of horizontal Cotton Valley wells, Thunder Bayou well in Louisiana and Gulf of Mexico projects.
The estimated production for the first quarter of 2017 is likely to range between 55–59 million cubic feet equivalent (MMcfe) per day representing an increase of 14% sequentially. 68%, 14% and 18% of the total estimated production will be derived from natural gas, oil and natural gas liquids respectively.
Operations Update
PetroQuest has initiated its production in its Thunder Bayou well with the production rate of 20 MMcfe per day. Further, the company has recently completed its horizontal Cotton Valley project.
Zacks Rank and Key Picks
PetroQuest Energy, headquartered in Lafayette, deals with the exploration, acquisition and production of oil and gas. The company currently carries a Zacks Rank #3 (Hold). Over the last three months, the Zacks categorized Oil and Gas Exploration & Production industry has registered 3% growth. However, units of PetroQuest have outperformed the industry by registering a growth rate of 21%.
Bellatrix is expected to report year-over-year growth of 17.49% and 53.57% on its revenue and earnings for 2017.
Ultra Petroleum Corp recorded a positive average earnings surprise of 93.69% in the last four quarters.
Sunrun Inc posted positive earnings surprise in each of the last four quarters, the average being 134.71%.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017? Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
PetroQuest (PQ) Provides 2016 Estimates, 2017 Guidance
U.S.-based upstream company PetroQuest Energy recently declared its year-end estimated proved reserves and production results. Additionally, it provided production and capex guidance along with operations update.
2016 Estimated Proved Reserves & Production
The estimated proved reserves of PetroQuest amounted to 115 billion cubic feet equivalent (Bcfe) as of Dec 31, 2016. Of the total reserves, natural gas accounted for 70%, natural gas liquids 23%, while the remaining 7% was oil. Additionally, 59% of the reserves were proved developed. The company has valued its proved reserves at approximately $127 million.
The production for 2016 is expected to be around 23.5 Bcfe. Production in the fourth quarter is estimated to be around 4.6 Bcfe.
2017 Guidance
The capex budget of PetroQuest for 2017 is estimated to be within the range of $40–$48 million, which is expected to be funded with the internally generated cash flow. The capital budget for the year will be directed towards development of horizontal Cotton Valley wells, Thunder Bayou well in Louisiana and Gulf of Mexico projects.
The estimated production for the first quarter of 2017 is likely to range between 55–59 million cubic feet equivalent (MMcfe) per day representing an increase of 14% sequentially. 68%, 14% and 18% of the total estimated production will be derived from natural gas, oil and natural gas liquids respectively.
Operations Update
PetroQuest has initiated its production in its Thunder Bayou well with the production rate of 20 MMcfe per day. Further, the company has recently completed its horizontal Cotton Valley project.
Zacks Rank and Key Picks
PetroQuest Energy, headquartered in Lafayette, deals with the exploration, acquisition and production of oil and gas. The company currently carries a Zacks Rank #3 (Hold). Over the last three months, the Zacks categorized Oil and Gas Exploration & Production industry has registered 3% growth. However, units of PetroQuest have outperformed the industry by registering a growth rate of 21%.
Some of the better ranked players in the industry include Bellatrix Exploration Ltd. , Ultra Petroleum Corp. and Sunrun Inc. (RUN - Free Report) . All the three companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Bellatrix is expected to report year-over-year growth of 17.49% and 53.57% on its revenue and earnings for 2017.
Ultra Petroleum Corp recorded a positive average earnings surprise of 93.69% in the last four quarters.
Sunrun Inc posted positive earnings surprise in each of the last four quarters, the average being 134.71%.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017? Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>