Approach Resources Inc. Oil & Gas Exploration and Production Operations and Cost Analysis - Q3, 2016

GlobalData
93 Pages - GLDATA59151
$250.00

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.

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Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Company Snapshot 8
Key Information 8
Company Overview 8
Approach Resources Inc., Valuation and Financial Data 9
Approach Resources Inc., Share Price Performance 9
Share Price Performance, Q3, 2015-Q3, 2016 9
Approach Resources Inc., Key Valuation Metrics 10
Key Valuation Metrics, Q3, 2015-Q3, 2016 10
Approach Resources Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 11
Results of Oil & Gas Operations Per boe Produced, Q3, 2015-Q3, 2016 11
Results of Oil & Gas Operations Per boe Growth Rates, Q3, 2015-Q3, 2016 12
Approach Resources Inc., Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q3, 2015-Q3, 2016 13
Approach Resources Inc., Quarterly Production Trends 14
Approach Resources Inc., Total Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q3, 2015-Q3, 2016 14
Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2015-Q3, 2016 15
Approach Resources Inc., Crude Oil Production 16
Total Crude Oil Production Trend, Q3, 2015-Q3, 2016 16
Crude Oil Production, By Country/Region, Q3, 2015-Q3, 2016 17
Approach Resources Inc., Natural Gas Production 18
Total Natural Gas Production Trend, Q3, 2015-Q3, 2016 18
Natural Gas Production, By Country/Region, Q3, 2015-Q3, 2016 19
Approach Resources Inc., Valuation and Financial Data, 2011-2015 20
Approach Resources Inc., Share Price Performance, 2011-2015 20
Share Price Performance, 2011-2015 20
Key Valuation Metrics, 2011-2015 21
Approach Resources Inc., Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24
Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26
Crude Oil/Liquids Production and Reserve 27
Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27
Crude Oil Production and Reserves By Country/Region, 2011-2015 28
Crude Oil/Liquids Reserve Changes, 2011-2015 30
Natural Gas Production and Reserve 31
Natural Gas Production and Reserve Trend, 2011-2015 31
Natural Gas Production and Reserves, By Country/Region, 2011-2015 32
Natural Gas Reserve Changes, 2011-2015 34
Total Crude Oil and Natural Gas Reserves Life Index 35
Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36
Approach Resources Inc., E&P Costs Trends 38
Allocation of the Upstream Capital Expenditure 38
Upstream Capital Expenditure, 2011-2015 38
Acquisition Costs By Country/Region, 2011-2015 39
Exploration and Development Costs, By Country/Region, 2011-2015 40
Oil and Gas Cost Per boe, US$/boe 42
Oil and Gas Cost Per boe, US$/boe, 2011-2015 42
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 44
Approach Resources Inc., Reserve Replacement Ratio 46
Oil and Gas Production Replacement Ratio 46
Oil and Gas Production Replacement Ratio, 2011-2015 46
Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 48
Approach Resources Inc., Results of Oil & Gas Operations Trend 52
Oil and Gas Revenue and Expenses 52
Oil and Gas Revenue and Expenses, 2011-2015 52
Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 53
Oil and Gas Revenue and Expenses, Per boe 58
Oil and Gas Revenue and Expenses, By boe, 2011-2015 58
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 59
Oil and Gas Performance Metrics 63
Approach Resources Inc., Land Holdings and Well Data 64
Developed and Undeveloped Acreage 64
Gross and Net Developed and Undeveloped Acreage, 2011-2015 64
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 65
Well Statistics 66
Producible Oil and Gas Well, 2011-2015 66
Producible Oil and Gas Well, By Country/Region, 2011-2015 67
Exploration and Development Wells Drilled, 2011-2015 71
Exploration and Development Wells Drilled, By Country/Region, 2011-2015 72
Recent Developments 73
Approach Resources Inc. - Recent Developments 73
Nov 09, 2016: Approach Resources Announces Reaffirmation Of Borrowing Base Of $325 Million 73
Nov 02, 2016: Approach Resources Reports Third Quarter 2016 Results 73
Aug 03, 2016: Approach Resources Reports Second Quarter 2016 Results 75
May 04, 2016: Approach Resources Reports First Quarter 2016 Results 77
Mar 03, 2016: Approach Resources Reports Fourth Quarter And Full-Year 2015 Results And Provides 2016 Outlook 78
Nov 04, 2015: Approach Resources Reports Third Quarter 2015 Results 82
Sep 25, 2015: Approach Resources Announces Reaffirmation Of Lender Commitments In Credit Facility At $450 Million 83
Aug 05, 2015: Approach Resources Reports Second Quarter 2015 Results 84
May 06, 2015: Approach Resources Reports First Quarter 2015 Results 85
Feb 25, 2015: Approach Resources Reports Fourth Quarter And Full-Year 2014 Results And Provides 2015 Outlook 87
Appendix 91
Methodology 91
Coverage 91
Secondary Research 91
Primary Research 91
Data Information Sources 92
Company Source 92
SEC/Other Regulatory Filings 92
Other Sources 92
Expert Panel Validation 92
Data Definition 92
Oil and Gas Reserves 92
Units of Measure 93
About GlobalData 93
Disclosure 93
Disclaimer 93

List of Tables
Table 1: Approach Resources Inc., Key Facts 8
Table 2: Approach Resources Inc., Share Price Performance, Q3, 2015-Q3, 2016 9
Table 3: Approach Resources Inc., Key Valuation Metrics, Q3, 2015-Q3, 2016 10
Table 4: Approach Resources Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q3, 2015-Q3, 2016 11
Table 5: Approach Resources Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q3, 2015-Q3, 2016 12
Table 6: Approach Resources Inc., Upstream Capital Expenditure, Q3, 2015-Q3, 2016 13
Table 7: Approach Resources Inc., Total Crude Oil and Natural Gas, Production, Q3, 2015-Q3, 2016 14
Table 8: Approach Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q3, 2015-Q3, 2016 15
Table 9: Approach Resources Inc., Total Crude Oil Production, mmbbl, Q3, 2015-Q3, 2016 16
Table 10: Approach Resources Inc., Crude Oil Production, By Country/Region, mmbbl, Q3, 2015-Q3, 2016 17
Table 11: Approach Resources Inc., Total Natural Gas Production, bcf, Q3, 2015-Q3, 2016 18
Table 12: Approach Resources Inc., Natural Gas Production, By Country/Region, bcf, Q3, 2015-Q3, 2016 19
Table 13: Approach Resources Inc., Share Price Performance, 2011-2015 20
Table 14: Approach Resources Inc., Key Valuation Metrics, 2011-2015 21
Table 15: Approach Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23
Table 16: Approach Resources Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25
Table 17: Approach Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26
Table 18: Approach Resources Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27
Table 19: Approach Resources Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29
Table 20: Approach Resources Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 30
Table 21: Approach Resources Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31
Table 22: Approach Resources Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33
Table 23: Approach Resources Inc., Natural Gas Reserve Changes, bcf, 2011-2015 34
Table 24: Approach Resources Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35
Table 25: Approach Resources Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37
Table 26: Approach Resources Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38
Table 27: Approach Resources Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39
Table 28: Approach Resources Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 41
Table 29: Approach Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43
Table 30: Approach Resources Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 45
Table 31: Approach Resources Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 47
Table 32: Approach Resources Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 51
Table 33: Approach Resources Inc., Revenue and Expenses, US$ mil, 2011-2015 52
Table 34: Approach Resources Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 57
Table 35: Approach Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 58
Table 36: Approach Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 62
Table 37: Approach Resources Inc., Oil and Gas Performance Metrics, 2011-2015 63
Table 38: Approach Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 64
Table 39: Approach Resources Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 65
Table 40: Approach Resources Inc., Producible Oil and Gas Wells, 2011-2015 66
Table 41: Approach Resources Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 70
Table 42: Approach Resources Inc., Exploratory and Developed Wells, 2011-2015 71
Table 43: Approach Resources Inc., Exploratory and Developed Wells, By Country/Region, 2011-2015 72

List of Figures
Figure 1: Approach Resources Inc., Share Price Performance, USD/Share, Q3, 2015-Q3, 2016 9
Figure 2: Approach Resources Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q3, 2015-Q3, 2016 10
Figure 3: Approach Resources Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q3, 2015-Q3, 2016 11
Figure 4: Approach Resources Inc., Upstream Capital Expenditure, US$ mil, Q3, 2015-Q3, 2016 13
Figure 5: Approach Resources Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q3, 2015-Q3, 2016 14
Figure 6: Approach Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q3, 2015-Q3, 2016 15
Figure 7: Approach Resources Inc., Total Crude Oil Production, mmbbl, Q3, 2015-Q3, 2016 16
Figure 8: Approach Resources Inc., Crude Oil Production, By Country/Region, mmbbl, Q3, 2015-Q3, 2016 17
Figure 9: Approach Resources Inc., Total Natural Gas Production, bcf, Q3, 2015-Q3, 2016 18
Figure 10: Approach Resources Inc., Natural Gas Production, By Country/Region, bcf, Q3, 2015-Q3, 2016 19
Figure 11: Approach Resources Inc., Share Price Performance, USD/Share, 2011-2015 20
Figure 12: Approach Resources Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21
Figure 13: Approach Resources Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22
Figure 14: Approach Resources Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24
Figure 15: Approach Resources Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24
Figure 16: Approach Resources Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26
Figure 17: Approach Resources Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27
Figure 18: Approach Resources Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28
Figure 19: Approach Resources Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 28
Figure 20: Approach Resources Inc., Crude Oil Reserve Changes, mmbbl, 2015 30
Figure 21: Approach Resources Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31
Figure 22: Approach Resources Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32
Figure 23: Approach Resources Inc., Gas Production, By Country/Region, bcf, 2011-2015 32
Figure 24: Approach Resources Inc., Natural Gas Reserve Changes, bcf, 2015 34
Figure 25: Approach Resources Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 35
Figure 26: Approach Resources Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36
Figure 27: Approach Resources Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36
Figure 28: Approach Resources Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37
Figure 29: Approach Resources Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 38
Figure 30: Approach Resources Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39
Figure 31: Approach Resources Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 40
Figure 32: Approach Resources Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 40
Figure 33: Approach Resources Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 42
Figure 34: Approach Resources Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 44
Figure 35: Approach Resources Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 44
Figure 36: Approach Resources Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45
Figure 37: Approach Resources Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 46
Figure 38: Approach Resources Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 48
Figure 39: Approach Resources Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 48
Figure 40: Approach Resources Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49
Figure 41: Approach Resources Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49
Figure 42: Approach Resources Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 50
Figure 43: Approach Resources Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 50
Figure 44: Approach Resources Inc., Revenue and Expenses, US$ mil, 2011-2015 52
Figure 45: Approach Resources Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 53
Figure 46: Approach Resources Inc., Exploration Expenses, By Country/Region, US$ mil, 2011-2015 53
Figure 47: Approach Resources Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54
Figure 48: Approach Resources Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54
Figure 49: Approach Resources Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 55
Figure 50: Approach Resources Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55
Figure 51: Approach Resources Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 56
Figure 52: Approach Resources Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56
Figure 53: Approach Resources Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 58
Figure 54: Approach Resources Inc., Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 59
Figure 55: Approach Resources Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 59
Figure 56: Approach Resources Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 60
Figure 57: Approach Resources Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 60
Figure 58: Approach Resources Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 61
Figure 59: Approach Resources Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 61
Figure 60: Approach Resources Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 62
Figure 61: Approach Resources Inc., Oil and Gas Performance Metrics, 2011-2015 63
Figure 62: Approach Resources Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 64
Figure 63: Approach Resources Inc., Producible Oil and Gas Wells, 2011-2015 66
Figure 64: Approach Resources Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 67
Figure 65: Approach Resources Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 67
Figure 66: Approach Resources Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 68
Figure 67: Approach Resources Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 68
Figure 68: Approach Resources Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 69
Figure 69: Approach Resources Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 69
Figure 70: Approach Resources Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 70
Figure 71: Approach Resources Inc., Exploratory and Developed Wells, 2011-2015 71

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