Loved the 18.1 million CapEX for the first Q just drilling what they were committed to and bringing wells online at a slow fiscally conservative way. Every quarter the outlook will become better, excess cash they can start paying down debt taking some of the pressure off.
Just relax for 12-18 months and get their financial house in order. I am glad bringing in the advisors had such an immediate effect on the CapEX and managements obvious decision to heed their advice. Look forward to more of the same going forward.
They have enough of a DUC inventory so that a year from now they can look to bringing more online if the oil/Natural gas prices are higher making it cost effective while still maintaining a decent debt removal rate.
Would love to see oil maintain a 65-70 price range the next 4-6 months. A boost in Natural gas to 3.00-3.20 would be nice as well, LNG's all time lows but have been increasing ever so slightly since February, every little bit helps.
This was my favorite part of the 2018 Full Year report on March 1st. Judging by the Q1 CapEx of 18.1 million the number should come in at the lower end of the estimate and maybe under it, we shall see.
Glad they chose this route rather than asset sales.
2019 OUTLOOK
The company has set its preliminary 2019 capital budget at a range of $100 million to $150 million, which at the midpoint represents a reduction of approximately 79 percent when compared to 2018 capital expenditures of approximately $593 million.
As a result of delisting proceedings initiated by the New York Stock Exchange on Feb. 20, 2019, the company’s common stock began trading on the OTC Pink Marketplace operated by OTC Markets Group Inc. ("OTC Pink") under ticker symbol "SNEC" upon the opening of trading on Feb. 21, 2019.
The company remains committed to strengthening its balance sheet and is evaluating strategies to maximize its liquidity and reduce financial leverage. As the company considers its strategic alternatives, the board of directors has elected to suspend the dividend on Sanchez Energy’s Series A Convertible Perpetual Preferred Stock and Series B Convertible Perpetual Preferred Stock, beginning with the three-month period ending March 31, 2019.
Clear path out of the wilderness just have to follow the path.
Peace out.
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