Chaparral Energy, Inc. Reports Earnings and Production Results for the Year 2016; Provides Production and Capital Budget Guidance for the Year 2017
For the year, the company produced 24.4 MBoe/d, of which 55% was oil, 16% was NGLs and 29% natural gas. The company's total year-over-year production declined 13% as a result of a decrease in its capital program while in Chapter 11. Chaparral did, however, record a 35% year-over-year increase in its STACK production, growing from 1.97 MBoe in 2015 to 2.67 MBoe in 2016.
The total company production guidance for 2017 is between 8.2 and 8.6 MMBoe. Its total capital budget for the year will be $135 to $155 million, the majority of which will be dedicated to developing its STACK position.