Approach Resources Inc Oil & Gas Exploration and Production Operations and Cost Analysis - Q4, 2017

Summary

Approach Resources Inc Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from it, 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.

Approach Resources Inc (Approach Resources) is an independent upstream oil and gas company. The company acquires, explores for, develops and produces oil, natural gas and natural gas liquids (NGLs). It focuses on unconventional oil and gas reserves in oil shale and tight gas sands. Approach Resources has properties in the Midland Basin of the Permian Basin in West Texas and has Cotton Valley Sands and Cotton Valley Lime target assets in North Bald Prairie, Texas. The companys proved reserves are in Schleicher and Crockett Counties in Texas. Its drilling targets in Permian Basin comprise Clearfork, Dean, Wolfcamp Shale, Canyon Sands, Strawn and Ellenburger zones. Approach Resources is headquartered in Fort Worth, Texas, the US.

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 companys oil and gas reserves and production information by country. It further consists of in-depth information on the companys 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 companys 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 industrys players based on key operational and financial measures.


List of Tables 4
List of Figures 5
Company Snapshot 7
Key Information 7
Company Overview 7
Approach Resources Inc, Valuation and Financial Data 8
Approach Resources Inc, Share Price Performance 8
Share Price Performance, Q4, 2016-Q4, 2017 8
Approach Resources Inc, Key Valuation Metrics 9
Key Valuation Metrics, Q4, 2016-Q4, 2017 9
Approach Resources Inc, Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q4, 2016-Q4, 2017 10
Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2016-Q4, 2017 11
Approach Resources Inc, Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q4, 2016-Q4, 2017 12
Approach Resources Inc, Quarterly Production Trends 13
Approach Resources Inc, Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q4, 2016-Q4, 2017 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2016-Q4, 2017 15
Approach Resources Inc, Crude Oil Production 16
Total Crude Oil Production Trend, Q4, 2016-Q4, 2017 16
Crude Oil Production, By Country/Region, Q4, 2016-Q4, 2017 17
Approach Resources Inc, Natural Gas Production 18
Total Natural Gas Production Trend, Q4, 2016-Q4, 2017 18
Natural Gas Production, By Country/Region, Q4, 2016-Q4, 2017 19
Approach Resources Inc, Valuation and Financial Data, 2013-2017 20
Approach Resources Inc, Share Price Performance, 2013-2017 20
Share Price Performance, 2013-2017 20
Key Valuation Metrics, 2013-2017 22
Approach Resources Inc, Production and Reserves Trends 23
Total Oil and Gas, Reserves and Production 23
Total Crude Oil and Natural Gas Production and Reserves Trend, 2013-2017 23
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2013-2017 25
Total Crude Oil and Natural Gas Reserve Changes, 2013-2017 27
Crude Oil/Liquids Production and Reserve 28
Crude Oil/Liquids Production and Reserve Trend, 2013-2017 28
Crude Oil Production and Reserves By Country/Region, 2013-2017 30
Crude Oil/Liquids Reserve Changes, 2013-2017 32
Natural Gas Production and Reserve 33
Natural Gas Production and Reserve Trend, 2013-2017 33
Natural Gas Production and Reserves, By Country/Region, 2013-2017 35
Natural Gas Reserve Changes, 2013-2017 37
Total Crude Oil and Natural Gas Reserves Life Index 38
Total Crude Oil and Natural Gas Reserves Life Index, 2013-2017 38
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2013-2017 39
Approach Resources Inc, E&P Costs Trends 42
Allocation of the Upstream Capital Expenditure 42
Upstream Capital Expenditure, 2013-2017 42
Exploration and Development Costs, By Country/Region, 2013-2017 44
Oil and Gas Cost Per boe, US$/boe 46
Oil and Gas Cost Per boe, US$/boe, 2013-2017 46
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2013-2017 48
Approach Resources Inc, Reserve Replacement Ratio 50
Oil and Gas Production Replacement Ratio 50
Oil and Gas Production Replacement Ratio, 2013-2017 50
Oil and Gas Production Replacement Ratio, By Country/Region, 2013-2017 53
Approach Resources Inc, Results of Oil & Gas Operations Trend 58
Oil and Gas Revenue and Expenses 58
Oil and Gas Revenue and Expenses, 2013-2017 58
Oil and Gas Revenue and Expenses, By Country/Region, 2013-2017 60
Oil and Gas Revenue and Expenses, Per boe 65
Oil and Gas Revenue and Expenses, By boe, 2013-2017 65
Oil and Gas Performance Metrics 70
Approach Resources Inc, Land Holdings and Well Data 71
Developed and Undeveloped Acreage 71
Gross and Net Developed and Undeveloped Acreage, 2013-2017 71
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2013-2017 73
Well Statistics 76
Producible Oil and Gas Well, 2013-2017 76
Producible Oil and Gas Well, By Country/Region, 2013-2017 78
Exploration and Development Wells Drilled, 2013-2017 83
Exploration and Development Wells Drilled, By Country/Region, 2013-2017 85
Recent Developments 86
Approach Resources Inc - Recent Developments 86
May 02, 2018: Approach Resources Reports First Quarter 2018 Results And Reaffirmation Of $325 Million Borrowing Base 86
Mar 08, 2018: Approach Resources Reports Fourth Quarter And Full-Year 2017 Financial And Operating Results And Provides 2018 Outlook 87
Dec 21, 2017: Approach Resources Extends Revolving Credit Facility Maturity And Reaffirms Borrowing Base 91
Nov 01, 2017: Approach Resources Reports Third Quarter 2017 Results 91
Aug 02, 2017: Approach Resources Reports Second Quarter 2017 Results, Resumes Production Growth 93
May 04, 2017: Approach Resources Reports First Quarter 2017 Results 95
Mar 09, 2017: Approach Resources Reports 2016 Fourth Quarter And Full-Year Financial And Operating Results And Provides 2017 Outlook 97
Jan 30, 2017: Approach Resources names new president 101
Appendix 102
Methodology 102
Coverage 102
Secondary Research 102
Primary Research 103
Data Information Sources 103
Company Source 103
SEC/Other Regulatory Filings 103
Other Sources 103
Expert Panel Validation 103
Data Definition 104
Oil and Gas Reserves 104
Units of Measure 104
About GlobalData 105
Disclosure 105
Disclaimer 105

List Of Tables


Table 1: Approach Resources Inc, Key Facts 7
Table 2: Approach Resources Inc, Share Price Performance, Q4, 2016-Q4, 2017 8
Table 3: Approach Resources Inc, Key Valuation Metrics, Q4, 2016-Q4, 2017 9
Table 4: Approach Resources Inc, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2016-Q4, 2017 10
Table 5: Approach Resources Inc, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2016-Q4, 2017 11
Table 6: Approach Resources Inc, Upstream Capital Expenditure, Q4, 2016-Q4, 2017 12
Table 7: Approach Resources Inc, Total Crude Oil and Natural Gas, Production, Q4, 2016-Q4, 2017 14
Table 8: Approach Resources Inc, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2016-Q4, 2017 15
Table 9: Approach Resources Inc, Total Crude Oil Production, mmbbl, Q4, 2016-Q4, 2017 16
Table 10: Approach Resources Inc, Crude Oil Production, By Country/Region, mmbbl, Q4, 2016-Q4, 2017 17
Table 11: Approach Resources Inc, Total Natural Gas Production, bcf, Q4, 2016-Q4, 2017 18
Table 12: Approach Resources Inc, Natural Gas Production, By Country/Region, bcf, Q4, 2016-Q4, 2017 19
Table 13: Approach Resources Inc, Share Price Performance, 2013-2017 21
Table 14: Approach Resources Inc, Key Valuation Metrics, 2013-2017 22
Table 15: Approach Resources Inc, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2013-2017 24
Table 16: Approach Resources Inc, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2013-2017 26
Table 17: Approach Resources Inc, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013-2017 27
Table 18: Approach Resources Inc, Crude Oil Production and Reserves Metrics, mmbbl, 2013-2017 29
Table 19: Approach Resources Inc, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2013-2017 31
Table 20: Approach Resources Inc, Crude Oil Reserve Changes, mmbbl, 2013-2017 32
Table 21: Approach Resources Inc, Natural Gas Production and Reserves Metrics, bcf, 2013-2017 34
Table 22: Approach Resources Inc, Natural Gas Production and Reserves, By Country/Region, bcf, 2013-2017 36
Table 23: Approach Resources Inc, Natural Gas Reserve Changes, bcf, 2013-2017 37
Table 24: Approach Resources Inc, Oil and Gas Reserves Life Index, Years, 2013-2017 38
Table 25: Approach Resources Inc, Oil and Gas Reserves Life Index, By Country/Region, Years, 2013-2017 41
Table 26: Approach Resources Inc, Upstream Capital Expenditure, US$ mil, 2013-2017 43
Table 27: Approach Resources Inc, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2013-2017 43
Table 28: Approach Resources Inc, Exploration and Development Costs, By Country/Region, US$ mil, 2013-2017 45
Table 29: Approach Resources Inc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2013-2017 47
Table 30: Approach Resources Inc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2013-2017 49
Table 31: Approach Resources Inc, Oil and Gas Production Replacement Ratio, %, 2013-2017 51
Table 32: Approach Resources Inc, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2013-2017 57
Table 33: Approach Resources Inc, Revenue and Expenses, US$ mil, 2013-2017 59
Table 34: Approach Resources Inc, Revenue and Expenses, By Country/Region, US$ mil, 2013-2017 64
Table 35: Approach Resources Inc, Oil and Gas Revenue and Expenses, US$/boe, 2013-2017 66
Table 36: Approach Resources Inc, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2013-2017 69
Table 37: Approach Resources Inc, Oil and Gas Performance Metrics, 2013-2017 70
Table 38: Approach Resources Inc, Land Holdings (Developed and Undeveloped Acreage), Acres, 2013-2017 72
Table 39: Approach Resources Inc, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2013-2017 75
Table 40: Approach Resources Inc, Producible Oil and Gas Wells, 2013-2017 77
Table 41: Approach Resources Inc, Producible Oil and Gas Wells, By Country/Region, 2013-2017 82
Table 42: Approach Resources Inc, Exploratory and Developed Wells, 2013-2017 84
Table 43: Approach Resources Inc, Exploratory and Developed Wells, By Country/Region, 2013-2017 85

List Of Figures


Figure 1: Approach Resources Inc, Share Price Performance, USD/Share, Q4, 2016-Q4, 2017 8
Figure 2: Approach Resources Inc, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2016-Q4, 2017 9
Figure 3: Approach Resources Inc, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2016-Q4, 2017 10
Figure 4: Approach Resources Inc, Upstream Capital Expenditure, US$ mil, Q4, 2016-Q4, 2017 12
Figure 5: Approach Resources Inc, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2016-Q4, 2017 13
Figure 6: Approach Resources Inc, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2016-Q4, 2017 15
Figure 7: Approach Resources Inc, Total Crude Oil Production, mmbbl, Q4, 2016-Q4, 2017 16
Figure 8: Approach Resources Inc, Crude Oil Production, By Country/Region, mmbbl, Q4, 2016-Q4, 2017 17
Figure 9: Approach Resources Inc, Total Natural Gas Production, bcf, Q4, 2016-Q4, 2017 18
Figure 10: Approach Resources Inc, Natural Gas Production, By Country/Region, bcf, Q4, 2016-Q4, 2017 19
Figure 11: Approach Resources Inc, Share Price Performance, USD/Share, 2013-2017 20
Figure 12: Approach Resources Inc, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2013-2017 22
Figure 13: Approach Resources Inc, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2013-2017 23
Figure 14: Approach Resources Inc, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2013-2017 25
Figure 15: Approach Resources Inc, Total Oil & Gas Production, By Country/Region, mmboe, 2013-2017 26
Figure 16: Approach Resources Inc, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2017 27
Figure 17: Approach Resources Inc, Crude Oil Production and Reserves Metrics, mmbbl, 2013-2017 28
Figure 18: Approach Resources Inc, Oil Reserves, End of Period, By Country/Region, mmbbl, 2013-2017 30
Figure 19: Approach Resources Inc, Oil Production, By Country/Region, mmbbl, 2013-2017 31
Figure 20: Approach Resources Inc, Crude Oil Reserve Changes, mmbbl, 2017 32
Figure 21: Approach Resources Inc, Natural Gas Production and Reserves Metrics, bcf, 2013-2017 33
Figure 22: Approach Resources Inc, Gas Reserves, End of Period, By Country/Region, bcf, 2013-2017 35
Figure 23: Approach Resources Inc, Gas Production, By Country/Region, bcf, 2013-2017 35
Figure 24: Approach Resources Inc, Natural Gas Reserve Changes, bcf, 2017 37
Figure 25: Approach Resources Inc, Oil and Gas Reserves Life Index, Years, 2013-2017 38
Figure 26: Approach Resources Inc, Gas Reserve Life Index, By Country/Region, Years, 2013-2017 39
Figure 27: Approach Resources Inc, Oil & Gas Reserve Life Index, By Country/Region, Years, 2013-2017 40
Figure 28: Approach Resources Inc, Oil Reserve Life Index, By Country/Region, Years, 2013-2017 40
Figure 29: Approach Resources Inc, Upstream Capital Expenditure, US$ mil, 2013-2017 42
Figure 32: Approach Resources Inc, Development Costs, By Country/Region, US$ mil, 2013-2017 44
Figure 33: Approach Resources Inc, Exploration Costs, By Country/Region, US$ mil, 2013-2017 44
Figure 34: Approach Resources Inc, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2013-2017 46
Figure 35: Approach Resources Inc, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2013-2017 48
Figure 37: Approach Resources Inc, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2013-2017 48
Figure 38: Approach Resources Inc, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2013-2017 50
Figure 39: Approach Resources Inc, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2013-2017 53
Figure 40: Approach Resources Inc, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2013-2017 54
Figure 41: Approach Resources Inc, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2013-2017 54
Figure 42: Approach Resources Inc, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2013-2017 55
Figure 43: Approach Resources Inc, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2013-2017 56
Figure 44: Approach Resources Inc, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2013-2017 56
Figure 45: Approach Resources Inc, Revenue and Expenses, US$ mil, 2013-2017 58
Figure 46: Approach Resources Inc, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2013-2017 60
Figure 47: Approach Resources Inc, Exploration Expenses, By Country/Region, US$ mil, 2013-2017 61
Figure 49: Approach Resources Inc, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2013-2017 61
Figure 50: Approach Resources Inc, Oil & Gas Revenue, By Country/Region, US$ mil, 2013-2017 62
Figure 51: Approach Resources Inc, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2013-2017 62
Figure 52: Approach Resources Inc, Production Costs, By Country/Region, US$ mil, 2013-2017 63
Figure 53: Approach Resources Inc, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2013-2017 63
Figure 54: Approach Resources Inc, Oil and Gas Revenue and Expenses, US$/boe, 2013-2017 65
Figure 57: Approach Resources Inc, Lifting Cost per boe, By Country/Region, US$/boe, 2013-2017 67
Figure 59: Approach Resources Inc, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2013-2017 67
Figure 60: Approach Resources Inc, Total DD&A per boe, By Country/Region, US$/boe, 2013-2017 68
Figure 61: Approach Resources Inc, Total Revenue per boe, By Country/Region, US$/boe, 2013-2017 68
Figure 62: Approach Resources Inc, Oil and Gas Performance Metrics, 2013-2017 70
Figure 63: Approach Resources Inc, Land Holdings (Developed and Undeveloped Acreage), Acres, 2013-2017 71
Figure 64: Approach Resources Inc, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2013-2017 73
Figure 65: Approach Resources Inc, Total Net Undeveloped Acreage, By Country/Region, Acres, 2013-2017 73
Figure 66: Approach Resources Inc, Total Gross Developed Acreage, By Country/Region, Acres, 2013-2017 74
Figure 67: Approach Resources Inc, Total Net Developed Acreage, By Country/Region, Acres, 2013-2017 74
Figure 68: Approach Resources Inc, Producible Oil and Gas Wells, 2013-2017 76
Figure 69: Approach Resources Inc, Gross Productive Gas Wells, By Country/Region, Number, 2013-2017 78
Figure 70: Approach Resources Inc, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2013-2017 78
Figure 71: Approach Resources Inc, Gross Productive Oil Wells, By Country/Region, Number, 2013-2017 79
Figure 72: Approach Resources Inc, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2013-2017 79
Figure 73: Approach Resources Inc, Net Productive Gas Wells, By Country/Region, Number, 2013-2017 80
Figure 74: Approach Resources Inc, Net Productive Oil & Gas Wells, By Country/Region, Number, 2013-2017 80
Figure 75: Approach Resources Inc, Net Productive Oil Wells, By Country/Region, Number, 2013-2017 81
Figure 76: Approach Resources Inc, Exploratory and Developed Wells, 2013-2017 83

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