Painted Pony’s 1Q18 production of 60,703 boe/d matched our forecast, while cash flow of $46.4 mm, or $0.29 per share, was slightly higher than GMP FE and consensus estimates. In keeping with the recent theme of spending within cash flow, the company has reduced its 2018e capital program from $185 mm and 61,000-63,000 boe/d, to $145-$165 mm and 58,000-60,000 boe/d. The midpoint of the revised guidance range would imply a 16% decrease in capital, though volumes only roll back by 5%. The c
04 May 2018
Announces solid 1Q18 results; Revised guidance to retain financial flexibility
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Announces solid 1Q18 results; Revised guidance to retain financial flexibility
Painted Pony’s 1Q18 production of 60,703 boe/d matched our forecast, while cash flow of $46.4 mm, or $0.29 per share, was slightly higher than GMP FE and consensus estimates. In keeping with the recent theme of spending within cash flow, the company has reduced its 2018e capital program from $185 mm and 61,000-63,000 boe/d, to $145-$165 mm and 58,000-60,000 boe/d. The midpoint of the revised guidance range would imply a 16% decrease in capital, though volumes only roll back by 5%. The c