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Permian Basin Royalty Trust Message Board

sildovia 2 posts  |  Last Activity: Mar 25, 2014 8:40 PM Member since: Mar 13, 2007
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  • sildovia sildovia Mar 25, 2014 8:40 PM Flag

    Looking at the most recent 10K, if you merge the production data in the table on page 11 with the data in the table "gross proceeds of sales" on page 21 you can get a pretty good idea of how effective capital is being spent. It looks like a lot of money is being wasted at Waddell in my opinion.

    Sentiment: Hold

  • sildovia sildovia Mar 12, 2014 9:27 PM Flag

    The Waddell Ranch gas production number for 2013 looks really low to me. They are reporting to have produced a BCF less gas in 2013 than in 2012. That is a 30% decline in gas production year over year. The reduction in gas production makes the BOE (simple MCF/6 +BO) year over year to be negative. Assuming a 5% decline, production would have dropped an annualized rate of around 100 BOEPD. But production actually dropped and annualized 375 BOEPD. So it appears Conoco spent $42.9 million to decrease production by an additional 275 BOEPD. I am hoping the reported gas number is incorrect, but I suspect they are just doing a really terrible job operating this property.

    Sentiment: Hold

PBT
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