Full Year 2015 Financial Results
Net production averaged 552 MMcfe/d, a 101% increase as compared to pro forma 2014. Our 2015 average realized natural gas price, before the effect of hedges, was per Mcf. After giving effect to hedges, our average natural gas price was per Mcf. The average adjusted realized price was per Mcf. Per unit cash production costs were per Mcfe. Adjusted EBITDAX during 2015 was . We reported adjusted net income of , or per share.
During 2015, we invested to drill and complete Marcellus and wells and invested in land activity. Additionally, we invested for our retained midstream assets.There was also this report on the company's Utica shale activity:
Utica net production averaged 174 MMcfe/d for the fourth quarter, a 196% increase relative to fourth quarter 2014.
In 2015, we placed online 14 gross (10 net) horizontal Utica wells, including one Pennsylvania Utica well. We exited the year with 17 gross (12 net) operated Utica wells producing into sales. At year-end 2015, we had a non-operated working interest in 36 gross (7 net) producing horizontal Ohio Utica wells.
As of December 31, 2015, our Ohio Utica leasehold position consisted of approximately 56,000 net acres and 215 undeveloped drilling locations. Our Pennsylvania Utica leasehold position in Washington and Greene Counties, consisted of approximately 49,000 net acres and 105 undeveloped drilling locations.Read the rest of that release by clicking here.
The company also announced its plans for 2016. From another press release:
Exploration and Production
Drilling and completion capital is expected to total GPOR). Due to improved drilling efficiencies gained in 2015, we released one horizontal rig in January and are currently operating one Marcellus horizontal rig and one Ohio Utica horizontal rig. in 2016, a 10% reduction as compared to 2015. On our Marcellus acreage in southwestern , we plan to spud 25 net Marcellus wells and turn to sales 27 net wells with an average lateral length of 7,700 feet. We expect our Marcellus well costs to average per lateral foot in 2016, which is a 7% reduction as compared to 2015 costs. On our operated acreage in we plan to spud 12 net wells and place into sales 13 net wells with an average lateral length of 9,300 feet. We expect our operated well costs to average per lateral foot in 2016, which is a 12% reduction as compared to 2015 costs. In addition, we expect to participate as a non-operator in the drilling of 5 net wells and the completion of 14 net wells with an average lateral length of 8,200 feet, all of which are located in and operated by Gulfport Energy Corporation (NASDAQ:
We have budgeted for land in 2016, primarily to secure strategic leaseholds within our core development areas in and Counties, , and .
In 2016, we plan to invest to further develop our 100%-owned gathering system and to fund our portion of capital requirements of our recently announced midstream joint venture Strike Force Midstream LLC with Gulfport Energy. Separately, RMP will invest for the continued buildout of its gathering and compression systems in and fresh water systems in and .Click here to read that whole release.
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