Texas, US-based energy partnership Sanchez Production Partners (SPP) announced Friday its first quarter performance for 2015.
The partnership produced 324 million barrels of oil equivalent during the three month period ending March 31, 2015 and reported a net daily production of 3,596 barrels of oil equivalent per day. This is a 13 percent decrease compared to the same period in 2014 and an 11 percent decrease compared to the prior quarter.
SPP’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) stood at $4.9 million, which marks a 31 percent decrease compared to Q1 2014 and a 3 percent increase compared to the prior quarter.
Although the partnership completed no new wells in Q1 this year, it successfully completed its Eagle Ford Acquisition on March 31, 2015, which is expected to add an average of 1,000 barrels of oil equivalent per day to SPP’s production from 2015 to 2019, according to the partnership.
SPP Interim CEO Gerald F. Willinger commented in the partnership’s results statement:
"We anticipate that the work we completed in the first quarter 2015 will bear fruit later this year and for many years to come."
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