Centennial Resource Development Announces Full Year 2018 Results, 2018 Year-End Reserves and 2019 Guidance
Centennial Resource Development, Inc. - Class A (CDEV)
Last centennial resource development, inc. - class a earnings: 2/24 04:14 pm
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ir.cdevinc.com
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Source: GlobeNewswire
DENVER, Feb. 25, 2019 (GLOBE NEWSWIRE) -- Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced 2018 financial and operational results and 2019 operational plans and targets. 2018 Financial and Operational Highlights: Increased daily oil and equivalent production volumes 81% and 92% year-over-year, respectivelyAnnounced solid well results from the Northern and Southern Delaware Basins, including successful delineation tests and Centennial’s best New Mexico well to dateIncreased total proved reserves 40% with organic reserve replacement ratio over 400%Maintained original capital expenditure budgetDelivered unit costs at or below low-end of full year guidance ranges 2019 Financial and Operational Plan: Currently operating six-rig drilling program, a reduction from 2018Reduced total capital budget by 15% to $845 millionExpect to grow crude oil production approximately 12% year-over-yearPlan flexible approach to operational acti
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