Centennial Resource Development Announces Second Quarter 2018 Financial and Operational Results and Lowers 2018 Cost 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, Aug. 06, 2018 (GLOBE NEWSWIRE) -- Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced financial and operational results for the second quarter 2018 and updated 2018 operational targets. Financial and Operational Highlights: Increased daily equivalent production 6 percent quarter-over-quarter and 94 percent year-over-yearReported successful Third Bone Spring Sand result in Reeves County, TexasAnnounced strong well results from multiple intervals in Southern Delaware Basin, including most productive wells to dateExecuted firm sales agreement for significant portion of crude oil productionSecured firm transportation agreements for natural gas production through 2021Delivered unit costs at or below low-end of full-year guidance rangesReported drilling and completion capital expenditures approximately 10% below prior quarter Financial Results Second quarter net income increased 206 percent to $63.5 million, or $0.24 per diluted
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