XOG - Earnings call transcript Q2 2018 | Extraction Oil & Gas, Inc.

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Operator

Good morning. I am Ayela, and I will be your conference facilitator today. I would like to welcome everyone to the Extraction Oil & Gas Second Quarter 2018 Financial and Operating Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer period [Operator Instructions]. the the that including be the within meaning that questions, to forward-looking advised Reform the statements Litigation include Company of be remarks answers today, your statements Act. Please Securities Private believes to These that cause forward-looking different those actual uncertainties materially could currently be statements anticipated. to to and subject from are risk results the Commission. risks among others, yesterday in operating and financial release include, matters issued described Exchange Those results its and Securities with filings its that the and news company Extraction to obligation disclaims statements. any forward-looking these update

Company believes over would subject may and factors capital the like now Louis technology commodity these While schedules, reasonable, forward-looking the other I Director Extraction’s Baltimore, environmental they to prices, cause Relations. to turn statements its are of regulatory and to as drilling Investor and are compliance, results Company’s factors call to such plans materially. competition, differ

Louis Baltimore

Thank morning you, and good everyone. to

aforementioned Jacobsen, statements, Tom the highlights call, call we through of We’re to Mark we Chairman Kelley, Eric on this statements filing certain glad GAAP call. President; Officer; CEO our provided reconciliations measures. us today in discussion earnings read join will the and earnings quarter. Erickson, XX-Q, Please that forward-looking I’d SVP and Owens, to us financial on disclosures Rusty go for trading. Mark I remind of non-GAAP now Chief quarter turn second in Operations. yesterday addition after on company’s and the our in of to be have today over the our of which evening you CEO; the close Matt sure the some Accounting can for CFO; full our Brock, like to release the Erickson, our include call With today’s and our also to our our you forward-looking our Form

Mark Erickson

it and production team forecast out up operations and earnings our like second oil open an of face Basin the congratulations that to there build XXXX. say which is crude difficult touch we GSL County. unlocks decade Hawkeye, Capital Broomfield our to July, solution Broward natural oil, to to discharge Extraction. want environment in gas field. systems touch quality and to announced along midstream morning highlights Thanks, non-recourse very the extremely few in with DJ development central subsidiary, today the in the our associated two out We be Southern Louis. to I welcome then This I'd in internal call first equity water a for Good hitting Midstream, on high compression. quarterly of the Elevation early to announced Partners in high-pressure our and has we'll acreage of preferred want used I Q&A. operating financial wholly that gathering secured that facilities to owned capital and will our on gathering

yield also We the capture Elevation, will big retains well our this value upside enhance lower higher our also and through common expect flow Extraction XXX% upstream which I greater product facility lower of of shareholders. assurance. LOE, equity for capital, believe asset

parties Extraction for have gas highlight to be our processing shareholders. best Discovery an In will interested we have our ownership area. evaluating how And offer already Elevation from fact, stake. value we in Midstream are taking and

and the for respect with undergoing development Basin processing. to underway DJ the in diversity the we respect great with basin, us multiple So to largest most in with diversified history midstream utilize think DJ Discovery the is capacity gas its flexibility Basin. expansion with projects with across several what that which the will currently Western future processing of is Furthermore, our different operators we us providing Gas, gas now DCP gives can any processing, say gas and operator portfolio

to system DCP on base difficulty midstream considerable has date, encountered materially impacted production. our which have we While

new DCP performance oil oil. of on and over compensation have delivered base Our for the the much outstanding have impact last quarters wells X

most focus gas our total plant that XX% still Additionally, activity of of the and was quarter. over will timely outside the XX Thus, production months to current extraction. About other processors DCP on System I DCP mentioned. and important activity and of second during next remain X nearly our XX on DCP's all startups

and it going two work in later first On full oil running our and our rest The is guidance process the is to ongoing your internal capacity come of to the of our bulk projections and to time we subject touching to the year. over our our for up asset weeks. asset open up the sales of for million. since a call let's DCP's the is will the play feel our during Operator, update ramp are be Quickly to several currently that's for to evaluating good it's from everyone would out how thank quarters, for Plant multiple hit the We prior process, total on the year on oil further Q&A. this We opportunities sales. focus sales. manage approximately current expected primary like XX, for to and get today. next it revenues non-strategic call $XXX I

Operator

from is with [Operator Daoud Gabe Our JPMorgan. Instructions] first question

Your line is now open.

Gabe Daoud

DCP purchase I the about start can question you But that a some Mark, line point appreciate the I'll us still like XX And as the I but understand about try what you the area at thinking in Greeley look prepared and to ago. week third the guess of sense turn is plant everyone, today? morning a give at Good guess quarter? remarks, wells a then

Mark Erickson

answer to this Matt want question. have I

Matt Owens

in really right planned is for process of it XX-hour starting the up. period still full the hasn't now, run yet, first they're The

as been pressures have the same line So June-July. in pretty up until now much they were

we compressor the what over entire plant that new on they the consecutive see weeks the to next pressure draw across down we'll So that turned out get in system. runtime the once and few station of July does

Mark Erickson

is look last at the that we DCP we’re Between pad, considerably so have on the which pad, which line updating the two stage new Gabe, when can obviously also part was line we've pads would in lowest the and very guidance it's are it's with impact months, future so the plant later is at as if those DCP the see production up. constrained. Creek The as turning XX.X seen of material long Triple well even on the though you main in quarter, pressures. we are our that how in So seeing our drivers that Greeley encouraging XX starting well, a lowering reason very without about mile just pressures

Gabe Daoud

bit hit the the about proceeds of front, fully talk target Could to in you land new of on this terms evaluate, the asset more remainder budget. for sale maybe XXXX? you your on continuing assets target proceed you’re moving just I a then any and on And for year non-strategic just to your -- thoughts maybe little offset

Mark Erickson

going drilling, the to to in to drilling inventory is particularly the be always Well, the our end which taking reason of We're increase part replace strategy. try sale looking most sales near-term other in place off at planned small don't activity. And Discovery business and of and it's nice company as look the impactful at also it, stuff of really move interest working that we of its continuing our was as a to a We the activity our look our windfall. back interest shareholders. just asset

and we're opportunities just decisions our the with can in it's and good would out to we make not continuing at as we're of with I multiple ongoing to have say And business. there, there a this So head just part discussions process our are parties. other nice gun look

Operator

Welles from with is question Fitzpatrick next Our SunTrust.

Your is open. now line

Welles Fitzpatrick

I'm these those supposed higher that going guess DCP. ask does Is get or Slide function be that and constrained compression think your been average that an the that is you’ve broadly on should wells, EUR wells about seeing seen, acreage let to confidence I the pretty give was going less applicable I unconstrained taking guys XX, curves too, constrained. to you've in across I On obviously more put you higher initiatives on, you someone position? uptick say been have to that else a valid of with that

Mark Erickson

that So And compression increase to that see on that couple we days I'd on XX, due slower XXX reduce online. line helping last combination and of online a initial more being compressor the the that really Slide the from that day about then slightly from be that the coming jump station at say plans the seeing pressures pad. would effects up, was that we're

ease So wells we're more the encouraged very up a the pressures every line what chokes that wells open able and the so that blue slightly same up to the choke continue bit to on are. little be settings to on we're day we're those ever line the make seeing by

Welles Fitzpatrick

aside bringing guidance. the tweaking mean about slate then I -- you this from if guys think correctly, three remember talking largely Slide of the on, two -- obviously really of And we wells of really that guidance? that quarters effect you're think lever does I or illustrated so next next what's Should what outside DCP going the to we on Is of XX, that system. been existing that's shift biggest here this wells? are it on Should

Mark Erickson

potential the deliverability already, the pads, impacts pads. I high DCP, major from from Greeley two those The mentioned

back substantially wells order able That our has little make come The higher that had other optimize stuff, new stable a base that legacy have in the the cuts. were production our its we DCP and bit room gas, major wells oil ways to had sales. That’s choke production it to impact nice peak on or of those decline. manage of higher rates shallow was from that one we for percentage oil off production our to because with

really So with two uplift ramps keys us as those big are up. DCP plant that that the provide on a really can

Welles Fitzpatrick

sneak guys largely you uptick. costs bit just line or maybe guidance interpretation correct little in guys then with maybe renewing talking that is what of it generally cap? one talk a I think, not seems changing that side flux. have in of you’re about if you one production It the is like And when and a guidance, Obviously, production last been can here. an about But in

Mark Erickson

guidance our really or through other any reaffirm to if production on our is to good going or not numbers close oil revenue. able it, should We’re But we’re guidance read we achieve now. be to right to even CapEx

on we achieve a quarter, that production. was of oil result beat the able and been to For our largely revenue

of XX% up our think made like I revenue. oil

is ability that can or happens the to got maintain and and something that probably such that reduce we reduce driver. We our it if obviously the have will if we So we’ve CapEx. our adjust. ability revenue numbers with hear DCP CapEx constrain And which our revenue, will big there’s the flows

Operator

Holt next with Jeoffrey is And Lambujon and our Tudor, question Company. Pickering, from

Your line is now open.

Jeoffrey Lambujon

or I the use think asset I to My you proceeds working continuing already know plan just we as you the for target? how having first initial now you prioritize, incremental about thinking guess remind one Can you on how sales, interests. anything of is target. exceeded mentioned use to you’re to us prioritizing about previous that

land spend wondering expect the to Just increase more should commensurate per success modernizations? with on

Mark Erickson

in along go will Any that of sales access free or towards reducing that with cash QX, additional first use flow RBL. could any occur our

Jeoffrey Lambujon

again the next few then been week. color And how it’s for expectations Any ramps internal just a weeks? only and on DCP over throughput your actually recognizing on up

Mark Erickson

-- entire the time. I’d pressure it’ll week take weeks got is should been say that couple I just plant is have that up running has running that think after probably close drawdown early to system to like I startup and the plant maintenance out. to what it check continuously. has going their actually And this to it but said a some be across full see we The do earlier, once will

Operator

from KeyBanc. Deckelbaum question with is David next Our

Your line now is open.

David Deckelbaum

DCP coming that that of year of we certainly would type you've the is so about the in system as Western gas you How of Western those into what the acreage non-DCP planned, think off remaining of versus versus Recognizing this DCP well you go do about wells think back Curious guys that XXX you out highlighted exceeding plus half into curve. your oil had percentage the we TILs DCP. plot have, tied overtime? the the system. is And the guys mix get that XXXX, or system of for this XX%

Eric Jacobsen

onward for except the now As the be XX of have of up DCP Western on Plant TILs that on System. the with coming far go starts towards And on also of off until case and Discovery right year, Western migrate off off primarily and that Gas remainder time to our we plant the or to and this comes our in we next goes said the border of XQ either Discovery the in the DCP's aligned part as DCP and year our presumably. the Discovery count on remainder DCP will of 'XX ramp And for then as that's for of Mark overtime, as this Western largely solution months of so on. of System sometime Southern nine well we as Broomfield and all towards better but in TILs commensurate to progress position DCP those more fantastic next Midstream is acreage Hawkeye earlier. And in Elevation and areas

David Deckelbaum

And a follow equity already on you're threw business. you on -- just inbounds as for Elevation Mark, teaser the the up. the some getting of folks

forward you And is you timeline constructed see planned As internally, ideal monetization seek do significant plant partial exit? for to a you this have that time a when the there?

Mark Erickson

really our will Broomfield, the and the so value. obviously ideally ramping on we're as two-three in value production concurrent year and up in ramp kind a on looking is XXXX Optimally timeframe both where Hawkeye with at we're system that, of optimization volumes as timeframe, our the up

However, so to highlight term have don't EBITDA our near at term. to in And to in our projected short nice is system we about times We'd in to that us. value interest a transaction actually on at and shareholders like was something like really the a forward-looking doing was Discovery would marker X very for looking it valued monetization of XXXX, we our system. and that of X tat Obviously, to. look at

Operator

is from question next Grigel Macquarie. with Our Paul

open. now Your line is

Paul Grigel

into 'XX? look the if the still it tactical in fourth Just Is around. flow you on realizing the year. into guys be how in rest constraint, aiming bit of there that the take cash Mark, to that free cash you understand to time you constraints positive operations DCP free on think Just quarter operation being fourth the and is short and sell-through, XQ, know the the of I flow in -- goal to Greeley. operations trying mentioned oil a if move positive some side is on guys flips out with term little quarter,

Mark Erickson

a We a DCP free our we woods and on in obtaining -- very price, and we price plant QX higher of production our we the production. high likely that full looked hear gas we'll QX When response figures lower in now, free volume expect natural to flow commodity have a be QX was cash that be accordingly. knock we’d that Right really swing the deck. can if in benefit even achieve originally have with to with $XX able in flow. cash $XX at With

With the to be should it and as numbers, able we price oil hitting higher well. our oil achieve

do and that's we paid get to to So of inside feel our live we're going incentives one free about good we Obviously, that. still flow cash of it. management

Paul Grigel

And the the then provide be in Could here. guys I guess, XX I'll Initiative you thoughts news one this week? on from your

Mark Erickson

to signatures. like that's people firstly, basically on that always I that say respect would indicated the information I words the the XXX,XXX reliable to say I’d I in past. of probably -- the is But mean they I’ll signatures chip couple, just that been in estimate, cautionary gathered most so with source a would this. their haven't its some

that's looking in kind so that be about. and very at of There's signatures And also something going challenges validating would vigorous this. think to I

anticipation know lines the the there all be And state get just will and impact of process respect initiative this be probably with voting of signatures done of a by State the will ballot. early three about going a as public oil employment or that And on get effort statewide referendum. impact solidly the are vigorous economic severance, public taxes, this is to to the amount income a quite opposed this reducing And and industry just on XX%, ballot, to out major state impacts you percentage it's for the indications the to at the the material in you we're message then educating not what revenues counts So And in in massive to look course polling get weeks on Colorado. a to is does ballot. maybe taxes, that it we've of of Colorado. to and to massive billion $XX event of of very come the messaging, this. business the the The on that the schools taxes, once When understand across they the taxes economic ad two the gas valorem voting from pretty impacts those that industry. property indicates to from when

learned through more ballot. different be certain up of lot here not and on as It’s that lot and to there's forward still process. fronts end we a there's seen So move it'll the a the

Operator

question Gail with next Our Nicholson Group. from is KLR

Your line is now open.

Gail Nicholson

north Difficulty] Difficulty]… different, the the in and [Technical you're perhaps south area anything it is [Technical seeing what and

Mark Erickson

We're having trouble hearing you…

Operator

question [Operator Instructions] Sachs. Goldman with next is Our from Nelson John

line Your now is open.

John Nelson

I midstream be for the multiple ballpark for in to made want And back come you what generation be capital of XXXX? potential on announcement about X the intra-quarter. us business? will to to fill times good through Could X is elevation we EBITDA us that as for spend still to the think was

Rusty Kelley

of We disclosed the the pace on haven’t CapEx midstream.

permits. watching we’re But announcements. -- get the as is COGCC, seen we the on that which you’ve of did [XX.XX] of light green some [indiscernible], the timing remaining our Some

So that. good we’re feeling about

that to We are likewise going that the yet do we regard EBITDA reserve rights do begin to announced forecast for our investment With so. to shortly we haven’t the is to expectation. market

volumes ramp development pace more DCP, could of if quickly do up. of the We’re of those it, internally generated running number we more versus a affect it our Obviously, on with scenarios. how of timing

do future, be about in under short it scenario. expect are, We the the though, to any mass we will time another we’d to we’d more the But like plus, very -- the give here of like be We But could implications timing excited regard as forward at transparent. critical and to forward. to period. said, going that match guidance our with activity, look going that with given ‘XX probably we’re in Mark is guidance

John Nelson

be spend to The the it could call one? way good initial that But portion that, ballpark? slug was it the like initial that $XXX the a at Is Or it is about upsized. seemed phase total -- preferred of a sizable about million. the GSO not think that slug

Rusty Kelley

the time way I of it CapEx initial is Once with at early was we a investment mentioned that say, But expected flowing XXXX. online with the going et cetera. orders, the would lead get in was quickly. it of of more will That we’ve minimum the Broomfield you’re thinking as probably investment this cash the draw. side. asset turn minimum good ramp and Hawkeye toward And with one phase being end looking function

John Nelson

of just results. pivoting some your then And to well

wondering You oil but to wells guys to expect opine seeing Or really of the up really investors hit your as you if are the Are that just just your see to they to areas performing we flow results strong maximize portfolio? best really curve. should at can type oil of overtime? just some move in of the or volumes. relative chosen particularly volumes type to some curve I’m that we’re wells looking outstandingly, you’ve

Eric Jacobsen

this all The to the chart North Hawkeye the and X that last over well that the all stuff our we expands way the acreage and it up make-up down from in turned way North. quarters, is six on really

to we’ve from is these we’ve aren’t rock optimizing of that position. performance to out we way our just been And always completions. Niobrara, been have acreage in solid our really been the our area seeing given that wells of solid repeatable all Codell are blocks. any our our southern the performance out that there continue north and the part of So down and that way And left see of then new wells

John Nelson

what setbacks? then you X,XXX inventory And your end would guys without the of But than willing is throw can’t feet be Colorado to a more question. of number out amount

Eric Jacobsen

virtually would that base you this land you'll interpreting somewhere in the number Colorado Gas the the affected field notice County the and of Weld all Oil is of is drilling Wattenberg that ballot mid-XXs well Commission would written. locations. look initiative, the initiative with by report this their inaccessible that be inaccessible posted at the the And if I with that on that ballot way think Well in be county plans really -- and websites

Operator

KLR Our Group. next Gail question is from Nicholson with

is open. line now Your

Gail Nicholson

in at Hawkeye incremental provide the you the continue Hawkeye? South Nio, the versus versus look down well North the Could wells Looking color strong. as what really as Hawkeye, to Hawkeye seeing just Niobrara Codell in you're

Mark Erickson

now in bit the is airport the just wells we've have, at a because that. decided producing change little position got slight to So of that in Hawkeye, of format you that we the the right middle that look eight we

And North talking developing Hawkeye And about so the it the as planning in you now, in the Niobrara erodes be reference we we're Hawkeye and the move locations that whereas we'll only have formation, south we're usually South North away Codell when because it, stated of Niobrara, Codell we South Hawkeye, as and Hawkeye. airport. right in

out the this slide north what in South And average the in wells also the Codell but show then Niobrara Codell people into like the south position. And we Hawkeye seeing that from of our add to down Niobrara and show with to we're solid in curve we then results to that very three have northern we compare locations the part. to to always the online. just to just we're Codell Niobrara repeatable we will curve, seeing Hawkeye that the North that want the update results remind is also just we wanted was the look mostly So make what Hawkeye have sure there,

Gail Nicholson

still get during earnings results And update Coyote will on XQ you then potentially an that? could pad? on And the get we Trail give

Mark Erickson

plan XX facilities. connections it completed the the hoping bits next now. in We're gas two has to and the online turn finalizing been out has in to our duct. of is probably That pad and drilled drilled XX right last We're That days. and the just

Operator

Capital. Haas Our next is with Imperial Irene question from

is line now open. Your

Irene Haas

processing dry like more and the for within and will be question term looks should the everybody. more But gas with A production at of capacity gas long pads be the mid the flow for same all to more it NGL. probably the expanded basin, assurance there on

any and gas as the decent at to feeling market gas it a evolve? And color possible level? regional So is might how hedge to

Eric Jacobsen

take yes. hedging So to the but a We the hedge through as perspective, from haul market gas I'll XXXX XX hedging let That tend done aggressively Mark we’ve a into and the that's away, strategy, take is XXXX. in as of away XX NYMEX to both our basis natural well CIG months hub. liquid out long price, a extending key part which

Mark Erickson

takeaway to historically respect from back you benefited when DJ has of in the a gas natural infrastructure, The natural related been Basin constraints as infrastructure With think robust it basin primarily when gas always a capacity, processing. which look play. Rockies, in gas the you was to very primarily

infrastructure And primarily there's is so all the in horizontal not benefiting that commodity Rockies and gas Field of development now prices, given a right Wattenberg gas going lot and activity. on development

Midwestern of the when water. you is to box. that general, end where that the that the very to U.S. looking looking goes major getting to a you're outside road, some lot the be at get in flows in relate projects served down it going most -- also from going probably out southern pipelines. ties at the a basin of to up just incremental production to future the interesting gas So of there's look of an and again really happening infrastructure to There's well our the route the area There's all the mid-Continent, into

gas to And so to improving LNG infrastructure you're going going Gulf to facilities. Coast, the see

a on as incremental well. of You're going water Gulf to the see facilities Coast the and putting future horizontal the all plays of expanding crude oil for pipelines lot to to

to So you there's over a lot The X bcf market processing. next getting over converted of to that’s basin now, dynamic the three right NGL. going happening constraint expanding pipelines that but when crude primary little the is are day that's pipelines processing to one in DJ, a two the the NGL years. a And converted of of things double get at look the

short-term place. we get pretty pick have in we development So future -- a being and here actually good we here, see this for once runway through infrastructure up

Operator

is with question Gomolinski-Ekel next from Our Stanley. Jacob Morgan

Your line open. is now

Jacob Gomolinski-Ekel

Just Colorado and on -- guess of give Adams, us of I side, the initiative. Weld wouldn't or maybe meet Gas acreage. what many ballot Arapahoe commentary. on that and your how saw Can setback Colorado the foot percentage a Hawkeye sense locations on Oil County But threshold? that Commission would in I just be you X,XXX

Eric Jacobsen

Well, what County County, referenced pretty percentage is of earlier the same to Weld according for County anything to use be good that the much inaccessible Arapahoe I interpretation, and state's percentage further there. Adams of would that south

Jacob Gomolinski-Ekel

So the XX%...

Eric Jacobsen

It's mid say would but in for Field I the in XXs, more like Wattenberg the area south. the

Mark Erickson

setback that it. refers You remember that have it's to sensitive to initiative areas so probably written

which I is mean, through type You so it's very it for difficult -- and makes the any things could think of one unreasonable to almost make vote I it's a and of Town. case for setting back vague Dog from get a it almost that a Prairie

Eric Jacobsen

in people half on even that by and validation And Obviously, no unfolds we the part to on not of as But thoughts been the around ballot. we that process we��ve types manage of our particular always planning it to more we the keep issues have we’re the it think it’s as about this speed that the as would we to that as validation just as -- that is given you we always add the scenarios and we’ll whether up that is -- or these process. clarity thing various exercises to remember need and think I make initiative is about ballot. and turning do. strategically this, this means actually I mean, process closely this monitoring

Mark Erickson

on grandfathered the be are of we Hawkeye to like an things Broomfield permits of drilling is ballot the have during doing between getting the to fighting and we could be this will ready with all the XXX permits. we neighborhood the would go that end currently passed be getting existing plus to of get years after, it. of we’re permitted Those in to the this the initiative in three time sitting impact in if be the and we XXX inventory year, of now mitigate and One where going work potentially permits, the

Jacob Gomolinski-Ekel

the the think on then all but asset -- those portion were its from realized two or sales? And a years I would about deploying any elevation How monetize proceeds you if to you to three of system. out,

Mark Erickson

to friendly probably list. shareholder and look after to that, other reduce would First reduce initiatives, end the we buybacks RBL that zero. our internal that share is we’d And of foremost, our debt then top at at

Operator

with Owen is Baird. Our next from question Douglas

Your line now is open.

Owen Douglas

commentary, I back or to the stuff that target. a a the with Can it give to goal? metric can of how XQ that forward not more regards positive of is flow and the wanted time you operate sense or closing go basis, free cash a to use of and nice you appreciative on whether intend to go pointing about was

Mark Erickson

beneficiaries more We take business No, of having goal. the management long-term this high can nicely look board quality the of that’s of our a super it’s years flow. to When at very, inside grow quality. and XX like And we to we’re the of business, would of growing company. very up high cash very inventory direction

Owen Douglas

would get I looking the it that think full I XXXX, at an few pieces there. So are still guys about But be for out that figuring as and year? a you also objective

Mark Erickson

headed XXXX. in. haven’t guidance on direction obviously, But We that the that’s given we’re

Operator

follow a with from Fitzpatrick And question Welles we have up SunTrust.

open. now is line Your

Welles Fitzpatrick

a the amendment constitutional the gets as trump would law? in XX in if XXX is so I much because thinking, it’s amendment constitutional passed Am DOA correct

Mark Erickson

of That’s calculus and the something over government that I turning part right overall now. are that think is industry

goes certainly, know formal best comment overall that. to into we think on that the don’t be I But address calculus. legal that’s I would best that to opinion.

Welles Fitzpatrick

think Trails. positive was update that asked Gail, then Broomfield? Any your on was ruling believe And I recently… about I it Coyote to GCC

Tom Brock

that that get that permits the permits the are completed believe approve Trails commission pending more aren't commissioners to XX XX that or of addition did week wells area permits approved. We rest we’ve permits online. in word have authority we and we've turn which XX XX I Coyote more director Broomfield have approved, be are permits and wells We the approves to to the XX But We currently currently from during receive have area, to this quarter. the that the gave the the we approved would our in did in do Coyote the Broomfield about drilled. drilled

Operator

would showing further And call to back Mark Erickson any to now I no further the for I'm questions. turn like remarks.

Mark Erickson

in I a just solid on forward. everybody hitting oil the first for to strong and And going time be results Company grow the to to two bring continue revenue primarily we're about for feel the good thank We to again quarters. Hitting this like allow focused achieving your real morning. very good will in going that us oil fashion.

your for this morning. thanks So time

Operator

Ladies and participating for in gentlemen, thank today's you conference.

disconnect. great may day. Everyone have You now a

Extraction Oil & Gas (XOG) 12 Aug 182018 Q2 Earnings call transcript