- Increased quarterly daily production to 44.3 MBoe/d and total annual daily production to 37.2 MBoe/d
- Reduced Eagle Ford wells costs by approximately $1 million per well compared to prior guidance
- Achieved 25 percent growth in proved reserves to 201 MMBoe or 472 percent production replacement from all sources
HOUSTON, Jan. 24, 2013 (GLOBE NEWSWIRE) -- Rosetta Resources Inc. (Nasdaq:ROSE) ("Rosetta" or the "Company") today reported preliminary operational results for 2012 that include double-digit growth in production and proved reserves and significantly reduced well costs. The Company plans to report final 2012 results on Monday, February 25, 2013.
"During 2012 we ramped up our development efforts in the Eagle Ford shale expanding our drilling program into four areas," said Randy Limbacher, Rosetta's chairman, CEO and president. "We continue to demonstrate the high quality of our portfolio and our ability to deliver sustained growth and create long-term value from the area. Our results were favorably impacted by rapidly decreasing well costs during the second half of the year that further enhanced asset values and will provide greater flexibility in implementing our 2013 capital program."
2012 Production ResultsFourth quarter production averaged a record 44.3 thousand barrels of oil equivalent per day ("MBoe/d"), up 38 percent from the same period in 2011 and 20 percent from the prior quarter. Total liquids production for the fourth quarter reached all-time high levels, averaging 27.6 thousand barrels per day ("MBbls/d"). Total liquids represent 62 percent of total production for the period, up from 49 percent a year ago and 60 percent in the third quarter of 2012. For the full-year, production averaged 37.2 MBoe/d. Total daily production increased by 35 percent versus the prior year while total liquids production increased by 76 percent over that same period. Production growth throughout the year was driven by continued success in the development of Eagle Ford assets. The Company's 2012 exit rate averaged 47.3 MBoe/d and production is currently averaging 49 MBoe/d of which 63 percent is liquids.