Strong Third-Quarter Results Are Fueling a Big Rally in Sanchez Energy Corp.'s Stock Today
Shares of Sanchez Energy (NYSE: SN) spiked on Friday and were up more than 10% at 2:15 p.m. EDT. Fueling the move was the Eagle Ford shale driller's third-quarter results, which were strong despite the impacts Hurricane Harvey and other storms had on its operations during the quarter.
Sanchez Energy reported that production averaged 73,783 barrels of oil equivalent per day (BOE/D) during the third quarter. That was 43% above where it was during the year-ago period, and at the high end of the company's guidance range. That high-end result came despite unprecedented levels of rainfall and flooding during the quarter due to Hurricane Harvey and subsequent storms. This included one that dumped as much as 18 inches of rain in late September, causing Sanchez to shut in an average of 6,000 BOE/D for five days at the end of the month.
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Source: Fool.com
