FORT WORTH, Texas--(BUSINESS WIRE)--
Approach Resources Inc. (NASDAQ: AREX) today reported results for
third quarter 2015. Highlights for third quarter 2015 include:
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Record quarterly production of 1,525 MBoe, or 16.6 MBoe/d, a 17%
increase over the prior-year quarter and a 10% increase over second
quarter 2015
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EBITDAX was $30.7 million, or $0.76 per diluted share
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Revenues totaled $33.9 million. Including realized hedge gains,
revenues were $46.7 million
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Per-unit cash operating expenses decreased 18% from the prior-year
quarter, and 5% from second quarter 2015, to $10.45 per Boe
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Adjusted net loss was $5.9 million, or $0.14 per diluted share
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Average IP for wells completed since last update was 931 Boe/d (65%
oil and 84% liquids)
Adjusted net (loss) income, EBITDAX and cash operating expenses are
non-GAAP measures. See “Supplemental Non-GAAP Measures” below for our
definitions and reconciliations of adjusted net (loss) income and
EBITDAX to net (loss) income and cash operating expenses to operating
expenses.
Management Comment
J. Ross Craft, Approach’s Chairman, CEO and President, commented, “In
the third quarter, our team was able to deliver another record quarterly
production rate for the Company and strong well results. The slowdown in
activity has provided an opportunity for us to fine-tune our completion
design. We are encouraged by the early production data from third
quarter wells completed using tighter frac stage spacing, higher
proppant concentration and modified sand concentration mix. Improved
well performance combined with the lower D&C costs should allow us to
further enhance rates of return on our Wolfcamp horizontal program.
Additionally, we continued to streamline our business structure by
implementing a number of initiatives. We expect to realize annual G&A
and LOE savings of between $5.0 and $7.0 million beginning in 2016.
Given the sustained uncertain commodity price outlook, we remain focused
on reducing costs and making financially responsible capital allocation
decisions as we preserve the strength of our balance sheet and
liquidity.”
Third Quarter 2015 Results
Production for third quarter 2015 totaled 1,525 MBoe (16.6 MBoe/d),
compared to production of 1,306 MBoe (14.2 MBoe/d) in third quarter
2014, a 17% increase. Oil production for the third quarter was 490 MBbls
(5.3 MBbls/d). Production for third quarter 2015 was 64% liquids and 36%
natural gas.
Adjusted net loss (non-GAAP) for third quarter 2015 was $5.9 million, or
$0.14 per diluted share, compared to adjusted net income (non-GAAP) of
$10.5 million, or $0.27 per diluted share, for third quarter 2014.
EBITDAX (non-GAAP) for third quarter 2015 was $30.7 million, or $0.76
per diluted share, compared to $50.7 million, or $1.29 per diluted
share, for third quarter 2014. See “Supplemental Non-GAAP Financial and
Other Measures” below for our definitions and reconciliations of
adjusted net (loss) income and EBITDAX to net (loss) income.
Lease operating expense showed sustained improvement, averaging $5.04
per Boe for third quarter 2015. This represents a 14% decrease from the
prior-year quarter. Production and ad valorem taxes averaged $1.77 per
Boe, or 8.0% of oil, NGL and gas sales. Exploration costs for the
quarter were $1.28 per Boe, including $1.7 million, or $1.12 per Boe,
related to one-time rig termination fees. Cash general and
administrative expense averaged $3.65 per Boe, a 17% decline compared to
the prior-year quarter. Non-cash general and administrative expense
averaged $1.12 per Boe, a 26% decline from third quarter 2014.
Depletion, depreciation and amortization expense averaged $20.47 per
Boe, and interest expense totaled $6.5 million.
The Company incurred a non-cash impairment charge of $220.2 million
during the third quarter of 2015 due to the significant decline in
commodity prices. The reduction in carrying value was primarily
attributable to the Company's legacy vertical gas assets in Ozona
Northeast.
Operations Update
During third quarter 2015, we drilled four horizontal wells, completed
five horizontal wells, and at September 30, 2015, we had four horizontal
wells waiting on completion. The average initial production (IP) rate
for all wells completed since our last report was 931 Boe/d (65% oil and
84% liquids) with an average lateral length of 6,600 feet.
Capital expenditures incurred during third quarter 2015 totaled $19.8
million, and included $17.9 million for drilling and completion
activities and $1.9 million for infrastructure projects and equipment.
Management has begun the 2016 budgeting process, and we plan to release
further detail in early 2016.
Liquidity Update
At September 30, 2015, we had a $1 billion revolving credit facility
with a $450 million borrowing base and $278 million of outstanding
borrowings. The Company recently announced the completion of its
scheduled semiannual borrowing base redetermination, which resulted in
the lender commitments and borrowing base being set at $450 million. At
September 30, 2015, our liquidity was approximately $172 million. See
“Supplemental Non-GAAP Financial and Other Measures” below for our
definition and calculation of liquidity.
Commodity Derivatives Update
We enter into commodity derivatives positions to reduce the risk of
commodity price fluctuations. The table below is a summary of our
current derivatives positions.
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Commodity and Period
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Contract Type
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Volume Transacted
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Contract Price
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Crude Oil
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October 2015 – December 2015
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Collar
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1,600 Bbls/d
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$84.00/Bbl - $91.00/Bbl
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October 2015 – December 2015
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Collar
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1,000 Bbls/d
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$90.00/Bbl - $102.50/Bbl
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October 2015 – December 2015
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Three-Way Collar
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500 Bbls/d
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$75.00/Bbl - $84.00/Bbl - $94.00/Bbl
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October 2015 – December 2015
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Three-Way Collar
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500 Bbls/d
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$75.00/Bbl - $84.00/Bbl - $95.00/Bbl
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October 2015 – December 2016
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Swap
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750 Bbls/d
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$62.52/Bbl
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Natural Gas
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October 2015 – December 2015
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Swap
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200,000 MMBtu/month
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$4.10/MMBtu
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October 2015 – December 2015
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Collar
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130,000 MMBtu/month
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$4.00/MMBtu - $4.25/MMBtu
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March 2016 – December 2016
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Swap
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200,000 MMBtu/month
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$2.93/MMBtu
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Conference Call Information and Summary Presentation
The Company will host a conference call on Thursday, November 5, 2015,
at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss
financial and operational results for third quarter 2015. The conference
call may be accessed via the Company’s website at www.approachresources.com
or by phone:
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Dial in:
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(877) 201-0168
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Intl. dial in:
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(647) 788-4901
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Passcode:
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Approach / 54939494
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A replay of the call will be available on the Company’s website or by
dialing (855) 859-2056 (passcode: 54939494).
In addition, a third quarter 2015 summary presentation is available on
the Company’s website.
About Approach Resources
Approach Resources Inc. is an independent energy company focused
on the exploration, development, production and acquisition of
unconventional oil and gas reserves in the Midland Basin of the greater
Permian Basin in West Texas. For more information about the Company,
please visit www.approachresources.com.
Please note that the Company routinely posts important information about
the Company under the Investor Relations section of its website.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that the Company expects,
believes or anticipates will or may occur in the future are
forward-looking statements. Without limiting the generality of the
foregoing, forward-looking statements contained in this press release
specifically include expectations of anticipated financial and operating
results. These statements are based on certain assumptions made
by the Company based on management’s experience, perception of
historical trends and technical analyses, current conditions,
anticipated future developments and other factors believed to be
appropriate and reasonable by management. When used in this press
release, the words “will,” “potential,” “believe,” “estimate,” “intend,”
“expect,” “may,” “should,” “anticipate,” “could,” “plan,” “predict,”
“project,” “profile,” “model” or their negatives, other similar
expressions or the statements that include those words, are intended to
identify forward-looking statements, although not all forward-looking
statements contain such identifying words. Such statements are subject
to a number of assumptions, risks and uncertainties, many of which are
beyond the control of the Company, which may cause actual results to
differ materially from those implied or expressed by the forward-looking
statements. Further information on such assumptions, risks and
uncertainties is available in the Company’s Securities and Exchange
Commission (“SEC”) filings. The Company’s SEC filings are
available on the Company’s website at www.approachresources.com.
Any forward-looking statement speaks only as of the date on which
such statement is made and the Company undertakes no obligation to
correct or update any forward-looking statement, whether as a result of
new information, future events or otherwise, except as required by
applicable law.
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UNAUDITED RESULTS OF OPERATIONS
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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2015
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2014
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2015
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2014
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Revenues (in thousands):
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Oil
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$
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20,213
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$47,194
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$67,142
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$140,509
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NGLs
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5,311
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11,628
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16,067
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33,486
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Gas
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8,417
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9,302
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22,635
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29,464
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Total oil, NGL and gas sales
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33,941
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68,124
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105,844
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203,459
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Realized gain (loss) on commodity derivatives
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12,755
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(764
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)
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37,937
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(5,423
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)
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Total oil, NGL and gas sales including derivative impact
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$
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46,696
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$67,360
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$143,781
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$198,036
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Production:
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Oil (MBbls)
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490
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507
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1,483
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1,482
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NGLs (MBbls)
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488
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392
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1,266
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1,057
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Gas (MMcf)
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3,285
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2,445
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8,721
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6,727
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Total (MBoe)
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1,525
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1,306
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4,202
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3,659
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Total (MBoe/d)
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16.6
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14.2
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15.4
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13.4
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Average prices:
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Oil (per Bbl)
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$
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41.27
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$93.14
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$45.28
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$94.84
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NGLs (per Bbl)
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10.89
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29.70
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12.69
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31.69
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Gas (per Mcf)
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2.56
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3.80
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2.60
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4.38
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Total (per Boe)
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$
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22.26
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$52.17
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$25.19
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$55.60
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Realized gain (loss) on commodity derivatives (per Boe)
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8.36
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(0.58
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)
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9.03
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(1.49
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)
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Total including derivative impact (per Boe)
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$
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30.62
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$51.59
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$34.22
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$54.11
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Costs and expenses (per Boe):
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Lease operating
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$
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5.04
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$5.87
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$5.17
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$6.41
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Production and ad valorem taxes
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1.77
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2.55
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2.02
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3.40
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Exploration
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1.28
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0.68
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1.00
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0.98
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General and administrative(1)
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4.77
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5.88
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5.45
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6.45
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Depletion, depreciation and amortization
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20.47
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19.88
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20.50
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21.35
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(1) Below is a summary of general and administrative expense:
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General and administrative – cash component
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$
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3.65
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$
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4.37
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$
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4.02
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$
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4.89
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General and administrative – noncash component (share-based
compensation)
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1.12
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1.51
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1.43
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1.56
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APPROACH RESOURCES INC. AND SUBSIDIARIES
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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
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(In thousands, except shares and per-share amounts)
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2015
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2014
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2015
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2014
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REVENUES:
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Oil, NGL and gas sales
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$
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33,941
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$
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68,124
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$
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105,844
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$
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203,459
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EXPENSES:
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Lease operating
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7,681
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7,665
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21,744
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23,462
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Production and ad valorem taxes
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2,700
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3,335
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8,502
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12,429
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Exploration
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1,956
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891
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4,211
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3,595
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General and administrative
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7,270
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7,675
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22,882
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23,612
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Termination costs
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1,436
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?
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1,436
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?
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Impairment of oil and gas properties
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220,197
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?
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220,197
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?
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Depletion, depreciation and amortization
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31,222
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25,959
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86,146
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|
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78,138
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Total expenses
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272,462
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|
|
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45,525
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365,118
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141,236
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OPERATING (LOSS) INCOME
|
|
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(238,521
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)
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22,599
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(259,274
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)
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62,223
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OTHER:
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Interest expense, net
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(6,465
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)
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(5,442
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)
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(18,630
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)
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(15,936
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)
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Gain on debt extinguishment
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1,483
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?
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1,483
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?
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Equity in losses of investee
|
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?
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?
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|
?
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(186
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)
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Realized gain (loss) on commodity derivatives
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|
12,755
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|
|
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(764
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)
|
|
|
37,937
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|
|
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(5,423
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)
|
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Unrealized gain (loss) on commodity derivatives
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|
296
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|
|
|
18,810
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(22,929
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)
|
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|
5,206
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|
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Other expense
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|
|
(91
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)
|
|
?
|
|
|
|
(53
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)
|
|
|
(109
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)
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(LOSS) INCOME BEFORE INCOME TAX (BENEFIT) PROVISION
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(230,543
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)
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35,203
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|
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(261,466
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)
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|
45,775
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INCOME TAX (BENEFIT) PROVISION:
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(81,756
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)
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|
12,756
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|
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(93,121
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)
|
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|
16,590
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|
|
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|
|
|
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|
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|
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NET (LOSS) INCOME
|
|
$
|
(148,787
|
)
|
|
$
|
22,447
|
|
|
$
|
(168,345
|
)
|
|
$
|
29,185
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|
|
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|
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(LOSS) EARNINGS PER SHARE:
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Basic
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$
|
(3.67
|
)
|
|
$
|
0.57
|
|
|
$
|
(4.16
|
)
|
|
$
|
0.74
|
|
|
Diluted
|
|
$
|
(3.67
|
)
|
|
$
|
0.57
|
|
|
$
|
(4.16
|
)
|
|
$
|
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
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WEIGHTED AVERAGE SHARES OUTSTANDING:
|
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|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
40,541,420
|
|
|
|
39,363,441
|
|
|
|
40,419,187
|
|
|
|
39,325,552
|
|
|
Diluted
|
|
|
40,541,420
|
|
|
|
39,379,779
|
|
|
|
40,419,187
|
|
|
|
39,340,961
|
|
|
|
|
|
|
|
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UNAUDITED SELECTED FINANCIAL DATA
|
|
|
|
|
|
|
|
Unaudited Consolidated Balance Sheet Data
|
|
September 30,
|
|
December 31,
|
|
(in thousands)
|
|
|
2015
|
|
|
2014
|
|
Cash and cash equivalents
|
|
$
|
319
|
|
$
|
432
|
|
Other current assets
|
|
|
32,233
|
|
|
60,647
|
|
Property and equipment, net, successful efforts method
|
|
|
1,175,455
|
|
|
1,331,659
|
|
Other assets
|
|
|
821
|
|
|
—
|
|
Total assets
|
|
$
|
1,208,828
|
|
$
|
1,392,738
|
|
Current liabilities
|
|
$
|
45,195
|
|
$
|
106,852
|
|
Long-term debt(1)
|
|
|
515,593
|
|
|
391,311
|
|
Other long-term liabilities
|
|
|
36,163
|
|
|
120,248
|
|
Stockholders’ equity
|
|
|
611,877
|
|
|
774,327
|
|
Total liabilities and stockholders’ equity
|
|
$
|
1,208,828
|
|
$
|
1,392,738
|
|
|
|
|
|
|
|
|
(1) Long-term debt is net of debt issuance costs of $7.4 million and
$8.7 million as of September 30, 2015 and December 31, 2014,
respectively.
Supplemental Non-GAAP Financial and Other Measures
This release contains certain financial measures that are non-GAAP
measures. We have provided reconciliations below of the non-GAAP
financial measures to the most directly comparable GAAP financial
measures and on the Non-GAAP Financials page in the Investor Relations
section of our website at www.approachresources.com.
Adjusted Net (Loss) Income
This release contains the non-GAAP financial measures adjusted net
(loss) income and adjusted net (loss) income per diluted share, which
excludes (1) unrealized (gain) loss on commodity derivatives, (2) rig
termination fees, (3) impairment of oil and gas properties, (4)
termination costs, (5) gain on debt extinguishment, and (6) related
income tax effect. The amounts included in the calculation of adjusted
net (loss) income and adjusted net (loss) income per diluted share below
were computed in accordance with GAAP. We believe adjusted net (loss)
income and adjusted net (loss) income per diluted share are useful to
investors because they provide readers with a more meaningful measure of
our profitability before recording certain items whose timing or amount
cannot be reasonably determined. However, these measures are provided in
addition to, and not as an alternative for, and should be read in
conjunction with, the information contained in our financial statements
prepared in accordance with GAAP (including the notes), included in our
SEC filings and posted on our website.
The table below provides a reconciliation of adjusted net (loss) income
and adjusted net (loss) income per diluted share to net (loss) income
for the three and nine months ended September 30, 2015 and 2014 (in
thousands, except per-share amounts).
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Net (loss) income
|
|
$
|
(148,787
|
)
|
|
$
|
22,447
|
|
|
$
|
(168,345
|
)
|
|
$
|
29,185
|
|
|
Adjustments for certain items:
|
|
|
|
|
|
|
|
|
|
Unrealized (gain) loss on commodity derivatives
|
|
|
(296
|
)
|
|
|
(18,810
|
)
|
|
|
22,929
|
|
|
|
(5,206
|
)
|
|
Rig termination fees
|
|
|
1,701
|
|
|
|
—
|
|
|
|
2,199
|
|
|
|
—
|
|
|
Impairment of oil and gas properties
|
|
|
220,197
|
|
|
|
—
|
|
|
|
220,197
|
|
|
|
—
|
|
|
Termination costs
|
|
|
1,436
|
|
|
|
—
|
|
|
|
1,436
|
|
|
|
—
|
|
|
Gain on debt extinguishment
|
|
|
(1,483
|
)
|
|
|
—
|
|
|
|
(1,483
|
)
|
|
|
—
|
|
|
Related income tax effect
|
|
|
(78,623
|
)
|
|
|
6,816
|
|
|
|
(86,926
|
)
|
|
|
1,886
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss) income
|
|
$
|
(5,855
|
)
|
|
$
|
10,453
|
|
|
$
|
(9,993
|
)
|
|
$
|
25,865
|
|
|
Adjusted net (loss) income per diluted share
|
|
$
|
(0.14
|
)
|
|
$
|
0.27
|
|
|
$
|
(0.25
|
)
|
|
$
|
0.66
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAX
We define EBITDAX as net (loss) income, plus (1) exploration expense,
(2) depletion, depreciation and amortization expense, (3) share-based
compensation expense, (4) impairment of oil and gas properties, (5)
unrealized loss (gain) on commodity derivatives, (6) gain on debt
extinguishment, (7) termination costs, (8) interest expense, net, and
(9) income tax (benefit) provision. EBITDAX is not a measure of net
income or cash flow as determined by GAAP. The amounts included in the
calculation of EBITDAX were computed in accordance with GAAP. EBITDAX is
presented herein and reconciled to the GAAP measure of net income
because of its wide acceptance by the investment community as a
financial indicator of a company's ability to internally fund
development and exploration activities. This measure is provided in
addition to, and not as an alternative for, and should be read in
conjunction with, the information contained in our financial statements
prepared in accordance with GAAP (including the notes), included in our
SEC filings and posted on our website.
The table below provides a reconciliation of EBITDAX and EBITDAX per
diluted share to net (loss) income for the three and nine months ended
September 30, 2015 and 2014 (in thousands, except per-share amounts).
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Net (loss) income
|
|
$
|
(148,787
|
)
|
|
$
|
22,447
|
|
|
$
|
(168,345
|
)
|
|
$
|
29,185
|
|
|
Exploration
|
|
|
1,956
|
|
|
|
891
|
|
|
|
4,211
|
|
|
|
3,595
|
|
|
Depletion, depreciation and amortization
|
|
|
31,222
|
|
|
|
25,959
|
|
|
|
86,146
|
|
|
|
78,138
|
|
|
Share-based compensation
|
|
|
1,708
|
|
|
|
1,965
|
|
|
|
6,000
|
|
|
|
5,726
|
|
|
Impairment of oil and gas properties
|
|
|
220,197
|
|
|
|
—
|
|
|
|
220,197
|
|
|
|
—
|
|
|
Unrealized (gain) loss on commodity derivatives
|
|
|
(296
|
)
|
|
|
(18,810
|
)
|
|
|
22,929
|
|
|
|
(5,206
|
)
|
|
Gain on debt extinguishment
|
|
|
(1,483
|
)
|
|
|
—
|
|
|
|
(1,483
|
)
|
|
|
—
|
|
|
Termination costs
|
|
|
1,436
|
|
|
|
—
|
|
|
|
1,436
|
|
|
|
—
|
|
|
Interest expense, net
|
|
|
6,465
|
|
|
|
5,442
|
|
|
|
18,630
|
|
|
|
15,936
|
|
|
Income tax (benefit) provision
|
|
|
(81,756
|
)
|
|
|
12,756
|
|
|
|
(93,121
|
)
|
|
|
16,590
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAX
|
|
$
|
30,662
|
|
|
$
|
50,650
|
|
|
$
|
96,600
|
|
|
$
|
143,964
|
|
|
EBITDAX per diluted share
|
|
$
|
0.76
|
|
|
$
|
1.29
|
|
|
$
|
2.39
|
|
|
$
|
3.66
|
|
|
|
|
|
|
|
|
|
|
|
Cash Operating Expenses
We define cash operating expenses as operating expenses, excluding (1)
exploration expense, (2) depletion, depreciation and amortization
expense, (3) share-based compensation expense, (4) termination costs,
and (5) impairment of oil and gas properties. Cash operating expenses is
not a measure of operating expenses as determined by GAAP. The amounts
included in the calculation of cash operating expenses were computed in
accordance with GAAP. Cash operating expenses is presented herein and
reconciled to the GAAP measure of operating expenses. We use cash
operating expenses as an indicator of the Company’s ability to manage
its operating expenses and cash flows. This measure is provided in
addition to, and not as an alternative for, and should be read in
conjunction with, the information contained in our financial statements
prepared in accordance with GAAP (including the notes), included in our
SEC filings and posted on our website.
The table below provides a reconciliation of cash operating expenses to
operating expenses for the three and nine months ended September 30,
2015 and 2014 (in thousands, except per-Boe amounts).
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
Operating expenses
|
$
|
272,462
|
|
|
$
|
45,525
|
|
|
$
|
365,118
|
|
|
$
|
141,236
|
|
|
Exploration
|
|
(1,956
|
)
|
|
|
(891
|
)
|
|
|
(4,211
|
)
|
|
|
(3,595
|
)
|
|
Depletion, depreciation and amortization
|
|
(31,222
|
)
|
|
|
(25,959
|
)
|
|
|
(86,146
|
)
|
|
|
(78,138
|
)
|
|
Share-based compensation
|
|
(1,708
|
)
|
|
|
(1,965
|
)
|
|
|
(6,000
|
)
|
|
|
(5,726
|
)
|
|
Termination costs
|
|
(1,436
|
)
|
|
|
—
|
|
|
|
(1,436
|
)
|
|
|
—
|
|
|
Impairment of oil and gas properties
|
|
(220,197
|
)
|
|
|
—
|
|
|
|
(220,197
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash operating expenses
|
$
|
15,943
|
|
|
$
|
16,710
|
|
|
$
|
47,128
|
|
|
$
|
53,777
|
|
|
Cash operating expenses per Boe
|
$
|
10.45
|
|
|
$
|
12.79
|
|
|
$
|
11.21
|
|
|
$
|
14.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity
Liquidity is calculated by adding the net funds available under our
revolving credit facility and cash and cash equivalents. We use
liquidity as an indicator of the Company’s ability to fund development
and exploration activities. However, this measurement has limitations.
This measurement can vary from year-to-year for the Company and can vary
among companies based on what is or is not included in the measurement
on a company’s financial statements. This measurement is provided in
addition to, and not as an alternative for, and should be read in
conjunction with, the information contained in our financial statements
prepared in accordance with GAAP (including the notes), included in our
SEC filings and posted on our website.
The table below summarizes our liquidity at September 30, 2015 (in
thousands).
|
|
|
|
|
|
|
Liquidity at
September 30, 2015
|
|
Borrowing base
|
|
$
|
450,000
|
|
|
Cash and cash equivalents
|
|
|
319
|
|
|
Senior secured credit facility – outstanding borrowings
|
|
|
(278,000
|
)
|
|
Outstanding letters of credit
|
|
|
(325
|
)
|
|
|
|
|
|
Liquidity
|
|
$
|
171,994
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151104006653/en/
Source: Approach Resources Inc.