Zephyr Energy PLC on Tuesday reported a year-on-year drop in revenue at its Williston Basin in North Dakota, US.
Zephyr Energy is an oil and gas company focused on resource development from carbon-neutral operations in the Rocky Mountain region of the US.
The company said revenue in the second quarter to June 30 at the basin fell to $7.1 million from $14.3 million a year prior. Compared to the first quarter of 2023, it was up 13% from $6.3 million.
The average quarterly sales volume was 1,385 barrels of oil equivalent per day, down 25% from 1,856 a year ago.
Oil sales in the second quarter declined 31% to 85,310 barrels from 123,233 a year prior, while the average sales price fell 25% to $74.70 per barrel from $99.84.
Meanwhile, Zephyr announced an agreement to increase its land position in the Paradox basin in Utah via buying an additional 640 leased acres. The new acreage is on Utah School & Institutional Lands Administration lands and is close to the company’s existing White sands unit and gas export infrastructure.
At the company’s state 36-2 LNW-CC well in Utah at the Paradox basin, the operations team continues to complete the well work required before starting a production test. Operations were hindered in July due to extreme heat in the south west of the US amid record high temperatures.
Zephyr Energy shares were 3.3% lower at 3.68 pence each on Tuesday afternoon in London.
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