Midstates Petroleum Co.’s stock jumped Wednesday after the company reported a 53 percent increase in its daily energy production on higher output from its Anadarko Basin and other operations.
Oil equivalent production hit 30,000 barrels per day in the third quarter, up from 19,634 barrels in the second quarter, the company said. In June, the company bought assets in the Anadarko Basin in Oklahoma, which are currently pumping 9,500 barrels of oil equivalent per day.
Meanwhile, the company’s Mississippian Lime/Hunton assets boosted production 44 percent over the quarter to 15,000 barrels per day. And the company is touting that it still has more wells waiting to be put online.
“Even with the wells that we have placed online recently that contributed to this production growth, we still have 15 more wells that have been drilled and will be placed online in the next few weeks, primarily because of pad drilling,” John Crum, the company’s chairman, president and CEO, said in a statement.
The company also noted a capital expenditure guidance of $170 million to $180 million for the third quarter.
The Houston exploration and production company, which went public in April last year, saw its stock climb 14.4 percent to close at $5.72 per share on Wednesday.