Crew Energy Inc. Reports Operating Results for the First Quarter Ended March 31, 2020; Reports Non-Cash Impairment Charge Against Crew's Property, Plant and Equipment for the First Quarter Ended March 31, 2020; Maintains Production Guidance for the Full Year of Fiscal 2020
The company reported for the first quarter ended March 31, 2020 impairment tests on the cash generating units that resulted in a $267 million non-cash impairment charge against Crew's property, plant and equipment.
The company maintained production guidance for the full year of fiscal 2020. The company announced that notwithstanding its plans to shut-in over 4,000 boe per day of productive capacity in May and June, the company's strong first quarter production performance has allowed the Company to maintain annual production guidance of 20,000 boe to 22,000 boe per day.