Jones Energy Inc. (JONE) provided its 2015 year-end reserves, an operations update, estimated financial results for fourth-quarter and full-year 2015, and its initial 2016 capital budget plan and guidance on Feb. 12.

Proved reserves at year-end 2015 were 101.7 million barrels of oil equivalent (MMboe) based on Securities and Exchange Commission pricing, and proved oil reserves were 25.4 MMbbl. Of the 101.7 MMboe, 58% were proved developed reserves. Total proved oil reserves at year-end 2015 were 25.4 MMbbl, lower than year-end 2014’s 27.7 MMbbl.

The average WTI oil price was $50.25/bbl and the average Henry Hub spot price was $2.59 per million British thermal units of natural gas.

Regarding production, on Dec. 31, 2015, there were 2,103 gross drilling locations. These included 711 gross drilling locations in the Cleveland play and 277 gross locations in the Arkoma Woodford Shale. More than 90 drilling locations were acquired through leasing during 2015, including eight in proved reserves, the company said.

Currently, there are no plans to drill new Arkoma Woodford wells, and so the required number of additional wells, pursuant to a joint development agreement with Vanguard Natural Resources LLC (VNR), will not be spudded.

Production in 2016 could range between 15,500 boe/d and 17 Mboe/d.

During 2015, 496 gross locations and 42 net locations-including 42 gross (eight net) locations associated with proved developed reserves-were removed from Jones’ inventory.

During fourth-quarter 2015, an estimated 2.2 MMBoe-about 23,600 boe/d- were produced; for the full year, an estimated 9.2 MMboe-about 25,100 boe/d- were produced. Oil volumes comprised 25% of production for the fourth quarter and 28% for the full year. NGL volumes accounted for 31% of the fourth quarter production and 29% of the full year volumes. During the fourth quarter, liquids accounted for 56% of total production.

Regarding finances, the 2016 initial capital budget is $25 million; the majority will go toward capital workovers and field optimization activities. Additional capital might be spent on redeploying rigs or leasing depending on market conditions, Jones said.

Regarding liquidity, on Dec. 31, 2015, there was $400 million of undrawn credit facility and about $22 million in cash.

Estimated revenue for fourth-quarter 2015 ranged between $78.5 million and $81.5 million, and fourth-quarter EBITDAX ranged between $63.6 million and $66.6 million, Jones said.

During the fourth quarter of 2015, $14.1 million was spent on capex, of which $8 million supported drilling and completing wells. The remaining $6.1 million primarily supported field maintenance and leasing. For the full year 2015, the company spent $200.1 million on total capex-this was lower than the initial estimate of $210 million.

Jones Energy Inc. is based in Austin, Texas.