So far this year,Sanchez has faced three straight quarters of production declines and analysts with Capital One Securities Inc.recently said the company appears to be insolvent with about $3.1 billion of asset value and roughly $3.7 billion of net liabilities and corporate overhead. Tony Sanchez III,president and CEO,said in a statement that the company has been focused on taking critical steps throughout the year to stabilize its production profile and reduce the capital intensity of the business.
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