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Abraxas Cuts G&A Costs 40%; Lower Salaries, Layoffs, Smaller Board
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Abraxas Petroleum Corp. has made moves to reduce its G&A expenses by approximately 40%.
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This was accomplished by a combination of salary reductions, reduction in board size, and selective layoffs.
The company will not drill and/or complete any new wells while these market conditions persist. Most of the Company's lands are currently held by production and at current commodity prices, the economics of drilling and completions in the Delaware and Bakken are questionable.
Due to the market uncertainty, Company guidance will be suspended.
Bob Watson, CEO, commented, "While parting with quality employees has been a regrettable task, this, combined with a dramatic reduction in planned capital expenditures I feel is necessary in the current environment."
Hedge Position
Approximately 95% of the Company's current oil production is hedged at approximately $55 per barrel for the remainder of 2020 and approximately 100% of the Company's anticipated oil production for 2021 is hedged at approximately $58 per barrel.
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Job Cuts / Downsize / Layoff
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