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Another Large Permian Operator to Cut Rig Count in Half for 2019; 6 Rigs
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Apache Corp. provided an updated to is planned 2019 drilling program for the Permian Basin (see the image below).
The company, who is averaging 11 rigs as of 1Q 2019 in the Permian Basin, plans to reduce that count to 6 rigs by 4Q 2019 - a decrease of 45%.
Earlier this year, the company announced that it was cutting its spending for 2019 by 20% YOY.
Source : Shale Experts Presentation Manager Database, Apache Presentation
Apache Drilling by BasinBelow is a chart from Shale Experts Rigs Database depicting Apache's drilling activity by basin. The company has been busy reducing its count from 20 at the peak of 2018 to 13 currently.
The 2019 plan calls for the company to drop its rigs in the Midland Basin throughout 2019.
Apache Rig Count/Drilling Activity (1/1/2018 - 3/31/2019)Sour…
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