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Another Permian E&P Ups 2018 Budget; Geosteering Boosts Latest Well IPs
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Jagged Peak Energy reported its Q2 2018 results.
Ups Budget +18%; Guidance Also Increased- Jagged Peak has increased its 2018 capital spending plans to $650-680 million (up +18% (or $100MM) at the midpoint from its original plan)
Jagged Peak has revised its 2018 operated program to reflect longer lateral wells, higher working interests, and additional wells brought online. The updated program contemplates completing 25% more lateral feet in 2018 with an associated capital increase of 18%, and an increase to production of 12%.- The company also increased its expected production for 2018 to 33 MBOEPD at the midpoint (up +12% from 29.5 MBOEPD originally planned)
Jim Kleckner, President and Chief Executive Officer, commented, "We have updated our 2018 program guidance, which is largely a…
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