Exploration & Production | Capital Markets | Capital Expenditure
Argent Energy Trust Slashes 2015 Budget
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Argent Energy Trust has announced that in response to the current commodity price environment, it is reducing both its 2015 capital budget by approximately US$19.5 million and reducing its monthly distribution to $0.01 per unit commencing with the distribution for January 2015 due for payment on February 23, 2015 .
As previously announced, the Board of Directors approved a preliminary capital budget for 2015 of US$39.5 million with a targeted annual production for 2015 of approximately 6,500 boe/d. Given that current and future oil prices have fallen significantly since that time, the board has cut the 2015 capital budget in half to a level of approximately US$20 million.
Planned capital expenditures along the Gulf Coast will be postponed in favor of the capital opportunities in the…
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