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BHP Chops 2017 Drilling Plans in Half; Production To Fall
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BHP provided an update to its end of FY-2016 and a early look at 2017 plans. As most of you might know, BHPs FY-2016 ended on June 30, 2016. The summarize, the company spent $1.2 Billion on its US Onshore activity, where the company utilized 4 rigs. The company spent $800 million on the Eagle ford and $400 million on the Permian Basin.
The company's initial FY-2017 plans is to spend $600 million (-50% less) than what it spent in FY-2016. The company is currently operating 4 rigs, however we expect that to move to 3 or 2 rigs in FY-2017.
Onshore US drilling and development expenditure for the 2016 financial year was approximately US$1.2 billion, of which approximately US$400 million related to a…
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