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BHP Reducing Capex, Focus on Hawkville
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BHP has announced 2015 drilling and capital budget plans:
In response to weaker prices, the Company will reduce its Onshore US operated rig count from 26 at period end to 16 by the end of the 2015 financial year. The majority of the revised drilling program will be focused on our liquids-rich Black Hawk acreage with activity in the Permian and Hawkville limited to the retention of core acreage. The Company’s dry gas development program will be reduced to one operated rig in the Haynesville, with a focus on continued drilling and completions optimisation ahead of full field development. As a result of the reduction in drilling activity, we now expect Onshore US drilling and development expenditure of approximately US$3.4 billion for the 2015 financial year, 15 per cent below original…- ✓ Full news archive — U.S., Canada & international coverage
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