Hedging | Capital Markets | Capital Expenditure | Drilling Program - Wells | Capex Decrease | Drilling Program-Rig Count | Capital Expenditure - 2020 | 2020 Guidance
Berry Cuts 2020 Capex in Half; $65 Million, One Rig Running
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Berry Corp. provided updated guidance in response to current market conditions.
2020 Capex Cut by 50% to $65MM Reduced planned 2020 capital expenditures by approximately 50% from original 2020 budget midpoint of guidance, which is a nearly 70% reduction from 2019 actual (details below) Targeted 2020 production as being flat to down 2% from 2019, which is consistent with our low corporate decline rateThe updated capital expenditure guidance for 2020 is now approximately $65 million, with approximately 65% of the capital spend weighted toward the first half of 2020.
The updated capital budget assumes contracting one drilling rig no earlier than September 2020, primarily for sandstone development. Although, the timing and planning of drilling the targeted 45 to 55 wells is contingent…
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