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Bill Barrett To Focus on Completions in Q2; Cut CapEx
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Bill Barrett Corporation reports first quarter of 2016 financial and operating results.
Key Points: 2016 capital expenditures reduced to $90-$135 million from $100-$150 million as a result of lower well costs - This was primarily due to recent XRL well costs being executed below forecast drilling and completion cost of $4.75 million. Capex projects included spudding 4 XRL wells in the DJ Basin and completing 16 wells, including 15 XRL wells, which began initial flowback operations during the quarter. Plans on completing and placing on initial flowback the remainder of the wells that have been drilled. Other Highlights: Production sales volumes of 1.4 MMBoe (65% oil), at the high-end of first quarter guidance range Capital expenditures of $46 million, 20% below the mid-point of the…- ✓ Full news archive — U.S., Canada & international coverage
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