Fourth Quarter (4Q) Update | Forecast - Production | Capital Markets | Capital Expenditure | Drilling Program - Wells | Drilling Program-Rig Count | Capital Expenditure - 2020 | 2020 Guidance
Centennial Resources Talks 2020; Capex Down (28%), Well Count Down (16%)
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Centennial Resource Development, Inc. announced 2019 financial and operational results and 2020 operational plans and targets.
1. The company said Sean is taking over as CEO, and Mark Papa will retire effected June 1, 2020.
2. The company also sold it water infrastructure business to Waterbridge for $225 million. This was done to sure up the balance sheet and provide liquidity.
3. Increased total proved reserves by 15%.
2020 PlansThe company is cutting spending 28% and expects minimal production growth (total equivalent up 2% and oil up 3%).
CEO Mark Papa commented: "In today's uncertain commodity price environment, balance sheet strength is much more important than production growth. Our 2020 capital budget is a prudent decision to preserve high-quality inventory and maintain a low…
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