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Clayton Williams Adds $36 Million to Capex for Delaware Basin Ops
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Clayton Williams Energy, Inc. provided an update on 2016 development plans and operations.
Capital expenditures for 2016 are currently expected to total approximately $105.5 million, up $36 million from prior guidance. Development Plans for Remainder of 2016The Company is focused on the development of its 65,000 net acre position in the southern Delaware Basin. To date this year, the Company has drilled four horizontal Wolfcamp wells in Reeves County, of which two are on production and two are drilled and waiting on completion. The Company plans to continue utilizing one rig in Reeves County for the remainder of 2016. With recent improvements in average drill times to 29 days, spud to spud, the Company now expects to have drilled ten wells by the end of the year, with seven wells on…
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