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Clayton Williams Suspending Drilling, Lowers Capex
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Clayton Williams Energy, Inc. has reported its financial results for the quarter and year ended December 31, 2014.
Recent Developments The recent downturn in oil markets has caused a significant reduction in our operating margins and the impact has been especially negative since we entered 2015 with no commodity hedges in place. Lower operating margins offer us little incentive to accelerate oil production by continuing with non-essential drilling operations. As a result, we have suspended drilling operations in both of our core resource plays until the combination of higher oil prices and lower drilling and completion costs provides us with an acceptable profit margin. Currently, we plan to reduce capital spending during fiscal 2015 to $107.4 million compared to $404.3 million in…- ✓ Full news archive — U.S., Canada & international coverage
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