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E&P to Focus on DUC Wells in 2016; 330-370 Completions Planned
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Chesapeake Energy Corp. has outlined its 2016 capital budget and operating plan.
Key Points: 2016 Capital Budget: $1.3-1.8 billion (down from $3.6 billion spent in 2015) Focus on completing DUC wells Chesapeake plans to place approximately 330 to 370 wells on production
Chesapeake is budgeting total capital expenditures (including capitalized interest) of $1.3 to $1.8 billion for 2016. Using the midpoint of the range, this represents a 57% reduction from the company's 2015 total capital expenditures of $3.6 billion. The company's planned 2016 capital program will be focused on shorter cash cycle projects that generate positive rates of return in today's commodity price environment and in mitigation of the company's commitment obligations…
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