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E&P Cutting Rig Count by 37% in Q3; Cuts 2018 Capex by 43% to $100MM
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Sanchez Energy has announces Q2 17 operational results. Highlights include:
Cutting 2018 Spending:Sanchez will reduce its 2018 capital budget by approximately $75 million to $100 million (says due to challenging oil and gas prices)
Plan to reduce our operated rig count from eight drilling rigs to five drilling rigs by the end of September 2017, while maintaining completions and flow back activity levels, which will reduce our rate of capital spending for the balance of the year.
During the second quarter 2017, the Company spud 48 gross wells and completed 63 gross wells.
The wells averaged ~$3.9 million per well. Those Western Catarina wells were completed with proppant loading of approximately 3,000 pounds per foot of proppant.
The company reported an average production…
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