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E&P to Drop US Rig Activity From 10 Rigs to 3 in 2016; Eagle Ford, Bakken
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Just last week (02/04/2016) ConocoPhillips decided to cut its capital budgets from previous guidance of $7.7 billion to $6.4 billion. This is down from 2015 $10.1 billion.
The company provided the following new break-out for it's capital spend.
Estimated New Capital Plan $1 Billion in Maintenace Capital $2 Billion in Major Projects $2 Billion in Development $1.2 Billion Deepwater $800 Million - Lower 48 (3 rigs)Source ; ConocoPhillip, ShaleExperts Presentation Manager
Rig Map/ Operating AreasSo what does this all mean, well during the call, the company noted that it was "lowering its Lower 48 rig count to 3 rigs". A look in our rig database shows conocoPhillips operating 10 active rigs.
US Rig Activity (as of 02/04/2016)
ShaleExperts Rig Activity Database
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