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EP Energy 2018 Drilling Program; Shifts Focus Back to Eagle Ford
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EP Energy provided the following 2018 guidance. The company continues to struggle with a $4.0 billion debt, however we still expect to see a 2% increase in production. The company recently replaced its management team with that of PE-backed Phoenix Resources.
The new management is also switching focus from the Midland Basin to the Eagle Ford. The company is not leaving the Midland Basin by any means, they are just re-allocating capital to the Eagle Ford. In the chart below, you can see an increase in capital expenditure of 56% YoY in the Eagle Ford while the permian will see a decrease of -31%.
The increased focused on the Eagle Ford region will also allow the company to growth production 2% YoY.
The change in focus was expected since the company spent $245 million to acquire 24,000…
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