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Eagle Ford Operator Cuts Budget 35%, Shuts Down ALL Rigs, Frac Crews
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Murphy Oil Corp. reported the following changes to its capital program.
1. Cut capital budget to $950 million, down $500 million from the initial guidance. The company is currently operating 3 rigs in the Eagle ford and 1 frac crew and plan to shut-down activity as of 2H2020
CEO Roger Jenkins said: "Under current conditions, we believe this capital reduction program allows for financial flexibility and preservation of our longstanding dividend. As always, we will not sacrifice safety in our efforts to reduce costs across all our assets, as it remains a core value within Murphy."
The revised plan will be achieved through the following:
Delaying certain US Gulf of Mexico projects and development wells Postponing spud timing of two operated exploration wells Releasing operated rigs and…- ✓ Full news archive — U.S., Canada & international coverage
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