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Eagle Ford Operator Slashes 2015 Budget by $300 Million
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In its third quarter 2014 report, Sanchez Energy Corp. has unveiled that it plans to curtail spending in 2015 due to the current oil price downturn.
Tony Sanchez, III, President and Chief Executive Officer of Sanchez Energy, commented: "In light of the recent downturn in oil prices, SN has revised its preliminary 2015 capital plan range downwards to approximately $850 to $900 million, a reduction of approximately $250 - $300 million from the midpoint of the previous guidance.
"Importantly, SN will focus on the development drilling of its existing multi-year inventory of high rate of return projects where it has achieved significant per well cost savings, and deemphasize step-out and appraisal drilling, yet preserve the optionality of its significant land position which is mostly held by…
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