Operational Updates | Well Lateral Length | Rig Count | Quarterly / Earnings Reports | Proppant | Second Quarter (2Q) Update | Capital Markets | Drilling Activity | Capex Decrease | Capital Expenditure - 2017 | Private Equity Activity | Drilling Contractor
Earthstone Trims 2017 Capex -12%
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Earthstone announces operations and guidance updates for Q2 2017. The company also reduced its 2017 capex by $15 million (down -12% to $115 million from the initial plan of $130 million).
Operational Highlights:
Midland BasinEarthstone continues to operate a single rig in Reagan County, Texas.
The Company brought four gross (2.9 net) horizontal Wolfcamp wells online during the second quarter. These wells averaged 8,069 feet of completed lateral length with 49 stages and 2,269 pounds of proppant per foot.
During the second quarter, Earthstone entered into a Joint Development Agreement ("JDA") for approximately 1,840 gross (625 net) acres in southern Gonzales County, Texas with a financial partner
Earthstone drilled a two well pad in the Davis Unit (16.7% retained working…
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