Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020 | 2020 Guidance
Extraction Lowers 2020 Capex 54%; Execs Taking 10% Pay Cut
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Extraction Oil & Gas Inc. has announced reductions to its capital and G&A budgets.
2020 Budget Cut (-54%) vs 2019The company's 2020 upstream capital budget has been reduced by 54% to $250-300 million.
CEO Matt Owens said: “As we continue to focus on strengthening our balance sheet and maximizing liquidity, we are reducing our activity in light of current challenging economic conditions. We will continue to monitor oil prices and the economy in general, and we may further adjust our level of activity if market conditions change materially.”
Extraction expects to update its detailed financial and operational guidance in the coming months.
The Company also reduced its 2020 cash G&A budget 18% to $40-$50 million, including a reduction in the cash compensation of…
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