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Exxon to Cut Permain Rig Count 75% by Year-End; Capex Cut
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ExxonMobil Corp. is getting ready for a massive rig cut in the Permian for 2020.
In its Q1 report, the company said it will cut its Permian rig count by 75%, dropping from 50 rigs to only 15.
In Q1, Exxon's Permian rigs were distributed as follows:
35 rigs in the Delaware Basin 15 rigs in the Midland BasinExxon did not disclose how its new 15-rig program will be distributed between the Midland and Delaware basins.
Rig Reduction"Over the course of the year, we expect to ramp rigs down by about 75% in the Permian, ending the year at approximately 15 rigs. Our remaining development activity will be focused on Poker Lake in the Delaware Basin, where we are seeing high productivity wells and maintaining a scale advantage. This will include utilization of the recently completed line 1 at…
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