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Halcon Chops Drilling Program; Cites Weak Midland Oil Price
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Halcon Resources has reported plans to cut its rig count -25%, begining in July 2018. (from four to three).
The decision to reduce its rig count was primarily driven by lower near-term realized oil prices in the Midland market, the company said.
Halcón is currently in advanced negotiations to secure 25,000 bbl/d of firm capacity on a pipeline to the Gulf Coast, which is targeted to be in service by the second half of 2019.
As a result of this reduced drilling activity, we expect the company to reduce its full year production guidance by next quarter (2Q). Just last month the company increased its FY 2018 production guidance from 17Mboe/d to 17.5 Mboe/d.
We do not believe this will be any sort of trend in the basin as most of the companies driving the biggest growth in the basin are…
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