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Jones Chops Capex ~10% to $250MM; Drops Cleveland Rig in Favor of Merge
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Jones reported its Q2 2017 results. Highlights include:
- Reducing 2017 Capex budget to $250 million from $275 million (-9%)
- Average daily net production for second quarter 2017 of 23.8 Mboe/d, 12% above the midpoint of guidance.
Rig Shuffling
Dropping Second Cleveland Rig
- Dropped one core Cleveland rig late July. The plan is to drop second core Cleveland rig in September 2017.
Adding Third Merge Rig
- Currently running two rigs in the Merge and plans to add a third rig by year end 2017.
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