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Jones Energy Reduces Capex, Cleveland Rig Count
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Jones Energy, Inc. provided an operational update and lowered its 2015 capital expenditure guidance while maintaining its production guidance.
Highlights: Running three Cleveland rigs as of September 3, 2015; reduced activity from five rigs running previously 2015 capex guidance reduced to $220 million from $240 million; previously increased production guidance maintained Third quarter production ahead of plan, led by natural gas outperformance Expect to run cash flow neutral program in second half of 2015 Leasing program underway; approximately 6,000 net acres acquired with more than half of $5 million budget remainingJones Energy Founder, Chairman, and CEO, Jonny Jones stated, "In response to the current market environment, we have reduced activity to three Cleveland rigs from five…
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