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Large Cap E&P Increases 2018 Completion Plan from 140 to 160 Wells
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Parsley Energy reported its Q2 2018 results.
Increased 2018 Capex & Oil Guidance Parsley is revising its 2018 capital budget upward by $100-$200 million to reflect the additional net wells the Company expects to place on production this year, yielding an updated range of $1.65-$1.75 billion. Parsley is revising its 2018 capital budget as a result of shorter cycle times and higher working interest. The Company previously indicated that sustained oil price strength and associated service and equipment cost inflation would bias expectations toward the upper end of its initial guidance range of $1.35-$1.55 billion. These expectations were confirmed, primarily as a function of labor tightness, while the imposition of steel tariffs also translated to higher well costs.- Getting Oilier: The Co…
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