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Magnolia's 2020 Spending, Drilling to Drop Off After Q1; Will Release Only Rig
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Magnolia Oil & Gas Corp. reported an update to its operations and first quarter guidance in response to recent product price and market volatility.
Q1 to Get Bulk of Capex, Drilling Activity; Dropping RigMagnolia's capital spending will be heavier during the first quarter and is expected to fall sharply during the remainder of this year.
In response to the sharp decline in product prices, Magnolia plans to adjust its drilling and completion activity this year so that its capital spending is in line with its business model. As a result, the Company plans to drop its one operated rig in the Karnes area at the end of the first quarter.
If the current environment persists, Magnolia expects to cease its remaining operated activity across its asset base.
Q1 Production EstimateMagnolia’s first…
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