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Memorial Production Partners IDs 2016 Capex & Drilling Plans
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Memorial Production Partners LP announced a cash distribution attributable to the fourth quarter of 2015 and announced full year 2016 guidance.
Key Points: $65-75 million Capex MEMP anticipates spending approximately 38% in East Texas, 27% in California and 20% in the Rockies, with the remainder spread across the Eagle Ford, conventional South Texas and the Permian. 2016 Capital ProgramWilliam J. (Bill) Scarff, President of the general partner of MEMP, said: "Along with the distribution cut announced today, we are significantly pulling back on our development program in 2016, with plans to spend $65 to $75 million in total capital expenditures. This will result in a modest production decline throughout the year, but our focus will be on free cash flow generation, cost control and…
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