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Montage IDs 2020 Capital Budget; Spending, Drilling Down Nearly 50% YOY
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Montage Resources Corp. detailed its 2020 capital plan.
2020 Plans - Cuts Utica Op YOY in Favor of MarcellusSpending is down nearly 50% YOY and production is expected to grow a slim 6% from 2019. The company also cut its drilling plans and rig count compared to 2019.
The Company anticipates approximately 65% of the wells drilled to be in the Ohio Marcellus acreage and approximately 35% in the Ohio Utica Dry gas acreage area.
Montage's Utica asset in particular is going to see a huge drop in well activity for 2020. Utica drilling is slated to be down ~77%.
2020 natural gas production is approximately 56% hedged at a weighted average floor price of $2.64 per MMBtu1 and oil production is approximately 52% hedged at a weighted average floor price of $57.13 per barrel of oil based…
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