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Oasis Cuts Spending, Rigs ~40% for 2019; Well Activity Down in Williston, Up in Delaware
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In its recent investor presentation, Oasis Petroleum has outlined its operating plan for 2019.
Cutting Rigs by Almost 40% YOYThe company plans to operate a total of four rigs in 2019, a 38% reduction compared to its average in 2018 (see chart below).
Oasis will not be operating a rig at its Central Basin asset, opting to focus on the Delaware and Williston basins for 2019, running two rigs at each.
D&C Activity Down Overall, But Delaware Sees UpswingAs for its well plans, overall drilling / completion activity will be down -34% YOY for the company.
However, Oasis is increasing Delaware Basin completions by +43%, although the total wells planned is still minimal (10 wells planned for 2019 - up from seven in 2018).
The company is expecting a slight +7% production increase at the…
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