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Oasis Makes Massive Cut to 2015 CapEx; Lowers Rig Count
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Oasis Petroleum Inc. announced preliminary ranges for 2015 activity based on current market conditions and provided an update on its operations in the Williston Basin.
Highlights for 2015 preliminary ranges: Total capital expenditures of $750 million to $850 million in 2015 Drilling and completion capital of $650 million to $750 million in 2015 Year over year production growth of 5 to 10% in 2015 Moving to a six rig development program by the end of March 2015, primarily focused in Indian Hills Strong hedge position in 2015 with $164 million of value if crude oil pricing at NYMEX West Texas Intermediate (WTI) is $70 per barrel and $249 million of value if WTI is $60 per barrel As of December 8, 2014, Oasis had approximately $1.6 billion in liquidity including its $2.0 billion borrowing…- ✓ Full news archive — U.S., Canada & international coverage
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