Top Story | Capital Markets | Capital Expenditure | Drilling Program - Wells | Capital Expenditure - 2019
Operator Chops Permian 2019 Well Program -71%; Bakken Flat
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Abraxas Petroleum has rolled out its 2019 operating program.
Capital ExpenditureThe program calls for a -54% cut in Delaware-Permian capital (the entire budget is down-48%). However, the Bakken & Three Forks asset will actually see its capital increase +12% to $38 million.
Abraxas total company budget will be $95 million a decrease of -48%, year over year.
Drilling Activity- Wells & RigsDelaware Permian well activity will be down -71% to 7 wells (gross) vs 12 wells (gross) in 2018. The Bakken & Three Forks well activity in 2019 remains unchanged at 10 wells.
The company is currently operating 2 rigs, one in the Delaware Basin and the other in the Midland Basin. We fully expect the company to drop one of those rigs as it focuses it's capital on completion activity.
ProductionThe comp…
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