Top Story | Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020
Operator Cuts 84% of 2020 Budget, Suspends Louisiana Drilling Plan
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Riviera Resources Inc. has decided to defer its operating drilling program in the Ruston Field of North Louisiana.
This will result in the company reducing 2020 capital by 84% (down $21 million from its original plan to spend $25 million). This brings Riviera's 2020 capital plan to only $4 million, which will be spent on its Anadarko Basin asset. Because the acreage is held by production, Riviera can drill at a later date without the risk of losing its current leases.
Riviera based the decision on current market prices, which plummeted on March 8 following the latest OPEC meeting, which ended in a deadlock between Russia and Saudi Arabia. If prices do improve throughout the year, Riviera will maintain the option to re-initiate the program.
Riviera's 2020 PlanCEO David Rottino…
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