Capital Markets | Capital Expenditure | Drilling Program - Wells | Drilling Activity | Suspended or Reduced Distributions/Dividends | Drilling Program
Operator to Spend Up to $500 Million, Run 3-4 Rigs in 2016
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QEP Resources has reported its 2016 capital budget and development plans.
2016 Capital Investment Plan Investing capital of $450 to $500 million, matched to forecasted cash flow Three to four operated rigs Maintaining three to four QEP-operated rigs during 2016, with one each in Williston, Permian and Pinedale Forecasting flat crude oil production and a slight reduction in natural gas production compared with 2015 Suspending dividend payments to preserve cash and provide additional financial flexibilityIn response to the current commodity price environment QEP intends to reduce its capital budget for drilling and completions by over 50% compared with 2015. Due to efficiency gains, strong well performance and ongoing cost reduction initiatives, the Company expects to see essentially…
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