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Operators on 2016: Best and Worst Case Scenarios
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At the Johnson Rice 2015 Energy Conference, companies remained relatively mum on plans for 2016 as low commodity prices continue to put strain on the industry.
Energen Corp. and Callon Petroleum have identified several scenarios for future operations and spending depending on oil prices.
Energen Corp. 2016 - Worst Case vs. Best CaseLooking forward, Energen Corp. Chairman, President and CEO James T. McManus II unveiled that the company is planning a "wide range" of scenarios for 2016, which span from $100 million (worse case of $30/barrel oil) up to $1.0 billion (best case of $60-65/barrel oil).
He noted that the minimum wells needed to hold production flat in 2016 is ~10, supported by a $250 million budget.
As for development, McManus said that it will be looking to its Midland Wolfcamp…
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