Rig Count | Hedging | Capital Markets | Capex Decrease | Drilling Program-Rig Count | Capital Expenditure - 2020
Ovintiv (Encana) Dropping 10 Rigs Immediately; Six More by May (Total of 16)
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Ovintiv Inc. (Encana) reported that it is immediately releasing 10 operated rigs and plans to drop a further six rigs by May (2Q2020), for a total loss of 16 rigs.
Additionally, the company is reducing its planned second quarter 2020 capital investments by $300 million.
"We are moving quickly and decisively in response to these volatile and challenging times. It is imperative to take immediate action and we are dropping roughly two-thirds of our operated rigs and reducing our cash costs by $100 million," said CEO Doug Suttles. "Market conditions are changing rapidly, and we have full operational flexibility to further adjust activity to maintain our balance sheet strength."
Adjusted Rig Distribution: Williston Basin: 0 (down from 2)Uinta Basin: 0 (down from 2) Permian Basin: 3 (down…
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