Forecast - Production | Capital Markets | Capital Expenditure | Drilling Program-Rig Count | Capital Expenditure - 2019
Oxy Slims Down 2019 Budget by ~13%; Keeping Rigs Flat at 13-14
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Occidental Petroleum reported its 2019 capital plan as well as its 2018 results.
The company initially announced a budget of between $5.0-5.3 billion back in November 2018. However, as you can see below, the company trimmed that down by -13% or so.
2019 Plans- 2019 Capex: $4.5 billion
See breakdown (at right)- 2019 Production: 715-730 MBOEPD
Represents a 9-11% growth in production from 2018- Well Plans: Oxy plans to drill ~185 wells
A slight -5% decline from 2018's 195 wells drilled- Rig Count: 13-14 rigs running
This is relatively flat from 13 rigs running in 2018The bulk of the company's budget will be spent on its Permian assets. A comparison of 2018 activity vs. 2019 planned activity is below.
Q4 2018 / Full Year 2018 Production ResultsTotal average daily production…
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