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Parsley Cut Capex, Rig Program 40%; Hedge Book Update; Exec PayCut
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Parsley Energy Inc. has updated its outlook and strategy for 2020.
Similar to Matador's move earlier this month, the top Parsley execs will be taking a 50% pay cut (vs. 2019) in an effort to minimize the effects on its workforce.
Changes to 2020 Capital PlanParsley is reducing its 2020 capital budget to less than $1.0 billion, representing a reduction of more than 40% at the midpoint (Parsley originally planned to spend $1.6-$1.8 billion).
While it started the year with 15 rigs running, Parsley recently dropped to three frac spreads and had approved plans to drop to 12 rigs as soon as practicable.
Over the next several weeks, Parsley plans to further reduce its baseline activity pace to four-to-six rigs and two-to-three frac spreads.
Parsley is reiterating its baseline capital budget…
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