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Parsley Cuts Rig Count; Capex Unchanged, Production Up
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Parsley Energy delivered Q1 results. Here are a few key points.
The company full-year production and capex remains unchanged. Oil Production : 80-85 Mbo/d Equivalent daily : 124 – 134 Mboe/d Capital Expenditure : $1.3 – 1.5B.Q1 production was 125 Mboe/day, which is 5% better than 4Q 2018. Oil was flat sequentially.
Parsley average 14 rigs during Q1 vs. 15 rigs in Q4 2018 and currently is running 12 rigs and three-to-four frac spreads for the remainder of the year.
Realized Oil & Gas PricesBut the company's average realized price for oil fell to $49.40/bbl in the quarter from $58.32/bbl in the year-ago quarter, while its averaged realized price for natural gas slid to $1.33/Mcf from $2.04/Mcf a year ago.
Well ActivityParsley’s drilling and completion activity…
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