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Parsley Cuts Rigs, Frac Fleet by 40%
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In reponse to the drop in oil prices from $50 to $32, Parsley Energy Inc. has updated its 2020 outlook.
Updated 2020 Outlook Parsley is revising its baseline capital budget assumption from a $50 WTI oil price to a $30-35 WTI oil price for the remainder of 2020. During January and February, Parsley operated 15 development rigs and five frac spreads on average. On March 6, Parsley dropped to three frac spreads and has approved plans to drop to 12 rigs as soon as practicable. Parsley plans to further reduce its activity pace in the near-term. Parsley had previously indicated it would expect to generate free cash flow of at least $200 million during 2020 at a $50 WTI oil price. In the context of $30-$35 WTI oil prices for the remainder of the year, the Company would target at least $85…- ✓ Full news archive — U.S., Canada & international coverage
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