Hedging | Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020
Penn Virginia Cuts Eagle Ford 2020 Capex by 30%; Hedge Update
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Penn Virginia Corp. has reduced its 2020 capital budget and increased its 2020 oil hedge positions.
2020 Development Plans UpdatePenn Virginia has reduced its 2020 capital budget by approximately 30% from its original budget (down to $207 million from an initial plan to spend $295 million).
Penn Virginia currently expects to have one active rig beginning in April and through the balance of 2020.
The Company plans to provide a detailed update to its 2020 guidance by its first quarter 2020 earnings release. Penn Virginia may further reduce its revised capital budget based on market conditions.
Hedging UpdateAfter restructuring its hedge positions, Penn Virginia is currently hedged for more than 80% of its expected 2020 oil production under its reduced drilling program.
Additionally, the…
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