Exploration & Production | Drilling & Completions | Top Story | Capital Markets | Capital Expenditure
Permian Driller Slashes $1 Billion, Drops 11 Rigs From 2015 Budget
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The 2015 capital program includes approximately $1.8 billion for drilling and completion activities and approximately $200 million for facilities, midstream and other capital.
The Company plans to allocate approximately $1.3 billion for drilling and completions in the Delaware Basin, approximately $300 million in the Texas Permian and approximately $200 million in the New Mexico Shelf.
Concho is currently running 36 drilling rigs and expects to average approximately 30 rigs in the first quarter of 2015 and approximately 25 rigs beginning in the second quarter of 2015 through year end. The 2015 capital program excludes acquisitions and is subject to change depending upon a number of factors, including economic and industry conditions.
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