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Permian E&P Outlines 2020 Plans; 12 Rigs & 160 Wells
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Today WPX announed that it plan on acquiring Fexlix Energy for $2.5 billion in cash and stock. The company provided a look at its 2020 plans which includes the following.
1. WPX will increase its Delaware Basin Rig Count by +2 in 2020
2. WPX will maintain a 5 rig program on the Felix property (currently running 6), proforma the company plans to run 12 rigs in the Delaware Basin
3. Revised the Willion Basin plan to operate 3 rigs, the company now plans to drop the 3rd rig in the 3Q 2020.
4. Wells Completed/Wells Online, we are estimating based on disclosed capex and rig count that the company will bring online 160-170 wells in 2020
Well Activity, we are estimating that with $1.6 billion of capital, we expect the company to bring online 160-170 wells in 2020
As you can see from the…
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