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Permian E&P to Ramp Up Completions 80% in 2017; 124 Wells
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Energen has detailed its 2017 operating plan as well as its latest well results completed with its new "Gen3" design.
Key Points:Capital / Guidance:
2017 capex of $840 million (up +40% from ~$600 million spent in 2016) - also up $40 million from its original 2017 plan Annual estimated 2017 production of 65.7 mboepd reflects a 20% YOY increase based on older generation frac designs.Drilling Plans:
completion of 124 gross/113 net wells, including 120 gross/110 net horizontal wells (up approx. +80% from 65 completions in 2016) 6-7 rig program Another 30 gross/27 net horizontal wells are set to be drilled and awaiting completion at year end.Note: In addition to the above, Energen plans to drill 7 gross/6 net vertical wells in the Midland Basin and complete 4 gross/3 net of them.
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