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Permian E&P Responds to $30 WTI; Cutting Three Frac Crews, Three Rigs
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Diamondback Energy Inc. is wasting no time responding to the low commodity prices. The company is reducing activity immediately from nine completion crews to six and expects to drop two drilling rigs in April 2020 and a third later in the second quarter of 2020.
The Company has already dropped one completion crew as part of its original 2020 plan, but is now releasing two more completion crews as a result of the recent and expected oil price weakness.
The company has not provided any update on how this will affect production growth.
Original guidance called for:
- Original Rig Program: 21.5 rigs vs
Revised Rig Program: 18.5 rigs- Original Completion Plan: 9 Frac Crews vs
Revised Completions Plan: 6 frac crews- Original Expected Completion Count: 340 gross completions and
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