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Permian E&P to Drop From Ten (10) Rigs to One; Heding Update
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Cimarex Energy provided an update to its 2020 plans.
Defer All D&C; Drop from 10 Rigs to OneThe company said it plan to defer all completions and drop from its current 10 rig program in the Permian Basin to 1 starting in May. The company was as of March operating 10 rigs and 2 frac crews in the Permian.
The company also now expect's its capex budget to $559 million, which is down 59% from 2019 and 57% down from the previous guidance.
Cimarex Chairman, President and CEO, Tom Jorden, said, "The pressure on oil prices resulting from the sudden and severe drop in demand, has caused us to defer activity in the Delaware Basin, further reducing our capital investment in 2020. Cimarex retains the flexibility to adjust our investment in the second half of 2020 as conditions change. Our balance…
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