Forecast - Production | Hedging | Capital Markets | Capital Expenditure | Capex Decrease | Drilling Program-Rig Count | Capital Expenditure - 2020 | 2020 Guidance
Permian E&P Axing Rig Count by 50%; Lowers 2020 Capex by $1.2B
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Diamondback Energy Inc. has updated its 2020 capital plan as well as detailed changes to its 2020 and 2021 oil hedge positions.
2020 Changes- Reducing its 2020 capex by $1.2 billion at the midpoint to $1.5 - $1.9 billion (down 41% from the previously announced $2.8 - $3.0 billion capital budget)
Infrastructure budget will be reduced to $90 - $120 million (down 36%) from the $150 - $175 million previously announced Midstream budget will be reduced to $100 - $150 million (down 41%) from the $200 - $225 million previously announced- Initiating a minimum one-month break for all completion crews operating
After that break, the company expects to reactivate crews and run between three and five completion crews, down 56% from nine crews, for the rest of 2020 (depending on commodities)- R…
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