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Permian E&P To Boost Drilling In 2H; Plan 40 More Wells
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Energen Corp. has reported its first quarter 2016 results.
Key Points: Energen to invest additional $100-$150mm in 2H16 to drill ≈ 35-50 net wells that will be available for completion in 2017 - this is to rebuild DUC inventory Some 8-10 of the 2H16 wells will be drilled in the core central Delaware Basin; the remainder in the Midland Basin Energen adds approximately 3,700 net acres through year-to-date bolt-on acquisitions Additional oil hedges added in 2016 and 2017 at average NYMEX prices of $44.41 and $47.36 per barrel, respectively The early response to up-sized fracs is tracking above the type curve by more than 30 percentJames McManus, chairman and chief executive officer, said: "Over the last several months, we at Energen have been focused on recapitalizing our balance sheet…
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