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Permian E&P Cuts 2017 Oil Production Forecast By 1.7 Million Bbls
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In what seems like a complete reversal, QEP Resources provided a an updated guidance on its q3-2017 earnings call. Just a few months ago the company reaffirm its 2017 oil production guidance of 21 - 22 MMbbl 2017. On April 26, 2017 the company initally guided to 21.5 million bbls, with a D&C capital budget of $910 million (mid-point of guidance).
Then on July 26, 2017 the company revised that guidance to increase its D&C capital spend to $990 and no change to its oil production. Fast forward to October 25, 2017 during the 3rd quarter review, the company annouced that it is now revising down its oil production.
One might be tempted to ask, well didnt the company sell Pinedale assets earlier this year? Well yes, but the Pinedale asssets is a gas asset (4% oil).
Could it be cost…
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