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Permian E&P Cuts Drilling 84% for 2020
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Earthstone Energy Inc. has updated its 2020 capital plan.
Adjusted capital budget for 2020 of $50 - $60 million - this is down 67% from its initial $165MM budget and down 73% from 2019. Earthstone plans to run one rig into the second quarter of 2020 Operated completion activity will be limited to three wells currently in progress (an 84% decrease from the original plan). Earthstone will have 11 gross / 9.7 net operated wells drilled and waiting on completionBased on this adjusted 2020 operating plan, existing service costs and an assumed $30/Bbl WTI oil price.
Robert J. Anderson, President of Earthstone, stated, "With the recent and very dramatic drop in oil prices, we have taken action to reduce our capital program swiftly. We are in an enviable position with no long-term…
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