Top Story | Forecast - Production | Capital Markets | Capital Expenditure | Drilling Program - Wells | Capex Increase | Capital Expenditure - 2017
Permian E&P Talks 140 Well Drilling Program in 2017, Up 55%
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After announcing a new $2.8 billion Midland Basin acquisition, Parsley has updated its 2017 guidance and capital budget.
Drilling & Completion Program - 2017E Midland Basin : 100 Wells (Mid-point of guidance) vs 2016 of 79 wells Delaware Basin : 40 Wells (mid-point of guidance) vs 2016 of 6 wells Total : 140 Wells (mid-point of guidance) average lateral 8,000 ft. vs 2016 of 7,000 ft. Capital Expenditure - 2017 New capital budget of $840-960 million (up approximately +30% from $630-750 million) The addition of four more rigs by year-end 2017 (total of 14 - 100% increase YOY)Parsley intends to add four rigs by the end of 2017, translating to approximately 40 incremental horizontal well spuds in 2017, approximately 10 of which are expected to be put on production this year.
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