Rig Count | Top Story | Capital Markets | Drilling Program - Wells | Capex Increase | Capital Expenditure - 2017 | Drilling Contractor
Permian E&P to Increase Rig Count from 7 to 12 By Year-End
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Occidental Petroleum discussed during its Q1 2017 update that the company is planning on re-investing the proceeds from its South Texas sale into the Permian Resources assets.
Earlier this year, the company said that it was planning on deploying 6-8 rigs. The updated guidance calls for 11-13 rigs.
The company also provided some guidance on how its development strategy differs from other drillers in the permian. "While many of our competitors are busy drilling the most wells per section, we're focused on drilling the optimal number of wells per section for less cost to recover the same, if not more oil through an infrastructure that's designed to deliver the highest net present value rather than to support a peak production rate."
Capital Expenditure : As a result of the increase in rig…
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