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Permian Operator; No New Drilling In 2016; Completing DUCs
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Energen provided the following guidance for its 2016 drilling plans. It is inline with what Shale Experts predicted in January regarding un-hedged operators.
Energen plans to drill ONLY one well and complete 47 of its DUCs in the Midland Basin. The company intends sell the remainder of its San Juan asset and focus on being a pure play Permian operator.
Here are the highlights: Adjusting prior year for 1Q15 sale of San Juan Basin assets, YE15 proved reserves increased 16% to 355 MMBOE 2016 plans call for 47 net horizontal well completions in Midland Basin; year-over-year production essentially flat, plan 11 vertical wells to hold leases.2016 production to be slightly down -2% to 54Mboe/d Plans to Monetize Non-Core Assets Announced (hope to sell $400 million)
The company anticipate…
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