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Pioneer Pumping the Brakes in 2H17; Deferring Completions
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Pioneer released its Q2 2017 results. Highlights from its release / conference call include:
2018 Plans - More Hedges- Increased Hedges in 2018: Dove commented: "But we'll look to do more hedges in 2018 as we look for attractive opportunities to do so in the next few months. We'd like to be significantly higher than 50%."
2017 Capex Reduction / Well DeferralsCEO & President Tim Dove commented: "Operationally, we fell behind on our completions due to unforeseen drilling delays. To maintain efficient operations, we have chosen not to accelerate activity in order to catch up in the second half, especially in light of the current commodity price environment. Our current rig count remains the same, but we are deferring 30 Spraberry/Wolfcamp completions that were planned for this year into…
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