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Pipestone Accelerating Drilling 140% in 2020; Minimal Capex Decrease
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Pipestone Energy Corp. has detailed its 2020 guidance and development plan.
The focus of Pipestone Energy’s 2020 development program will be in the Montney northwest area.
Pipestone's drilling activity will be over double what it was in 2019 (up 140%). Meanwhile, completion and TIL activity will decline. Spending is down a slim 3% YOY at the midpoint.
2020 Budget Details HedgesThe Company continues to implement a robust risk management program to reduce the volatility of its expected cash flows. At the mid-point of its guidance range, Pipestone Energy has approximately 49% of its net after-royalties production hedged for 2020. The weighted average 2020 crude oil swap price is approximately C$79 per barrel and for AECO natural gas is approximately $1.78/Mcf, with hedged gas volumes…
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