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STACK E&P Slashes Rig Count from 5 to 0; Looking for Drilling Partner
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During its most recent 3Q analyst call, Devon Energy Corp. provided an update on its STACK asset.
A few things to remember, the company allocated $333 million (see chart below) this year to the play and started with a 5 operated rigs. At the end of the third quarter the company cut its rig count to 0 in the STACK play.
The production mix from the asset is also another reason the company is slowing activity. The most recent production numbers are 121 Mboe/d (26% oil, 31% NGLs), and with NGL and Natural gas prices being down 25 % YTD.
The company is guiding that 2020 will be between $1.7 and $1.9 billion. Based on the comments below, we dont expect the company to allocate more than $100 million to the play in 2020.
A look at permitting activity below shows that Devon has not filed…
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