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WPX Talks Revised Drilling Program; New Capex and Refinancing
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WPX Energy has cut its planned spending for 2020, according to its most recent filing with the SEC.
Capex Reduced by Another ~$290MM (-$690 Total)In addition to its ~25% capex reduction announced in March, WPX has now further reduced planned 2020 capital spending.
The company now plans to spend approximately $900 million to $1.2 billion (a decrease of 22% at the midpoint from its March revision and down 40% compared to its first iteration).
WPX noted it may further reduce spending, depending on market movement.
Other details of the updated plan include: Rigs: Exit 2020 with six rigs comprised of five in the Delaware and one in the Williston D&C: Completions activity will be limited in 2020 (no exact details provided) which will result in an inventory of DUCs Taking steps to reduce…- ✓ Full news archive — U.S., Canada & international coverage
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