Exploration & Production | Top Story
WPX Ups Piceance Rig Count; Eyes 1.9 Bcf Goal
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WPX Energy plans to employ seven drilling rigs in western Colorado’s Piceance Basin for the remainder of 2013, up from its previously announced five-rig drilling plan.
The increased development activity is expected to add an incremental 1.9 billion cubic feet equivalent of production throughout the remainder of 2013, increasing the basin’s exit rate from 701 MMcfe/d to 730 MMcfe/d at year-end. This is in line with the higher end of WPX’s guidance of 1,261 MMcfe/d to 1,295 MMcfe/d for 2013.
The benefit of increased drilling in 2013 will be more fully realized in 2014 given the timing of drilling and well completions. Next year, the additional wells could add up to 15 Bcfe in additional cumulative production.
Approximately $60 million of capital is associated with adding two rigs this year…
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