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Whiting Reduced Capex, Rig Count -14% in 2H17
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Whiting released its Q2 2017 results. Highlights from the release and conference call include:
Reduced Capital Spending- 2017 capex lowered to $950 million (down -14% from $1.1 billion)
Allocation:
- $518 million to the Williston Basin area
- $332 million to the DJ Basin area,
- $62 million to non-operated activity and
- $38 million to exploration, facilities and land
Rig Plans / Completion Crews- Whiting plans to drop two rigs, one in the Williston Basin and one in the DJ Basin, and run a four-rig program (all Williston Basin) through year-end.
In regard to future rig plans, Graham Price - Raymond James Financial, Inc. asked: "We've seen a pretty good recent rebound in crude prices over the past month. And I was just wondering if that continued, how long it would potentially take to…
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