Capital Markets | Capital Expenditure | Capex Decrease | Drilling Program-Rig Count | Capital Expenditure - 2020 | 2020 Guidance
Whiting Trims 2020 Capex (30%); Dropping One Rig, Frac Crew
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Whiting Petroleum Corp. has adopted a revised capital budget range of $400 to $435 million. At the midpoint, this represents a $185 million or 30% decrease relative to our prior 2020 capital budget.
Whiting expects to drop one rig and one completion crew within the next month. The capital reduction is projected to have a moderate impact on full-year 2020 total production and oil production.
The Company plans to provide formal guidance ranges when it releases first quarter 2020 financial and operating results.
Bradley J. Holly, Whiting's Chairman, President and CEO, commented, "In light of the volatility in commodity prices, we have immediately reduced our development activity and plan to maintain a lower level until we see a sustained commodity price recovery. This new spending plan…
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