Abraxas Petroleum Reacts to Current Events
ABRAXAS PETROLEUM CORP (AXAS)
Last abraxas petroleum corp earnings: 11/13 02:24 pm
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US:NASDAQ Investor Relations:
abraxaspetroleum.com/invest.aspx
Company Research
Source: Business Wire
SAN ANTONIO--(BUSINESS WIRE)--Abraxas Petroleum Corporation (“Abraxas” or the “Company”) (NASDAQ:AXAS):In response to current market conditions, the Company has reduced G&A expense by approximately 40%. This was accomplished by a combination of salary reductions, reduction in board size, and selective layoffs. In addition, while current oil market conditions persist, our capital expenditures will be limited to minor projects that will reflect a meaningful and permanent reduction in lease operating expenses. We will not drill and/or complete any new wells while these conditions persist. Most of the Company’s lands are currently held by production and at current commodity prices, the economics of drilling and completions in the Delaware and Bakken are questionable.Approximately 95% of the Company’s current oil production is hedged at approximately $55 per barrel for the remainder of 2020 and approximately 100% of the Company’s anticipated oil production for 2021 is hedged at approxi
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