Centennial Resource Development Provides Update to 2020 Capital Program
Centennial Resource Development, Inc. - Class A (CDEV)
Last centennial resource development, inc. - class a earnings: 2/24 04:14 pm
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US:NASDAQ Investor Relations:
ir.cdevinc.com
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Source: GlobeNewswire
DENVER, March 19, 2020 (GLOBE NEWSWIRE) -- As a result of the recent decline in crude oil prices and ongoing uncertainty regarding the oil supply-demand macro environment, Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced that it has reduced its operated rig program from five rigs at the beginning of the month to one currently. As a result, the Company anticipates that its capital expenditure budget for 2020 will be approximately fifty percent lower than the annual guidance ranges provided in late February, assuming the Company continues to run one rig for the remainder of the year. Centennial will continue to monitor changes in commodity prices and may further adjust its capital program for the remainder of the year in response to such changes. The Company expects to update its detailed 2020 financial and operational plan concurrent with the release of its first quarter 2020 financial results; therefore, the guidance issued on F
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