Diamondback Energy to cut 2020 capex by more than 40% [Seeking Alpha]
Diamondback Energy, Inc. (FANG)
Last diamondback energy, inc. earnings: 2/18 04:01 pm
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Source: Seeking Alpha
Energy | On the Move Diamondback Energy to cut 2020 capex by more than 40% Mar. 19, 2020 7:27 AM ET Diamondback Energy, Inc. (FANG) Carl Surran Diamondback Energy (NASDAQ: reduced activity further update 10 days ago Diamondback will reduce its 2020 capital budget by $1.2B at the midpoint, or more than 40%, to $1.5B-$1.9B from its original $2.8B-$3B budget and is prepared to cut the budget further if commodity prices remain weak. After the one-month break, Diamondback expects to reactivate crews and run 3-5 completion crews, down from 9 crews, for the rest of 2020. The company also plans to lower its operated drilling rig count to 10 by early Q3 as contracts roll off over the next few months, and run 6-10 rigs thereafter, representing more than a 50% reduction in rigs from earlier this year. Production will decline through the end of the year, with full-year oil production lower than Q4 2019 output of 195K bbl/day. Diamondback also says it is hedging nearly all of its expected
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