Parsley Energy cuts 2020 capex budget to less than $1 billion, to rein in development over coronavirus [MarketWatch]
PARSLEY ENERGY INC (PE)
Last parsley energy inc earnings: 2/19 04:15 pm
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Source: MarketWatch
Parsley Energy cuts 2020 capex budget to less than $1 billion, to rein in development over coronavirus Parsley Energy Inc. PE, -7.58% said Wednesday it is cutting its capex budget for 2020 to less than $1 billion from a previous plan for $1.6-$1.8 billion budget as it expects West Texas Intermediate oil prices to range from $30 to $35 on average through the year. The Austin, Texas-based company said it would significantly reduce development to reflect the lower oil price. "This is not a time for indecision or half measures," Chief Executive Matt Gallagher said in a statement. The company operated 15 development rigs and five frac spreads on average in January and February. On March 9, the company said it had dropped to three frac spreads and had approved plans to drop to 12 rigs as soon as practicable. "Over the next several weeks, Parsley plans to further reduce its baseline activity pace to four-to-six rigs and two-to-three frac spreads," said the statement. The company's executi
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