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Whiting Petroleum issues 2021 capital, production guidance from SNL Energy Finance Daily Whiting Petroleum issues 2021 capital, production guidanceByline: Stephen Cedric Jumchai Whiting Petroleum Corp. on Jan. 5 disclosed its 2021 capital, operating costs and production guidance, which the company said reflects "an operating plan focused on delivering sustainable free cash flow." The company plans to spend $228 million to $252 million in capex for the year, while lease operating expense was estimated at $220 million to $245 million. General and administrative cash expense was set at $48 million to $52 million. Production is expected to range from 82,000 barrels of oil equivalent per day to 88,000 boe/d. Oil production is projected at 48,000 barrels per day to 52,000 b/d. Whiting also plans to drill 37 gross operating wells, and turn-in-line 56 gross operated wells, including 39 gross operated drilled but uncompleted wells carried over from 2020. "We exited 2020 with $360 million of revolver debt, providing $390 million of liquidity," Whiting President and CEO Lynn Peterson said. "With this 2021 capital program we anticipate holding production flat on an annual average, as compared to our 2020 exit levels." In September 2020, Whiting completed financial restructuring and emerged from Chapter 11 bankruptcy protection. |
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