Whiting drops $185 million from midpoint of prior 2020 capital budget

Whiting Petroleum Corp. will reduce its 2020 capital budget by $185 at the midpoint of prior guidance to $400-435 million. The company expects to drop one rig and one completion crew within the next month.

In March, the company noted plans to spend 90% of its all-in 2020 capital budget of $585-620 million on drilling and completion activity based on the mid-point of guidance (OGJ Online, Mar. 4, 2020). Running three rigs and 2-3 completion crews throughout the year, the company previously expected full-year total production of 111,700-118,400 boe/d and full-year oil production of 68,100-72,000 b/d.

The reduction is projected to have a moderate impact on full-year 2020 total production and oil production, the company said. Formal guidance ranges are expected to be released with first quarter 2020 financial and operating results.