Eagle Ford-focused Penn Virginia is reducing 2020 capex budget by 30% from its original guidance of $280-310 million. It will run one rig through the end of the year and noted that its drilling rig and completion contracts are flexible. Over 80% of the company’s anticipated 2020 production under the reduced drilling program is now hedged. It used put spreads to mitigate price exposure between $20-$30/bbl WTI on 8,300 bo/d for Q2 and Q3.......
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