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ES - Ascent lowers well costs guidance 19%, cuts capex 17% - June 2, 2020

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Ascent Resources Utica Holdings revised its 2020 capex guidance downward to $600-650 million from the $700-800 million initially announced in February. The change was driven partially by efficiency gains and the company’s outperformance of cost reduction targets. During Q1, Ascent improved drilling cycle times due to equipment upgrades and technology advancements while decreasing non-productive time and rig move cycle times. Deep top-hole rig upgrades also drove efficiencies. On the completions side, the company increased......
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