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ES - Seneca to reduce activity in FY20 on poor price outlook - October 22, 2019
Seneca Resources is scaling back spending in its FY20 to $455-505 million, including $415-455 million for exploration and production, compared to expected full-year 2019 spend of $525-550 million. Production is projected to average 644-671 MMcfe/d in FY20, which would be an estimated 14% increase YOY. The company anticipates that prices will deteriorate and thus is reducing its development activity, dropping one of its three rigs during fiscal 2Q20 (quarter ending March 31). Seneca’s fiscal......
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