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Parsley reining in spending in 2019 to $1.55B max
Parsley Energy said it will spend $1.35-1.55 billion on capital expenditures this year and grow its production about 20% to 124,000-134,000 boe/d, with oil volumes also growing 20% to 80,000-85,000 bo/d. The company expects to achieve this growth rate despite an overall 15% capex decrease at midpoint over expected 2018 spending of $1.65-1.75 billion. The baseline capital budget assumes $50/bbl WTI this year and stable service costs. This scenario would see Parsley outspend cash flow by less than $250 million in 2019,......
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