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PS - SM Energy to scale back drilling rig count and lateral lengths - May 2020
SM Energy has slowed its drilling and completion pace as its looks to spend less this year. The company is currently running five rigs and one completion crew in the Midland Basin and will drop to four rigs in July. New wells in the play will average 11,300-ft laterals and costs of $6.8 million, compared to prior projections of 11,750-ft laterals and well costs of $7.6 million. In South Texas, one rig is running......
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