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STS - Penn Virginia’s flexibility in rig contracts enables 30% capex cut - April 16, 2020



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Eagle Ford pure-play Penn Virginia lowered 2020 capex guidance by 30% to $206.5 million at midpoint. The company’s D&C contracts are flexible and generally require 30 days’ notice for cancellation. Currently running three rigs, Penn Virginia expects to have one active rig beginning in April and running through year’s end. The company plans to give further updates about its 2020 plans when it releases its Q1 results. Prior plans had anticipated spudding 47 wells......
 
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