WS - Ultra lowers drilling cycle times, trims 2019 capex by $15MM - June 25, 2019In May, Ultra Petroleum drilled three wells in less than six days, spud to TD,
down from 8.05 days in Q1. As a result of the improved drilling cycle times, the
company will be able to achieve its 2019 plans with two rigs instead of three.
This will reduce capex needs by
$15 million, and the company
has consequently lowered its guidance
to $305-335 million. Improved cycle times and higher working interests in wells drilled
through the remainder of the year enable production guidance to stay...