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Parsley Energy: Restoring Output Curtailments this Month
6/02 4:00 PM
Parsley Energy: Restoring Output Curtailments this Month OAKHURST, N.J. (DTN) --- Parsley Energy, Inc., which curtailed about 26,000 bpd of production in May, expects to restore the ?vast majority' of curtailments early this month, according to presentation documents. Nearly one month ago, as a result global oil demand destruction from COVID-19 and the lower commodity price environment, Parsley said its 2020 capital budget would be reduced to less than $700 million, with reported first quarter capital expenditures of $379 million representing more than 50% of its revised full-year budget. The company on May 4 also revised its baseline capital budged assumption from a $30 to $35 WTI oil price to a $20 to $30 WTI oil price for the remainder of 2020. (c) Copyright 2020 DTN, LLC. All rights reserved.