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Ultra Cuts Pinedale Rig Count Down to Two; Reduces 2019 Capex by $15MM
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Ultra Petroleum Corp. has released updates to its 2019 plan.
Cuts Pinedale Rigs to Two (-33%); Reduces Capex by $15MM
The company has released a rig and reduced its operated rig count in Pinedale from three to two.
Additionally, Ultra has reduced capital investment guidance for full-year 2019 by $15 million to a new range of $305 to $335 million.
Production guidance for full-year 2019 remains unchanged at 240 to 250 Bcfe.
Cites 'Improved Drill Times' as Reason for Changes
In May, the Company drilled 3 wells with spud to total depth times of less than 6 days, compared to its first quarter average of 8.05 days. Improved drilling cycle-time performance and higher working interest in wells planned for the remainder of the year provides for 2019 production guidance to remain unchanged while 2019 capital investment is reduced by approximately 5 percent.
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