Halcon Resources Lowers 2014 CapEx Spending, Not Production
Yesterday Utica Shale driller Halcon Resources lowered their “guidance” (what they expect to do) in capital spending for 2014. That is, they said they will spend less money–about 14% less–than previously announced on their drilling programs in 2014. However, they also added they still expect to produce about the same amount of oil and gas, even though they’ll spend less.
Also in yesterday’s announcement, Halcon CEO Floyd Wilson, who tends to have a salty mouth (see Halcon CEO Says No More S***** Wells in Northern OH Utica), said the company will continue to sell off “non-core conventional assets” to raise an additional $300 million. Here’s the Halcon “spend less but produce more” announcement from yesterday: