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Penn Virginia cuts capex 60% YOY to $295-345 million
Eagle Ford driller Penn Virginia set its 2015 capex at $295-345 million, down 60% YOY at midpoint. It has $270-310 million slated for drilling and completion with the remainder going for infrastructure, seismic and leases. The company expects reduced D&C costs based on a decrease in frac stages per well from 26.5 last year to 22 this year, less proppant per stage and a 10-20% reduction in completion costs.The reduced budget is expected to drive volumes......
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