Focusing on high-graded shorter-cycle projects in the Midland Basin and Eagle Ford, Callon Petroleum Co. is cutting 2020 capital spending to $700-725 million from $975 million. Its active rig count will be cut to five from the current nine by the end of Q2, and it will go from five frac crews to two in the same time frame. The outlook calls for three or four drilling rigs, with two or three in the......
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