Loading...
Loading...
Halcón Resources Corporation
HK
today announced a reduction to its 2014
capital spending program and unveiled 2014 divestment program
plans. Halcón is lowering its drilling and completions
budget guidance for 2014 by 14% to approximately $950 million,
which is inclusive of planned drilling activity in all areas.
In addition, the Company expects to spend $100 to $125 million in
aggregate on leasehold, infrastructure, seismic and other,
excluding capitalized interest and G&A. Halcón is
reaffirming previously issued 2014 production guidance of 38,000 to
42,000 barrels of oil equivalent per day.As previously disclosed, the Company is in the
process of divesting certain non-core conventional assets in three
separate transactions for total proceeds of approximately $300
million, two of which have closed. Halcón expects the third
transaction to close on December 20, 2013. The Company plans
to continue the portfolio management process and currently expects
to divest additional non-core assets in 2014 for total proceeds of
approximately $300 to $400 million.Floyd C. Wilson, Chairman and Chief Executive
Officer, stated, "We expect to fund our entire 2014 capital budget
with a combination of cash flow from operations, borrowings under
our revolving credit facility and proceeds from additional non-core
asset sales. We are well positioned to deliver significant
growth of reserves, production and cash flow
See full press releaseLoading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in