Diamondback Suspends Completions, Cuts $1.2B

摘要

Diamondback Energy is further reducing its 2020 production plans in response to the dramatic imbalance between demand and supply that has roiled global markets. The Permian Basin pure-play said Thursday it is implementing a minimum one-month break for all completion crews. Once oil prices stabilize, Diamondback plans to reactive up to five crews for the rest of the year. Initial guidance for 2020 included nine working crews.