Swift Energy Cuts Capex Budget By 75%, Sees Production Slipping

摘要

Falling oil and gas prices are forcing Swift Energy—a top operator in the Eagle Ford Shale's dry gas window-to cut its capital budget so deeply that production is now expected to fall this year. Spending this year is plunging by 70% to 75% to a range of $100 million to $125 million. The cuts are double the 35% reduction first unveiled by the company in November and hinder its ability to drill the new wells needed stave off natural production declines.