Due to the recent sharp decline in oil prices, W&T Offshore has reduced its estimate of 2020 capex to $15-$25 million from its prior level of $50-$100 million.
HOUSTON – Due to the recent sharp decline in oil prices, W&T Offshore has reduced its estimate of 2020 capex to $15-$25 million from its prior level of $50-$100 million.
It also reduced its planned asset retirement expenditures to $10-$20 million from $15-$25 million.
The company did not change its 2020 annual production guidance of 47,100-52,100 b/d.
In addition, the company expects to remain cash flow positive at or above $25/bbl of oil and $1.50/Mcf of natural gas.
