Clayton Williams Energy, Inc (CWEI) won’t be drilling in the Eagle Ford Shale Play until crude prices move considerably higher than $50.
In a second quarter earnings call, CWEI executives reported a net loss of $80.9 million while production costs dropped to $19.2 million, versus $23.1 million in 2015.
For their Eagle Ford operations, the company announced they wouldn’t be drilling in the Eagle Ford as long as prices stay around the $50 mark. For the second quarter, average daily production in the Eagle Ford was 1,661 Bbls for oil compared to 3,238 Bbls in Q2/2015 and average daily production for natural gas was 308 Mcf and 566 for 2015
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