Clayton Williams Energy, Inc. provided insight on its plans for 2015 and an update on its Eagle Ford and Delaware Basin operations.
Plans for 2015
The Company announced today that its strategy for 2015 is to preserve the Company's ability to resume long term production growth once crude oil prices recover. In the current low price environment, the Company has little incentive to accelerate oil production by continuing with non-essential drilling operations.
The Company has suspended drilling operations in both of its core resource plays until the combination of higher oil prices and lower drilling and completion costs provides the Company with an acceptable profit margin. The Company has also implemented measures to reduce overhead and trim field level operating costs.