Jones Energy, Inc. provided an operational update and lowered its 2015 capital expenditure guidance while maintaining its production guidance. The Company has also posted a new investor presentation to its website for the Barclays CEO Energy-Power Conference.
Jones Energy Founder, Chairman, and CEO, Jonny Jones stated:
'In response to the current market environment, we have reduced activity to three Cleveland rigs from five rigs running previously. This reduction in activity should allow us to be cash flow neutral in the second half of 2015 while still achieving our previously increased production guidance. Results from our 33 stage open-hole wells continue to meet or beat our expectations, with natural gas production exceeding our expectations. Oil production continues to track the uplift expected from the incremental frack stages. We are beating our $2.6 million AFE, and see the potential for additional cost savings in a 'lower for longer' scenario.'