PDC Energy to slow Front Range drilling, cuts capital expenditures by up to 25% after oil price collapse
DENVER — The second-largest oil producer in Weld County is cutting spending on new wells through 2021 by nearly a quarter, days after oil prices sank to their lowest levels in decades.
In a statement to investors, Denver-based PDC Energy Inc. (Nasdaq: PDCE) said it will slow new drilling in the Wattenberg Field from three drilling rigs and two completion crews to just two rigs and one crew beginning in the second quarter of this year and revert overall production levels to the 2019 averages of 200,000 barrel equivalents per day.
The Wattenberg Field…
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