WPX cuts drilling rigs down to one for the Piceance Basin
Low natural gas prices are prompting a major Garfield County producer to cut back on drilling even more. Tulsa-based WPX Energy is downshifting to one rig in the Garfield County area.
The company had already limited itself to three rigs, but decided to cut back even more. The remaining money is going to drilling oil in North Dakota. “Because of the prices in the commodity, the company has decided to shift what was already budgeted for the Piceance Basin,” says WPX spokesman Jeff Kirtland, “and move that up to the Williston basin up in North Dakota.”
Kirtland said earlier this week that an oil price of about sixty dollars a barrel was far more attractive than under three dollars for the usual unit of natural gas.