Matador Cuts Budget, Scales Back Eagle Ford Drilling – Investors.com

Matador Resources (NYSE:MTDR) said Tuesday it will scale back its drilling program in the Eagle Ford shale formation and has pushed back its analyst day to give itself more time to evaluate the impact of low oil and gas prices.The Dallas-based exploration and production company said it is operating five drilling rigs, two in the Eagle Ford play and three in the Permian Basin.But it plans to trim operations to just three rigs in the Permian due to lower oil prices. Earlier, Matador considered moving an additional rig to the Permian. Matador plans to resume production in the region “at a future time when commodity prices are more favorable.”It also sees full-year capital spending of $325 million-$375 million vs. the $540 million that had been planned for 2014.

via Matador Cuts Budget, Scales Back Eagle Ford Drilling MTDR CXO – Investors.com.

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