HOUSTON, TEXAS, Dec. 18, 2015 (GLOBE NEWSWIRE) — Halcón Resources Corporation (NYSE:HK) (“Halcón” or the “Company”) today announced its preliminary 2016 outlook.
Despite being significantly hedged in 2016 at an average price of $80.59 per barrel of oil and currently having approximately $800 million of liquidity, the Company expects to take a more tempered approach to 2016 than originally planned due to continued weakness in oil prices.
Halcón’s preliminary drilling and completion budget for 2016 is $180 – $210 million. The Company expects to reduce drilling and completion activity in both the Williston Basin and the El Halcón area in East Texas in 2016. Halcón estimates that the reduced activity level in 2016 should result in a production profile that is flat to down approximately 5% when compared to 2015.
The Company expects to disclose additional guidance detail in conjunction with its fourth quarter and full-year 2015 earnings results, which is scheduled to be released in late February 2016.