Rystad estimates that the total number of started frac operations will end up below 300 wells in April 2020.
The revised 2020 capital budget of US$1.3 billion or less includes the implementation of 2Q20 frac holidays in the Bakken and Eagle Ford.
The company will be reducing its average rig count from 9 to approximately 3 in the Bakken and 10.5 to approximately 4 in Oklahoma.
The company's recently published North America Watch attributes the growth in output to increasing rig productivity and efficiency gains in areas outside of the Bakken core.
Oil sands projects will require US$43 billion, while the investments into heavy oil assets will require almost US$4 billion in upstream Capex by 2025.