March 9, 2020 / 2:01 PM / in 23 days

CORRECTED-Parsley Energy cuts drilling activity as crude prices collapse

(Corrects first paragraph to say Parsley “plans to drop to 12 rigs”, not “plans to drop 12 rigs”)

March 9 (Reuters) - U.S. oil and gas producer Parsley Energy Inc said it plans to drop to 12 rigs and reduced its drilling activity pace for this year following the collapse in crude prices on Monday.

The company also said it was revising its baseline capital budget assumption to a $30-$35 U.S. West Texas Intermediate (WTI) oil price from a $50 WTI oil price for the remainder of 2020.

Parsley joins producer Diamondback Energy Inc, which also decided to immediately cut its drilling activity and operate fewer rigs. (Reporting by Arunima Kumar in Bengaluru; Editing by Sherry Jacob-Phillips)

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