“We think the setup is positive for prices in the $65 to $75 WTI range by year-end 2019”
By Richard Rostad, analyst, Oil & Gas 360

Oil and gas titan Mark Papa weighed in on the state of the industry today, during Centennial Resource Development’s (ticker: CDEV) conference call.

“Oil prices have obviously rebounded strongly relative to early this year,” Papa said, “and we think the setup is positive for prices in the $65 to $75 WTI range by year-end 2019 and throughout 2020 as the impact of IMO 2020 provides a tailwind.”

“On our previous earnings call, we announced that we reduced our rig count at year-end from seven to six, but that we would monitor the oil macro during 2019 and we might adjust our rig count either up or down....


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