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Irving, Texas-based $PXD said it is reducing its horizontal drilling activity by 50% from 24 rigs down to 12 by mid-2016, while growing production by plus 10%. Eagle Ford will be going from six rigs to zero during 1Q16. The company's capital budget is down about $2Bil, but is still growing plus 10% by cutting its rigs into half.
What will be an ideal EPS range for $PZZA in its earnings today?
The U.S. Treasury will be receiving $10 billion as dividends from the combined government-backed mortgage giants Fannie Mae and Freddie Mac. This is a sign that a recovered housing market is allowing the once-ailing firms to subsidize federal government spending.