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As Halcón Resources (HK) is striving to deliver a sizeable increase in production and EBITDA next year - which are a must to justify the stock's valuation and repair credit metrics - the company will have to limit its resources almost exclusively to those areas where capital spending can yield sure and immediate returns in the form of production growth. As came clear from management's discussion on the latest earnings call, the company has narrowed down its operating focus to essentially two core development areas: the Bakken and East Texas Eagle Ford (El Halcón). The less proven and infrastructure-constrained Utica appears to be a distant third on the operating priority list in the near term, with a...

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