A 500-rig cut may be delivered within 60 days, Wunderlich analyst says.
Company’s stock has fallen 22% since it announced the Baker Hughes merger.
Overall, the upstream sector may cut as much as 20% of capex.
Swaggart works in shale plays such as the Permian, Eagle Ford, Bakken and Marcellus.
The company says divestitures will stabilize its faltering liquidity.
Acreage was reduced by about 80% to 282,100 net acres from 1.38 million.