Billion

ConocoPhillips on Thursday said it would reduce 2016 capital spending by 25% year/year, with most of its budget earmarked for the Permian Basin and the Eagle Ford and Bakken shales.

Thirty-six North American exploration and production (E&P) companies have filed for Chapter 11 bankruptcy protection to date this year and more are expected to file before the end of the year, according to a report by Haynes and Boone LLP.

Continuing production growth in northern liquids-rich shale deposits has prompted Pembina Pipeline Corp. to launch construction of its third natural gas processing plant scheduled for completion over the next two years.

Royal Dutch Shell plc is revamping its upstream operations effective Jan. 1 by splitting the conventional and unconventional natural gas and oil resources units and creating a standalone business to trade and market natural gas worldwide.

ExxonMobil Corp., the largest natural gas producer in the United States, saw its overall upstream profits slip by almost half year/year during the third quarter, but the super major is capturing significant drilling efficiencies and lower service costs, which have reduced capital costs year/year by close to $8 billion.

Chevron Corp., the second-largest U.S.-based producer behind ExxonMobil Corp., said Friday it would lay off up to 7,000 people, about 11% of its workforce. It also has reduced long-term production targets and capital spending to cope with the worst industry slump in close to 40 years.

Nearly two months after shedding 10% of its workforce, ConocoPhillips slashed billions from its guidance for capital expenditures (capex) and operating costs for the remainder of 2015. It also reported a net loss of $1.06 billion for 3Q2015.

Occidental Petroleum Corp. (Oxy) on Wednesday reflected the paradox of continuing slumping global oil prices as it generated red ink during 3Q2015 but still reported solid production. It also confirmed the $600 million sale of its Bakken Shale assets in North Dakota.

BP plc is becoming more competitive in the Lower 48 onshore following years of neglect, but natural gas prices under $3.00/Mcf Henry Hub put operations under more pressure, the company’s upstream chief said Tuesday.