Boe/D

Back in the black and confident its refocused operations will stay there with a Permian Basin emphasis, Occidental Petroleum Corp. (Oxy) on Thursday detailed its deployment of various analytics to get better results out of reconfigured reserves following the sale of its South Texas assets.

Marathon Oil Corp. is stepping up activity in Oklahoma and in the Eagle Ford Shale. The company said it also will resume drilling in the Bakken Shale during the fourth quarter.

Marathon Oil Corp. staffers wasted no time in locking down the company’s latest acquisition in the Sooner Trend of the Anadarko Basin (mostly in Canadian and Kingfisher counties) which producers refer to as the STACK. Oklahoma will be getting a lot of attention from the company in the months ahead, executives said Thursday.

After posting capital spending and production declines during the second quarter, Hess Corp. now plans to wait on $60/bbl oil and signs of a continued price recovery before ramping up activity again.

ConocoPhillips, determined to get out of deepwater drilling in the Gulf of Mexico (GOM) and battered by a $1.5 billion 1Q2016 net loss, said Thursday that it would slash its 2016 capital expenditures (capex) budget by $700 million.

ConocoPhillips, determined to get out of deepwater drilling in the Gulf of Mexico (GOM) and battered by a $1.5 billion 1Q2016 net loss, said Thursday that it would slash its 2016 capital expenditures (capex) budget by $700 million.

Nine of the world’s 25 largest public oil and natural gas companies ranked by production are headquartered in North America, but ExxonMobil Corp. was squeezed out of the top spot by two Russian producers, according to an annual compilation by Forbes magazine.

With no relief expected from oil or natural gas prices through this year, Anadarko Petroleum Corp. plans to direct its onshore might to only two basins, the Denver-Julesburg and the Permian, management said Tuesday. No rigs are planned in any other onshore play.

Pioneer Natural Resources Co. will cut its drilling program in half in 2016 in response to the commodity price outlook, but with a strong balance sheet and improved drilling efficiency, executives said the company is well positioned to endure the downturn and capitalize when prices recover.