Budget

Gulfport Energy Corp. plans to slash spending to the bone this year and cut annual production in the process as it wrestles with low natural gas prices and a restive shareholder pushing to shake up the board.

President Trump on Monday proposed allocating $199.3 million to the Interior Department’s energy and minerals management programs, including $139.2 million for Bureau of Land Management (BLM) oil and natural gas programs.

BHP on Wednesday approved spending of close to $956 million for two Gulf of Mexico (GOM) expansion projects, one in U.S. deepwater and the other in Mexico waters.

Continental Resources Inc. said it expects to save about $125 million in capital costs by shifting to 30% longer laterals within Project SpringBoard, a multi-year program to develop its oil and liquids-rich assets in Oklahoma’s myriad stacked reservoirs.

Gulfport Energy Corp. plans to slash spending this year and keep production flat to 2018 levels with a program that generates free cash flow and showcases capital discipline in response to market volatility.

Appalachian pure-play Antero Resources Corp. plans to cut its capital spending and development activity this year in response to sliding oil and natural gas liquids (NGL) prices.

Permian Basin pure-play Ring Energy Inc. is planning to run only one rig during 2019, as it works to turn cash flow neutral/positive in the second half of the year, while still growing production an estimated 20% year/year.

Permian Basin pure-play Diamondback Energy Inc. has dropped three rigs, reduced completion crews and plans conservative spending in 2019 because of the “dramatic decline” in oil prices.

Enbridge Inc. has unveiled a $1.8 billion growth budget for its oil and natural gas pipelines, with additions at the northern and southern ends of the network in Alberta and the Gulf of Mexico region.