Budget

Facing a $1 billion budget deficit in part linked to a decline in revenue from the energy sector, Wyoming Gov. Mark Gordon has ordered a 10% budget cut across the board. Given the budget challenges from the coronavirus and the economic slowdown, “the quicker we act, the greater ability the state will have to minimize…

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.