Budget

ConocoPhillips is targeting full-year capital expenditures (capex) of around $7.2 billion in 2022, up from the $5.3 billion forecast for 2021, according to preliminary guidance. The Houston-based exploration and production (E&P) giant said about 60% of the spend “will be directed to the Lower 48 for short-cycle investment across the company’s extensive, high-quality unconventional asset…

Chevron Corp. expects to spend 20% more in 2022 on capital and exploratory efforts than it did this year to support “higher returns and low carbon” efforts, the supermajor said. Organic capital expenditures (capex) in the coming year are set at $15 billion, at the low end of its $15-17 billion initial budget plan but…

Hess Corp. remains laser-focused on developing assets in the Bakken Shale of North Dakota and offshore Guyana, directing the lion’s share of its $1.9 billion exploration and production (E&P) capital and exploratory budget to the “high return, low cost” assets for 2021. The New York City-based producer in the first quarter is set to increase…

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.