Budget

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.

Pennsylvania Gov. Tom Wolf’s latest proposal to implement a severance tax on natural gas production could generate more than $200 million annually in revenue over the next five years, according to an analysis of the 2018-2019 executive budget by the state’s Independent Fiscal Office (IFO).

Range Resources Corp. plans to cut its budget and spend within projected cash flow this year to continue sending a message of capital discipline that is trending among other exploration and production companies across the country.

Denver-based Extraction Oil & Gas Inc., whose exploration focus is trained in the Denver-Julesburg (DJ), is forecasting full-year 2018 net volumes to jump up to 76% year/year, averaging 87,000-93,00 boe/d, even with capital spending slightly below 2017.

A pivotal year awaits exploration and production (E&P) companies worldwide, with capital spending on course to increase 7% overall, led by a 15% gain in U.S. onshore-weighted budgets, according to Evercore ISI’s annual survey.

Chevron Corp. is ramping up its capital spending in the Permian Basin next year, while total global expenditures are set to decline for the fifth year in a row.

Anadarko Petroleum Corp. is taking another big bet on the U.S. onshore and deepwater during 2018, earmarking 85% of its planned $4.2-4.6 billion capital investments to domestic programs.