Capex

Latin American Oil, Natural Gas Companies Said Slashing Capex 30% in 2020

Latin American Oil, Natural Gas Companies Said Slashing Capex 30% in 2020

Latin America oil and natural gas companies will cut close to $8.3 billion in capital expenditures (capex) in 2020, or about 30% from original guidance for the year, according to Moody’s Investors Service. Brazilian national oil firm Petróleo Brasileiro SA, or Petrobras, Colombian state firm Ecopetrol SA and Mexico’s national oil company Petroleos Mexicanos (Pemex)…

July 15, 2020
Equinor Dominates in Renewable Investments While Other Oil Majors Face Capex Cuts

Equinor Dominates in Renewable Investments While Other Oil Majors Face Capex Cuts

Over the next five years, the world’s oil majors are expected to invest up to $17.5 billion into solar and wind energy projects, a Rystad Energy analysis projected.

June 1, 2020
Ovintiv Keeping Eye on Natural Gas Prices as Shut-ins Reduce Output by 65,000 Boe/d

Ovintiv Keeping Eye on Natural Gas Prices as Shut-ins Reduce Output by 65,000 Boe/d

Denver-based Ovintiv Inc., whose broad oil and natural gas portfolio runs across the Permian and Anadarko basins and the Montney formation in Canada, is shelving some onshore work in the Eagle Ford, Bakken, Uinta and Duvernay formations, but it’s keeping a sharp eye on the direction of natural gas prices to determine when to boost activity.

May 11, 2020
Enterprise ‘Creating Value,’ Cutting Costs Amid Coronavirus Uncertainty

Enterprise ‘Creating Value,’ Cutting Costs Amid Coronavirus Uncertainty

Enterprise Products Partners LP (EPD) has yet to see a “material change” to volumes across its system, but given the “highly uncertain” impacts of the coronavirus for the remainder of 2020, it has reduced planned growth capital investments by $1 billion and sustaining capital expenditures (capex) by $100 million.

April 29, 2020
As Coronavirus Destroys Demand and Pricing, All Bets Off on Global E&P Capex, Says Raymond James

As Coronavirus Destroys Demand and Pricing, All Bets Off on Global E&P Capex, Says Raymond James

Upstream capital spending was predicted to make a bit of a comeback from 2019, but all bets are off for 2020 worldwide spending, with the United States likely to take the deepest plunge.

April 27, 2020
Pandemic Market Turmoil Set to Cut into E&P Spend South of Border

Pandemic Market Turmoil Set to Cut into E&P Spend South of Border

U.S. exploration and production (E&P) companies arecuttingcapital expenditure (capex) by 35-40% from 2019 as oil prices continue to get hammered and demand is destroyed by the coronavirus pandemic, but spending reductions could be even harsher south of the U.S. border.

April 23, 2020
With Demand Smothered by Covid-19, Canadian E&Ps, OFS Operators Reduce Capex, Output

With Demand Smothered by Covid-19, Canadian E&Ps, OFS Operators Reduce Capex, Output

A cross-section of Canadian producer and contractor firms deepened 2020 capital spending cuts Monday in response to the worsening fossil fuel market outlook caused by the Covid-19 virus pandemic.

April 21, 2020
Halliburton Cuts Capex by Half, Reduces Workforce, with Bottom in 2Q

Halliburton Cuts Capex by Half, Reduces Workforce, with Bottom in 2Q

Houston-based Halliburton Co., the largest pressure pumper in the Lower 48, no longer is seeing a “flight to quality,” but a flight to anywhere, as customers deal with the Covid-19 pandemic and low commodity prices, CEO Jeff Miller said Monday.

April 20, 2020
Schlumberger Forecasting 2Q as ‘Most Uncertain and Disruptive’ Period Ever Seen by Energy Industry

Schlumberger Forecasting 2Q as ‘Most Uncertain and Disruptive’ Period Ever Seen by Energy Industry

The duration of the global Covid-19 pandemic remains uncertain, but the oil and gas industry likely will face the “most severe” impacts in the second quarter, Schlumberger Ltd. CEO Olivier Le Peuch said Friday.He shared first quarter results and a partial outlook for the current quarter during a conference call with CFO Stephane Biguet in Houston.

April 17, 2020
Lower 48 Oil, Gas Shut-ins, Job Losses Forecast to Accelerate in Reaction to Coronavirus, Low Prices

Lower 48 Oil, Gas Shut-ins, Job Losses Forecast to Accelerate in Reaction to Coronavirus, Low Prices

U.S. oil and gas operators continue to reduce spending and pull back on activity in light of the plummet in demand from Covid-19 and miserable oil prices.

April 17, 2020
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