Capex

Houston-based energy manufacturing and logistics firm Phillips 66 is targeting a 2021 capital expenditure (capex) budget of $1.7 billion, down from $3.1 billion year/year. “Our 2021 capital budget is supported by our diversified portfolio, strong financial position and capital discipline,” said CEO Greg Garland. “We continue to focus on reducing capital expenditures as market conditions…

Calgary-based exploration and production (E&P) company Obsidian Energy Ltd. said Monday it would try to capitalize on higher commodity prices by spending an additional C$3.2 million ($2.5 million) in 2020 to begin drilling the first pad in its Central Alberta Willesden Green asset. Obsidian’s 2020 capital spending is set to increase to C$56 million ($43…

ExxonMobil is backing off ambitious goals to increase spending and is slicing the book value of some of its assets, particularly the U.S. dry natural gas portfolio, by up to $20 billion. Following an annual strategic review by the board in late November, the Irving, TX-based energy giant on Monday said it has revised its…

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)…

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.

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.

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.

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.

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.