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OPEC Proposes First Oil Production Cut in Eight Years

OPEC Proposes First Oil Production Cut in Eight Years

Stung by continuing oversupply wrought by the U.S. unconventional revolution, the 14-nation Organization of the Petroleum Exporting Countries (OPEC) reached a tentative agreement Wednesday to reduce output for the first time in eight years — to 32.5 million b/d from an August level of 33.24 million b/d.

September 28, 2016

Exco Cutting Capex 69%, Directing Funds to Handful of Haynesville Wells

Exco Resources Inc. became the latest operator to make moves to preserve liquidity on Wednesday, slashing its capital expenditures (capex) budget for 2016 by more than two-thirds and announcing plans to spud and complete just a handful of wells in the Haynesville and Bossier shales.

March 30, 2016

Encana Workforce Slashed by 20%, Spending Curtailed by Half

Calgary’s top natural gas producer Encana Corp. has curtailed capital spending even more than it had anticipated for 2016 and is laying off 20% more of its workforce as it “relentlessly” pursues cost cutting to remain competitive, CEO Doug Suttles said Wednesday.

February 24, 2016
Chesapeake Focusing on Completions, Renegotiating Contracts as Rig Count Collapses, Capex Declines

Chesapeake Focusing on Completions, Renegotiating Contracts as Rig Count Collapses, Capex Declines

Chesapeake Energy Corp., once the most active producer in the U.S. onshore, has reduced its rig count to less than 10 and cut capital spending by more than half as it shores up its balance sheet for the long haul. With a fourth quarter loss of more than $2.2 billion, the No. 2 U.S. natural gas producer also is continuing to negotiate with midstream partners to revise contracts that better fit its downgraded development plans.

February 24, 2016
Devon’s Mantra for 2016: Protect the Balance Sheet

Devon’s Mantra for 2016: Protect the Balance Sheet

Pragmatic about what it can — and cannot — accomplish in the current environment, Devon Energy Corp. has no plans to accelerate exploration and production “in a $30.00 and $2.00 world,” CEO Dave Hager said Wednesday. Top line production is forecast to decline by 6% in 2016, led by a sharp pullback in onshore natural gas fields.

February 17, 2016
ConocoPhillips’ Rare Dividend Cut Confirms Commodity Prices Bad, Could Linger

ConocoPhillips’ Rare Dividend Cut Confirms Commodity Prices Bad, Could Linger

In a sign of just how grim the commodity price environment has become — and how long it’s expected to last — ConocoPhillips cut its quarterly dividend for the first time in at least 25 years on Thursday, while also dropping 10 rigs and slashing capital expenditures (capex) for 2016 as it looks to maintain its balance sheet without racking up additional debt.

February 4, 2016
Cabot Slashes 2016 Spending, Plans to Run Just One Rig

Cabot Slashes 2016 Spending, Plans to Run Just One Rig

Cabot Oil & Gas Corp. will sharply cut its 2016 capital budget in response to the commodities downturn, electing to preserve its cash flow, await more takeaway capacity in the Appalachian Basin and run one rig company-wide, the company said Tuesday.

February 2, 2016
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