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SM Energy’s Permian, Eagle Ford to See Lower Activity, Capex on Uncertainty from Coronavirus

SM Energy’s Permian, Eagle Ford to See Lower Activity, Capex on Uncertainty from Coronavirus

Denver-based SM Energy Co., whose Texas-centered operations plow the Eagle Ford Shale and Midland formation of the Permian Basin, said Wednesday it has reduced spending and activity to the rest of the year, with guidance uncertain because of the Covid-19 pandemic.

April 29, 2020
Noble Cuts More Lower 48 Capex; More Closures, Layoffs as Pandemic Disrupts Energy Markets

Noble Cuts More Lower 48 Capex; More Closures, Layoffs as Pandemic Disrupts Energy Markets

One month after it cut expenditures by almost one-third, Houston’s Noble Energy Inc. has joined a growing group of peers in reducing even more spend, with the hit mostly to U.S. onshore operations, while it furloughs employees and cuts salaries in response to the never-ending impacts from the Covid-19 pandemic and sharp decline in oil and gas demand.

April 15, 2020
Marathon Taking Frack ‘Holiday’ in Bakken, Eagle Ford as E&Ps Deal with Coronavirus Impacts

Marathon Taking Frack ‘Holiday’ in Bakken, Eagle Ford as E&Ps Deal with Coronavirus Impacts

The energy sector was quick to take a red pen to the 2020 budget in March as the coronavirus turned into a pandemic and the price war continued overseas, but some operators are finding they have to cut deeper in the face of uncertain demand for oil and gas.

April 8, 2020
Marathon Taking Frack ‘Holiday’ in Bakken, Eagle Ford as E&Ps Deal with Coronavirus Impacts

Marathon Taking Frack ‘Holiday’ in Bakken, Eagle Ford as E&Ps Deal with Coronavirus Impacts

The energy sector was quick to take a red pen to the 2020 budget in March as the coronavirus turned into a pandemic and the price war continued overseas, but some operators are finding they have to cut deeper in the face of uncertain demand for oil and gas.

April 8, 2020
Halliburton Furloughs 3,500, More E&Ps Cut Capex on Dire Economic Tumult Ahead from Coronavirus, Oil Price War

Halliburton Furloughs 3,500, More E&Ps Cut Capex on Dire Economic Tumult Ahead from Coronavirus, Oil Price War

More than 3,000 people based in Houston have been furloughed by Halliburton Co., while ConocoPhillips and other big producers continue to cut capital spending in an increasingly dire situation, as the coronavirus and oil price war sink 2020 operating plans.

March 18, 2020

Alberta Easing Oil Production Cuts as Canadian Prices Rise

With prices fetched by Alberta heavy oil on the rise, the provincial government Wednesday reduced mandatory production cuts to 250,000 b/d from the 325,000 b/d ordered on Dec. 2.

January 31, 2019

Crescent Point Slashing Workforce, Focusing on Canada Bakken to Improve Balance Sheet

Crescent Point Energy Corp. is reducing its workforce by 17%, or by more than 200 employees, potentially to save the Calgary-based company more than C$50 million annually as it works to “become a more focused and efficient company with a stronger balance sheet,” management said.

September 6, 2018

SM Focusing on Permian, Cutting Capex 45%

As it looks to protect its balance sheet in 2016, SM Energy Co. will focus its drilling and completion activity on the Permian Basin “to the maximum extent possible,” shifting to an oilier mix as it weathers the downturn in commodity prices.

February 24, 2016

Range Resources Cuts More Jobs; Workforce Down 30% Since Downturn

Range Resources Corp. on Wednesday confirmed that it has laid off another 55 employees in response to the commodities downturn, announcing job cuts that primarily affect the workforce in Southwest Pennsylvania, where its core operations in the Marcellus Shale are located.

February 3, 2016
North Dakota Governor Slashes Budget Due to Low Oil Prices

North Dakota Governor Slashes Budget Due to Low Oil Prices

Responding to a $1 billion budget shortfall attributed to the crude oil price crash, North Dakota Gov. Jack Dalrymple on Monday ordered across-the-board cuts for state agencies and dipped into the state’s reserve funds.

February 2, 2016
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