As the turmoil in the credit and financial markets deepens, several more oil and natural gas producers Wednesday reported that they are cutting their planned capital expenditures (capex) for the rest of the year and/or 2009 and are rolling back their drilling programs or postponing planned acquisitions in order to preserve capital liquidity. Producers said they also have taken steps to shore up their bank credit lines and cash liquidity.
Deepens
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Canadian Drillers Project Dismal Year, See 14% Decline in Gas Wells
The Canadian Association of Oilwell Drilling Contractors (CAODC) signaled that the latest revision to its drilling forecast “continues, and deepens, the trend of reduced natural gas drilling.” The forecast reduction issued Thursday follows lower gas drilling numbers, primarily in Alberta and British Columbia, which began to fall dramatically last year.
May 29, 2007
Canadian Drillers Project Dismal Year, See 14% Decline in Gas Wells
The Canadian Association of Oilwell Drilling Contractors (CAODC) signaled that the latest revision to its drilling forecast “continues, and deepens, the trend of reduced natural gas drilling.” The forecast reduction issued Thursday follows lower gas drilling numbers, primarily in Alberta and British Columbia, which began to fall dramatically last year.
May 28, 2007
Focus Shifts to Legislature and Feds as California Crisis Deepens
State-backed financial bailout options for California’s twocash-strapped utilities were being looked at Friday by the statelegislature and treasurer, including public takeover of the stategrid, as Gov. Gray Davis prepared to divulge his plan today priorto making another trip to Washington, D.C., in search of a federalcap on western wholesale electricity prices later this week.
January 8, 2001
CA Regulators Grant Electric Rate Hikes, But Crisis Deepens
Amid the financial calamity facing California’sonce-invincible-looking two major utilities, California regulatorsThursday unanimously approved a temporary 1 cent/kwh rate hike, butthe growing challenge facing the state’s political leaders is thata grassroots push for government-run energy operations isdefinitely picking up steam.
January 5, 2001
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