Deepwater

Diamond Offshore Drilling Inc., mirroring recent comments by Noble Corp. plc and Ensco plc, is expecting volatility “for some time to come” for the offshore oil and gas industry, regardless of whether commodity prices have stabilized, CEO Marc Edwards said Monday.

The ultimate costs from the Macondo well blowout in the deepwater Gulf of Mexico six years ago, already considered the costliest environmental disaster in history, have reached $61.6 billion, BP plc said Thursday.

Global deepwater spending is forecast to total $137 billion between 2016 and 2020, down 35% from a year-ago forecast for 2015-2019, Douglas-Westwood Ltd. (DW) analysts said.

Producers that in late 2014 began to carefully prune discretionary spending now are cutting all nonessential expenditures, which in 2015 upended at least 68 major oil and natural gas projects worldwide worth a total of $380 billion, Wood Mackenzie Ltd. said.

At least 68 major oil and natural gas projects worldwide, worth a total of $380 billion and holding an estimated 27 billion boe of commercial reserves, have been shelved since late 2014, with deferred U.S. oil projects accounting for most of the losses, according to Wood Mackenzie Ltd.

Stone Energy Corp. is cutting its 2016 capital expenditure (capex) budget by more than 50% from 2015 levels, saying its $200 million spending plan for next year would be reviewed and depend upon commodity prices, liquidity and working interest sales, among other things.

Crestwood Equity Partners LP has said “no, thanks” to Raging Capital Management LLC’s “Crestwood Comeback” program, which includes a distribution cut and unit buyback.

W&T Offshore Inc. said its two-well drilling program in Ewing Bank in the Gulf of Mexico deepwater has proved successful, with the second discovery announced Tuesday.

Ridgewood Energy Corp., which has put together funding for deepwater Gulf of Mexico (GOM) projects for the last couple of years, on Tuesday said it had completed a private equity fund for $1.9 billion, more than it raised early last year when commodity prices were higher.