Independents

Three independents last week separately announced strong initial production (IP) rates from natural gas wells that were drilled horizontally on the Texas side of the Haynesville Shale.

Three independents this week separately announced strong initial production (IP) rates from natural gas wells that were drilled horizontally on the Texas side of the Haynesville Shale.

Spending by oil majors has held steady, but independents and smaller producers have cut their capital spending (capex) this year by at least a third because of weak cash flow and a lack of borrowing access, a survey by energy investment bank Tristone Capital reported Friday.

Spending by oil majors has held steady, but independents and smaller producers have cut their capital spending (capex) this year by at least a third because of weak cash flow and a lack of borrowing access, a survey by energy investment bank Tristone Capital reported Friday.

Dash any rumors that BP plc is stalking cash-distressed independents. Now’s not the time, CEO Tony Hayward said last week.

Dash any rumors that BP plc is stalking cash-distressed independents. Now’s not the time, CEO Tony Hayward said on Tuesday.

Joining Canada’s EnCana Corp. in carefully monitoring capital expenditures (capex) and exploration in the coming year are two more top independents headquartered in Calgary: Nexen Inc. and Petro-Canada Inc., which last week detailed their reduced spending programs.

Joining Canada’s EnCana Corp. in carefully monitoring capital expenditures (capex) and exploration in the coming year are two more top independents headquartered in Calgary: Nexen Inc. and Petro-Canada Inc., which this week detailed their spending programs.

Hedging gains and production growth resulted in strong quarterly earnings reports for two Houston-based independents, EOG Resources Inc. and Anadarko Petroleum Corp. During separate conference calls last week, the CEOs acknowledged their oil and natural gas drilling prowess, but they also pointed to their companies’ sturdy finances in the uncertain credit market.