Spending

With Huge Infrastructure Bill on Table, U.S. to Sell Crude Held in Strategic Petroleum Reserve

With Huge Infrastructure Bill on Table, U.S. to Sell Crude Held in Strategic Petroleum Reserve

The U.S. Department of Energy (DOE) plans to sell up to 20 million bbl of oil from the Strategic Petroleum Reserve (SPR) – double the level sold at an auction earlier this year – as the Biden administration complies with 2015 legislation and tries to raise funds to pay for a massive new infrastructure bill.…

August 25, 2021
ConocoPhillips Touts Greater Savings in Concho Acquisition, Reduces Cost and Capital Guidance

ConocoPhillips Touts Greater Savings in Concho Acquisition, Reduces Cost and Capital Guidance

ConocoPhillips raised expected savings on its 2021 acquisition of Concho Resources Inc. to $1 billion and lifted its planned share buybacks by the same amount, a show of confidence in the deal and the company’s outlook as it emerges from the pandemic. The upbeat tone emerged during a market update Wednesday, during which executives emphasized…

June 30, 2021
U.S. E&Ps Set to Unleash More Capex in 2022 on Rising Demand, Record Cash Flow

U.S. E&Ps Set to Unleash More Capex in 2022 on Rising Demand, Record Cash Flow

Capital spending by exploration and production (E&P) companies likely will continue this year at a fairly modest pace but analysts foresee expenditures rising in 2022 from strong cash flow and tighter oil and gas supply. A revival in global capital expenditures is underway following the downturn of 2020, but producers are remaining disciplined in their…

June 24, 2021
U.S. E&Ps Reining in Capex, while International Operators Spending More

U.S. E&Ps Reining in Capex, while International Operators Spending More

U.S. oil and gas producers are likely to reduce their capital spending this year by around 8% as they remain “extremely disciplined, yes, really,” based on a global survey by Raymond James & Associates Inc. Analysts Pavel Molchanov, John Freeman and Graham Price compiled the 2021 projections in the firm’s eighth annual capital expenditure (capex)…

April 5, 2021
Canadian E&P Spending Seen Contracting, but Natural Gas Outlook Positive

Canadian E&P Spending Seen Contracting, but Natural Gas Outlook Positive

Oil and natural gas investment will shrink by as much as 25% in Canada’s top producer province this year, the Alberta Energy Regulator (AER) said in its annual review.

June 10, 2020
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
BP Cutting Capex by 25%, Deferring Projects, but No Layoffs for Three Months

BP Cutting Capex by 25%, Deferring Projects, but No Layoffs for Three Months

BP plc on Wednesday cut capital spending for 2020 by one-quarter, with the Lower 48 exploration budget sliced by half as the supermajor defends itself from the global pandemic and low oil prices.

April 1, 2020
BP Cutting Capex by 25%, Deferring Projects, but No Layoffs for Three Months

BP Cutting Capex by 25%, Deferring Projects, but No Layoffs for Three Months

BP plc on Wednesday cut capital spending for 2020 by one-quarter, with the Lower 48 exploration budget sliced by half as the supermajor defends itself from the global pandemic and low oil prices.

April 1, 2020
Dallas Fed Energy Survey Confirms ‘Overwhelmingly’ Bleak Conditions in Texas, Louisiana and New Mexico

Dallas Fed Energy Survey Confirms ‘Overwhelmingly’ Bleak Conditions in Texas, Louisiana and New Mexico

Oil and natural gas activity in Texas, southern New Mexico and northern Louisiana fell off a cliff in the first three months of the year, unsurprising news from the Federal Reserve Bank of Dallas.

March 25, 2020
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