Spending

Global E&P Capex in 2022 Led by U.S. E&Ps, with Privates Playing ‘Outsized Role’

Global E&P Capex in 2022 Led by U.S. E&Ps, with Privates Playing ‘Outsized Role’

The U.S. exploration and production (E&P) sector is increasing its capital spending in 2022 for the first time in four years, while Canada is set to remain near multi-decades lows, according to Evercore ISI. Global E&P capital expenditures (capex) are poised to climb by 16% year/year (y/y) in 2022, extending 5.5% growth in 2021 “for…

December 13, 2021
Lower 48 Oil, Gas Spending Seen Rising 19% in 2022 on Cost Inflation, Activity Uptick

Lower 48 Oil, Gas Spending Seen Rising 19% in 2022 on Cost Inflation, Activity Uptick

Spending by Lower 48 oil and natural gas producers is set to rise by 19.4% next year to $83.4 billion from an expected $69.8 billion in 2021, according to new analysis by Rystad Energy.  Service price inflation is expected to account for $9.2 billion of the spending growth, with increased activity contributing $8.6 billion, said…

December 3, 2021
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
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