BP plc ratcheted down oil and natural gas production plans through 2012, but it plans to keep capital spending near 2008 levels to prepare for a certain upturn, CEO Tony Hayward said last week.
Upturn
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BP Slows Production Plans but Keeps Spending Near 2008 Levels
BP plc has ratcheted down oil and natural gas production plans through 2012 but it still plans to keep spending near 2008 levels to prepare for a certain upturn, CEO Tony Hayward said Tuesday.
Consultant Tells Producers to ‘Drill Through the Storm’
The economic downturn could be half over, and when it ends the oil and gas industry is poised to benefit from the upturn — if it prepares now for better days, according to Ernst & Young.
Ernst & Young: ‘Drill Through the Storm’
The economic downturn could be half over, and when it ends the oil and gas industry is poised to benefit from the upturn — if it prepares now for better days, according to Ernst & Young.
Canadian Gas Drilling May See Upturn — Later
Natural gas drilling in Canada may be poised for an upturn later this year as oilfield service costs stabilize, but increased drilling may not be enough to compensate for the slowdown that began last year, energy executives said last week.
Canadian Gas Drilling May See Upturn — Later
Natural gas drilling in Canada may be poised for an upturn later this year as oilfield service costs stabilize, but increased gas drilling may not be enough to compensate for the slowdown that began last year, energy executives said Wednesday.
Updated Forecast Shows Above-Average Risk of U.S. Hurricane Landfall this Year
The recent upturn in Atlantic Basin hurricane activity, which began in 1995, is expected to continue this year, with an above-average number of tropical cyclones and an above-average probability of U.S. hurricane landfall, according to Colorado State University (CSU) forecasters.
Updated Forecast Shows Above-Average Risk of U.S. Hurricane Landfall this Year
The recent upturn in Atlantic Basin hurricane activity, which began in 1995, is expected to continue this year, with an above-average number of tropical cyclones and an above-average probability of U.S. hurricane landfall, according to Colorado State University (CSU) forecasters.
Natural Gas and Power Stock Prices Rise
Previously battered energy company stocks continued to participate in the general stock market upturn, with some of those that have seen the largest losses — Calpine, AES, Mirant and Williams — now recording the greatest percentage gains. Energy companies were almost uniformly in the black, from large producers and independents through marketers, pipelines and power producers. Pure electric and gas utilities showed a few stock price losses, but those were scattered.
Key Energy Sees Extended Drilling Cycle Based on Producer Optimism
The current upturn in oil and natural gas drilling is likely to be more prolonged than similar cycles in past years judging from producers’ confidence, a top executive of Key Energy Services Inc., a leading drilling and well services equipment company, told financial analysts and producers last week.