Factbox: U.S. oil and gas cos cut capex and rig plans as crude dips
10/02/2015 17:28
(Adds Chevron Corp, Noble Corp, Hess Corp, Antero Resources Corp; Updates Occidental Petroleum, ConocoPhillips)
Feb 10 (Reuters) - U.S. oil and gas producers, including Chevron Corp CVX.N , Hess Corp HES.N and ConocoPhillips COP.N , have slashed
capital spending plans for 2015, following a 50 percent slump in oil prices over the past six months.
Oil and gas companies could cut spending on exploration and production in North America by 30 percent or more this year if U.S. crude oil
prices continue to trade in the $50-$60 per barrel range, Barclays said in January. ID:nL3N0UO3UN
Global benchmark Brent LCOc1 crude was trading at $57.28 by 17.20 GMT on Tuesday. O/R
Global oil and gas exploration projects worth more than $150 billion are likely to be put on hold in 2015 as plunging oil prices render
them uneconomic, according to data from Norwegian consultancy Rystad Energy. ID:nL6N0TO47H
Canadian oil and gas companies are also cutting 2015 capital budgets. ID:nL1N0VJ0KN
Some companies, however, remain bullish. Continental Resources Inc CLR.N , while slowing spending, has exited all its hedges and told
investors oil prices will soon recover. ID:nL1N0VD17Z
This is a list of U.S. exploration and production companies who have cut their budget. The table is arranged in descending order of the
cuts.
COMPANY 2015 CAPEX 2015 VS ESTIMATED 2014 2015 CAPEX VS RIG PLANS FOR 2015 (AVERAGED) LAST UPDATED
CAPEX PREVIOUS ESTIMATE ON
ConocoPhillips $11.5 billion Down $5.6 billion from $17.1 Down 14.8 percent Not disclosed Jan. 29
COP.N billion
Chevron Corp CVX.N $35 billion Down $5.3 billion from $40.3 - Not disclosed Jan. 30
billion
Occidental Petroleum $5.8 bln Down $2.9 bln from $8.7 bln - Not disclosed Jan. 29
OXY.N
Continental $2.7 bln for Down $1.85 bln from $4.6 bln Down 41 pct Plans to cut average rig count from Dec. 22
Resources Inc non-acquisition about 50 to about 34 by end of Q1
CLR.N capital expenses 2015 with an average about 31 rigs
for Q1
Marathon Oil Corp $4.3 bln to $4.5 Midpoint down $1.5 bln from - Not disclosed Dec. 17
MRO.N bln $5.9 bln
Apache Corp APA.N $4 bln in North Down $1.4 bln from $5.4 bln - Reducing to 55-60 rigs in North Nov. 20
America America from 93 rigs as of Q3
Noble Corp Plc $585 million Down $1.32 bln from $1.9 bln - - Feb. 5
NE.N
Antero Resources $1.8 bln Down $1.25 bln from $3.05 - Plans to operate an average of 14 Jan. 20
Corp AR.N bln rigs in 2015, down from 21 in 2014
Hess Corp HES.N $4.7 bln Down $900 mln from $5.6 mln - Plans to operate an average of 9.5 Jan. 26
rigs, down from 17 rigs in 2014
Oasis Petroleum Inc $750 mln to $850 Midpoint down $630 mln from - Said it would reduce its rig count Dec. 10
OAS.N mln $1.43 bln to 10 by the end of January and to
six by end March. As of Sept. 30,
company was running 16 rigs
Denbury Resources $550 mln Down $550 mln from $1.1 bln - Not disclosed Nov. 14
Inc DNR.N
Halcon Resources $375 mln to $425 Midpoint down $550 mln from Midpoint down Reducing to 3 rigs from 11 rigs Jan. 8
Corp HK.N mln $950 mln 48.4 pct
Laredo Petroleum Inc $525 mln Down $475 mln from $1 bln - To operate equivalent of about 2.5 Dec. 16
LPI.N horizontal rigs and 1.5 vertical
rigs on its Permian-Garden City
acreage in West Texas
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