Canadian Natural Resources logo

CNQ - Canadian Natural Resources News Story

C$21.7 -0.3  -1.5%

Last Trade - 6:15pm

Sector
Energy
Size
Large Cap
Market Cap £15.27bn
Enterprise Value £29.47bn
Revenue £11.41bn
Position in Universe 27th / 2679

FACTBOX-North American oil producers slash spending by about 34% amid crude price rout

Fri 1st May, 2020 6:59pm
(Updates Chevron, crude prices)
    May 1(Reuters) - North American oil and gas producers have cut their 2020 spending by nearly 34%, or about $41.6 billion, data compiled by
Reuters showed, following a slump in crude prices.
    Since Saudi Arabia and Russia launched an oil price war on March 9, U.S. crude  CLc1  has more than halved to under $20 per barrel. Last
month, it crashed into unprecedented negative territory. 
    The world is also witnessing one of its biggest demand shocks, as global travel curbs to prevent the spread of coronavirus have reduced oil
consumption by millions of barrels per day.
    Chevron on Friday said it would further cut its spending by $2 billion to $14 billion, bringing total cuts to $6 billion or 30%.
    Exxon Mobil  XOM.N  last month cut its spending by 30%, while ConocoPhillips  COP.N  cut its spending for a second time.
    A list of companies that have cut their 2020 budgets since March 9:

    
                                                                                                           % change                 
 Exxon Mobil Corp                          XOM.N            $23,000.00           $33,000.00   -$10,000.00   -30.30%  April. 7       nBw94GzpVa
 Chevron Corp                              CVX.N            $14,000.00           $20,000.00    -$6,000.00   -30.00%  May 1          nBw5Cc90Ja
 Occidental Petroleum Corp                 OXY.N             $2,800.00            $5,300.00    -$2,500.00   -47.17%  Mar. 25        nPn9F23Pya
 ConocoPhillips*                           COP.N             $4,300.00            $6,600.00    -$2,300.00   -34.85%  April 16       nBw66rsC7a
 EOG Resources Inc                         EOG.N             $4,500.00            $6,500.00    -$2,000.00   -30.77%  Mar. 16        nPn6bCnd5a
 Pioneer Natural Resources Co              PXD.N             $1,800.00            $3,300.00    -$1,500.00   -45.45%  Mar. 16        nBw1dKbZZa
 Continental Resources Inc                 CLR.N             $1,200.00            $2,650.00    -$1,450.00   -54.72%  Mar. 19        nL4N2BC3NH
 Diamondback Energy Inc                    FANG.O            $1,700.00            $2,900.00    -$1,200.00   -41.38%  Mar. 19        nGNXyWXc8
 Marathon Oil Corp                         MRO.N             $1,300.00            $2,400.00    -$1,100.00   -45.83%  April 1        nL4N2BW2YY
 Suncor Energy Inc^^                       SU.TO             $2,920.00            $3,960.00    -$1,040.00   -26.26%  Mar. 23        nGNX14k4Lj
 Noble Energy Inc                          NBL.O               $850.00            $1,700.00      -$850.00   -50.00%  April 15       nBw8gyMvRa
 Hess Corp                                 HES.N             $2,200.00            $3,000.00      -$800.00   -26.67%  Mar. 17        nL4N2BA3QS
 Devon Energy Corp                         DVN.N             $1,000.00            $1,800.00      -$800.00   -44.44%  Mar. 30        nGNXc9XSSP
 Canadian Natural Resources Ltd^^          CNQ.TO            $2,050.00            $2,800.00      -$750.00   -26.79%  Mar. 18        nL4N2BB5BU
 Cimarex Energy Co                         XEC.N               $552.50            $1,300.00      -$747.50   -57.50%  Mar. 17        nPnn4Q0Ca
 Concho Resources Inc                      CXO.N             $2,000.00            $2,700.00      -$700.00   -25.93%  Mar. 17        nL4N2BA3CT
 Parsley Energy Inc* **                    PE.N              $1,000.00            $1,700.00      -$700.00   -41.18%  Mar. 18        nPn1XqmSZa
 Murphy Oil Corp                           MUR.N               $780.00            $1,450.00      -$670.00   -46.21%  April. 1       nBw4C72cFa
 Husky Energy Inc^^                        HSE.TO            $1,740.00            $2,390.00      -$650.00   -27.20%  Mar. 12        nL4N2B55OP
 Apache Corp                               APA.N             $1,100.00            $1,750.00      -$650.00   -37.14%  Mar. 12        nL4N2B53RC
 Cenovus Energy Inc^^                      CVE.TO              $567.05            $1,020.00      -$452.95   -44.41%  April. 2       nGNX8pN9gk
 WPX Energy Inc                             WPX.N            $1,337.50            $1,737.50      -$400.00   -23.02%  Mar. 18        nPn1XqmSZa
 Imperial Oil Ltd^^                        IMO.TO              $807.53            $1,160.00      -$352.47   -30.39%  Mar. 31        nBw8xlKxNa
 Centennial Resource Development Inc*      CDEV.O              $320.00              $640.00      -$320.00   -50.00%  Mar. 19        nGNXQPbXR
 Crescent Point Inc^^                      CPG.TO              $539.61              $827.40      -$287.79   -34.78%  Mar. 16        nL4N2B94CQ
 Callon Petrlouem Co                       CPE.N               $712.50              $975.00      -$262.50   -26.92%  Mar. 17        nL4N2BA3QS
 PDC Energy Inc                            PDCE.O              $814.00            $1,050.00      -$236.00   -22.48%  Mar. 11        nGNX3pD7t8
 Frontera Energy Corp*                     FEC.TO              $140.00              $350.00      -$210.00   -60.00%  Mar. 23        nPn8xz2z4a
 Whiting Petroleum Corp                    WLL.N               $417.50              $602.50      -$185.00   -30.71%  Mar. 16        nBw5n2PcLa
 Baytex Energy Corp^^                      BTE.TO              $190.15              $371.61      -$181.46   -48.83%  Mar. 19        nGNX9CYGt7
 Laredo Petroleum Inc                      LPI.N               $290.00              $450.00      -$160.00   -35.56%  Mar. 23        nGNXbJqBfk
 Arc Resources Ltd^^                       ARX.TO              $217.00              $361.00      -$144.00   -39.89%  Mar. 13        nCNW686g1a
 Seven Generation Energy Ltd               VII.TO              $635.00              $776.00      -$141.00   -18.17%  Mar. 10        nBw8plrg9a
 Talos Energy Inc*                         TALO.N              $392.50              $533.00      -$140.50   -26.36%  Mar. 11        nPrehLbJta
 Gran Tierra Energy Inc                    GTE.TO               $70.00              $210.00      -$140.00   -66.67%  Mar. 12        nGNX59bXW6
 Kosmos Energy Ltd                         KOS.N               $212.50              $350.00      -$137.50    -39.3%  April 8        nBw31s7tHa
 Bonanza Creek Energy Inc                  BCEI.N               $90.00              $225.00      -$135.00   -60.00%  Mar. 12        nGNX4qJdvs
 Paramount Resources Ltd^^                 POU.TO              $150.39              $276.59      -$126.20   -45.63%  Mar. 19        nCNWn8Dbwa
 Parex Resources Inc                       PXT.TO              $105.00              $225.00      -$120.00   -53.33%  April. 2       nGNX1JPxqH
 GeoPark Ltd                               GPRK.N               $75.00              $190.00      -$115.00   -60.53%  Mar. 19        nBw3KWn9ja
 Whitecap Resources Inc^^                  WCP.TO              $141.73              $248.89      -$107.16   -43.06%  Mar. 17        nCNW08xW3a
 Range Resources Corp                      RRC.N               $430.00              $520.00       -$90.00   -17.31%  Mar. 31        nGNX70m75k
 Jadestone Energy Inc*                     JSE.V                $87.50              $175.00       -$87.50   -50.00%  Mar. 20        nRSS7616Ga
 Denbury Resources Inc                     DNR.N               $100.00              $180.00       -$80.00   -44.44%  Mar. 31        nGNX7FPFR7
 EQT Corp                                  EQT.N             $1,125.00            $1,200.00       -$75.00    -6.25%  Mar.16         nL4N2B94CQ
 Pipestone Energy Ltd^^                    PIPE.V               $43.00              $108.00       -$65.00   -60.19%  Mar. 12        nGNX2pXtrB
 Kelt Exploration Ltd^^                    KEL.TO               $99.00              $154.00       -$55.00   -35.71%  Mar. 18        nNFCzhpXk
 W&T Offshore Inc                          WTI.N                $20.00               $75.00       -$55.00   -73.33%  Mar. 17        nGNX30SgBM
 Birchcliff Energy Ltd^^                   BIR.TO              $207.00              $254.00       -$47.00   -18.50%  Mar. 11        nGNX1h7dc3
 Montage Resources Corp                    MR.N                $155.00              $200.00       -$45.00   -22.50%  Mar. 25        nBw8ZD9Hda
 Meg Energy Corp^^                         MEG.TO              $145.00              $182.00       -$37.00   -20.33%  Mar. 10        nCNWRBFGYa
 Peyto Exploration & Development Corp^^    PEY.TO              $158.91              $194.22       -$35.31   -18.18%  April 15       nGNXc5DKqX
 PetroShale Inc^^                          PSH.V                $18.28               $49.22       -$30.94   -62.86%  Mar. 26        nCNWZ64pfa
 TransGlobe Energy Corp*                   TGL.TO                $7.10               $37.10       -$30.00   -80.86%  Mar. 12        nGNX2SJ1mC
 Athabasca Oil Corp ^^                     ATH.TO               $60.25               $87.00       -$26.75   -30.75%  Mar. 20        nGNX3VfJHm
 Gear Energy Ltd^^                         GXE.TO                $9.00               $34.58       -$25.58   -73.97%  Mar. 11        nCNW79pnla
 Cardinal Energy Ltd^^                     CJ.TO                $21.44               $45.63       -$24.19   -53.01%  Mar. 18        nGNX3KmQBQ
 Amplify Energy Corp                       AMPY.N               $29.00               $46.00       -$17.00   -36.96%  Mar. 19        nGNX9ynDH0
                                                                                                                                                 
                                                            $81,732.94                                      -33.72%                              
 

* As calculated by Reuters
** Parsley said it was reducing its 2020 capital budget to less than $1 billion
^^ Converted to U.S. dollars from Canadian dollars

 (Reporting by Arathy S Nair, Arunima Kumar and Shanti S Nair in Bengaluru; Editing by Maju Samuel/Arun Koyyur/Sherry
Jacob-Phillips/Uttaresh.V/Ramakrishnan M./Sriraj Kalluvila/ Shinjini Ganguli)
 ((arathys.nair@thomsonreuters.com; +1 646 223 8780 (Extn 2726); Twitter: https://twitter.com/ArathySom))
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.