Factbox: North American oil producers slash budgets by 30% amid crude price rout

Gear Energy

16/03/2020 17:42

(Adds Diamondback, Continental, Canadian Natural, Baytex, Paramount, Amplify, Cardinal and Whitecap)
    March 19 (Reuters) - North America oil and gas producers have cut their 2020 budgets by more than 30% on average, data
compiled by Reuters showed, following a slump in crude prices.
    Since the launch of the price war between Saudi Arabia and Russia, Brent crude  LCOc1  has declined about 60% to below
$26.73, while U.S. crude  CLc1  has dived 61% to about $23.83. The world is witnessing one of its biggest demand shocks,
as travel curbs worldwide due to the coronavirus have reduced oil consumption by millions of barrels per day.   
   Companies including Conocophillips  COP.N , Occidental Petroleum Corp  OXY.N , Continental Resources  CLR.N  as well as
Canadian Natural Resources and Husky Energy Inc  HSE.TO   CVE.TO  have slashed spending. 
    Oil major Exxon Mobil  XOM.N  on Monday said it will make "significant" cuts to spending, but did not provide details.
Rival Chevron Corp  CVX.N  said it was looking at ways to trim spending that could lead to lower near-term oil production.
 urn:newsml:reuters.com:*:nL1N2B968L  urn:newsml:reuters.com:*:nL8N2B33ON
    A list of companies that have cut their capital spending:  
    
                                                                                       % change                 
 ConocoPhillips*                    COP.N              $5,900.00            $6,600.00   -10.61%  Mar.17         nL4N2BB3Y0
 EOG Resources Inc                  EOG.N              $4,500.00            $6,500.00   -30.77%  Mar. 16        nPn6bCnd5a
 Occidental Petroleum Corp          OXY.N              $3,600.00            $5,300.00   -32.08%  Mar. 10        nL4N2B33TD
 Hess Corp                          HES.N              $2,200.00            $3,000.00   -26.67%  Mar. 17        nL4N2BA3QS
 Canadian Natural Resources Ltd^^   CNQ.TO             $2,050.00            $2,800.00   -26.79%  Mar. 18        nL4N2BB5BU
 Concho Resources Inc               CXO.N              $2,000.00            $2,700.00   -25.93%  Mar. 17        nL4N2BA3CT
 Marathon Oil Corp                  MRO.N              $1,900.00            $2,400.00   -20.83%  Mar. 10        nL4N2B32Z7
 Pioneer Natural Resources Co       PXD.N              $1,800.00            $3,300.00   -45.45%  Mar. 16        nBw1dKbZZa
 Husky Energy Inc^^                 HSE.TO             $1,740.00            $2,390.00   -27.20%  Mar. 12        nL4N2B55OP
 Diamondback Energy Inc             FANG.O             $1,700.00            $2,900.00   -41.38%  Mar. 19        nGNXyWXc8
 WPX Energy Inc                      WPX.N             $1,337.50            $1,737.50   -23.02%  Mar. 18        nPn1XqmSZa
 Devon Energy Corp                  DVN.N              $1,300.00            $1,800.00   -27.78%  Mar. 12        nL4N2B53H1
 Noble Energy Inc                   NBL.O              $1,200.00            $1,700.00   -29.41%  Mar. 12        nBw7WbMkSa
 Continental Resources Inc          CLR.N              $1,200.00            $2,650.00   -54.72%  Mar. 19        nL4N2BC3NH
 EQT Corp                           EQT.N              $1,125.00            $1,200.00    -6.25%  Mar.16         nL4N2B94CQ
 Apache Corp                        APA.N              $1,100.00            $1,750.00   -37.14%  Mar. 12        nL4N2B53RC
 Parsley Energy Inc* **             PE.N               $1,000.00            $1,700.00   -41.18%  Mar. 18        nPn1XqmSZa
 Murphy Oil Corp                    MUR.N                $950.00            $1,450.00   -34.48%  Mar. 12        nBw8552dJa
 PDC Energy Inc                     PDCE.O               $814.00            $1,050.00   -22.48%  Mar. 11        nGNX3pD7t8
 Cimarex Energy Co                  XEC.N                $715.00            $1,300.00   -45.00%  Mar. 17        nPnn4Q0Ca
 Callon Petrlouem Co                CPE.N                $712.50              $975.00   -26.92%  Mar. 17        nL4N2BA3QS
 Cenovus Energy Inc^^               CVE.TO               $690.00            $1,020.00   -32.35%  Mar. 10        nL4N2B32KR
 Seven Generation Energy Ltd        VII.TO               $635.00              $776.00   -18.17%  Mar. 10        nBw8plrg9a
 Crescent Point Inc^^               CPG.TO               $539.61              $827.40   -34.78%  Mar. 16        nL4N2B94CQ
 Whiting Petroleum Corp             WLL.N                $417.50              $602.50   -30.71%  Mar. 16        nBw5n2PcLa
 Talos Energy^                      TALO.N               $408.00              $533.00   -23.45%  Mar. 11        nPn1P9dPsa
 Arc Resources Ltd^^                ARX.TO               $217.00              $361.00   -39.89%  Mar. 13        nCNW686g1a
 Birchcliff Energy Ltd^^            BIR.TO               $207.00              $254.00   -18.50%  Mar. 11        nGNX1h7dc3
 Whitecap Resources Inc^^           WCP.TO               $141.73              $248.89   -43.06%  Mar. 17        nCNW08xW3a
 Baytex Energy Corp^^               BTE.TO               $190.15              $371.61   -48.83%  Mar. 19        nGNX9CYGt7
 Paramount Resources Ltd^^          POU.TO               $150.39              $276.59   -45.63%  Mar. 19        nCNWn8Dbwa
 Meg Energy Corp^^                  MEG.TO               $145.00              $182.00   -20.33%  Mar. 10        nCNWRBFGYa
 Kelt Exploration Ltd^^             KEL.TO                $99.00              $154.00   -35.71%  Mar. 18        nNFCzhpXk
 Bonanza Creek Energy Inc           BCEI.N                $90.00              $225.00   -60.00%  Mar. 12        nGNX4qJdvs
 Gran Tierra Energy Inc             GTE.TO                $70.00              $210.00   -66.67%  Mar. 12        nGNX59bXW6
 Pipestone Energy Ltd^^             PIPE.V                $43.00              $108.00   -60.19%  Mar. 12        nGNX2pXtrB
 Amplify Energy Corp                AMPY.N                $29.00               $46.00   -36.96%  Mar. 19        nGNX9ynDH0
 Cardinal Energy Ltd^^              CJ.TO                 $21.44               $45.63   -53.01%  Mar. 18        nGNX3KmQBQ
 W&T Offshore Inc                   WTI.N                 $20.00               $75.00   -73.33%  Mar. 17        nGNX30SgBM
 Gear Energy Ltd ^^                 GXE.TO                 $9.00               $34.58   -73.97%  Mar. 11        nCNW79pnla
 TransGlobe Energy Corp*            TGL.TO                 $7.10               $37.10   -80.86%  Mar. 12        nGNX2SJ1mC
                                                                                                                          
                                                      $42,973.92           $61,590.80   -30.23%                           
    
* As calculated by Reuters
** Parsley said it was reducing its 2020 capital budget to less than $1.0 billion
^ Talos said it will cut its 2020 budget by more than $125 million
^^ Converted to U.S. dollars from Canadian dollars

 (Reporting by Arunima Kumar in Bengaluru; Editing by Maju Samuel/Arun Koyyur/Sherry Jacob-Phillips)
 ((arathys.nair@thomsonreuters.com; +1 646 223 8780 (Extn 2726); Twitter: https://twitter.com/ArathySom))