Factbox: North American oil producers slash spending by about 34% amid crude price rout
01/05/2020 18:59
(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))
Recent news on PDC Energy
See all newsBrief: Pdc Energy Inc On August 4 Held Virtual Special Meeting Of Co's Stockholders
Brief: Chevron Offers To Exchange 5.750% Senior Notes Due 2026 Issued By PDC Energy, Inc.
PDC Energy Inc reports results for the quarter ended in June - Earnings Summary
PDC Energy Inc expected to post earnings of $2.92 a share - Earnings Preview
What to Watch in the Day Ahead - Friday, July 28