As expected, the majority of North American E&Ps are slashing budgets in anticipation for 2015 – a year in which the Energy Information Administration forecasts West Texas Intermediate prices at $62.75/barrel. A common theme in 2015 guidance is a focus on established, reliable plays and a pullback in wildcatting and exploration projects. Some companies admitted in their Q3’14 calls that guidance rates will be released later than usual as the players in the oil and gas industry analyze how to proceed in the changing market.
Oil & Gas 360® compiled and compared year-over-year guidance rates for 21 exploration and production companies. The majority are projecting production growth even with restrained capital spending in 2015. Even Continental Resources (ticker: CLR) expects to post production growth of 18% despite cutting its rig count by nearly 40%.
All information was compiled purely from information provided in company releases, therefore exact production rates were not given in some circumstances. We will update the list as more companies release their respective plans for 2015.
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