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.

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