Exploration and Production (E&P)

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

CNBC


Oil & Gas 360 Editor’s Note: Excellent CNBC Fast Money Interview with Scott Sheffield, CEO, Pioneer Natural Resources. Scott talks about several key points:

  • He has asked President Trump to get involved with the price war between Russia and
Source: Houston Chronicle

Record 5.0-magnitude earthquake hits near Permian Basin town

Houston Chronicle


A record-setting 5.0-magnitude earthquake hit near the Permian Basin town of Orla, Texas, on Thursday morning.

U.S. Geological Survey officials say the quake occurred at 10:16 a.m. about 16 miles southwest of Orla in a rural area off …

Source: Houston Chronicle

Oxy enacts pay cuts amid deeper budget cuts

Houston Chronicle


Houston exploration and production company Occidental Petroleum is enacting across pay cuts after making a second round of budget cuts as crude oil prices remain stuck at record lows.

Occidental plans to cut $2.5 billion from its capital …

Source: dallasfed.org

U.S. energy sector cutting spending, jobs amid pandemic: Dallas Fed survey

Reuters


The U.S. energy sector is slashing capital spending and jobs as business activity plunged and the outlook has turned “extremely pessimistic” amid the coronavirus pandemic, a survey by the Dallas Federal Reserve Bank of oil and gas companies showed …

Source: CNBC

Chevron CEO says the dividend is the company’s No. 1 priority and is ‘very secure’

CNBC


Chevron shares surged Tuesday after the company announced cost-cutting measures, but promised not to slash its dividend despite mounting pressure from falling crude prices.

“Our dividend is our number one priority and it’s very secure,” Chevron CEO Michael Wirth …

Thirteen suspected Covid-19 cases on Taqa North Sea platforms

Thirteen suspected Covid-19 cases on Taqa North Sea platforms

Energy Voice


Taqa said that eight crew members are currently under self-isolation on its Cormorant Alpha and North Cormorant platforms.

It added that a further five workers have show “minor symptoms” and are nearing the end of their self-isolation period.…

March 24, 2020 - 7:00 am Energy News, Exploration and Production (E&P), Offshore
Source: Houston Chronicle

Occidental, Icahn may be near deal to end boardroom battle

Houston Chronicle


Activist investor Carl Icahn is nearing a truce with Occidental Petroleum Corp. that will see three new directors appointed to the oil company’s board, according to people familiar with the matter.

The deal would also see the billionaire …

Source: Houston Chronicle

Diamondback Energy cuts budget again as oil prices continue to sink

Houston Chronicle


Midland exploration and production company Diamondback Energy is cutting its 2020 drilling budget for a second time this month as crude oil continue to fall to nearly 20-year lows.

In a statement issued late last week, Diamondback has …

Talos Energy Announces Additional Budget Reductions And Provides Updated 2020 Guidance

Talos Energy Announces Additional Budget Reductions And Provides Updated 2020 Guidance

HOUSTONMarch 23, 2020 /PRNewswire/ — Talos Energy Inc. (“Talos” or the “Company”) (NYSE: TALO) today announced updated full year 2020 financial guidance, inclusive of $170.0 million of reductions in capital, operating and G&A expenses. The Company will continue …

Permian operators slash 2020 plans as oil market craters

Permian operators slash 2020 plans as oil market craters

Enverus

Oil & Gas 360 Publishers Note: This blog from Erin Faulkner at Enverus is an excellent summary of the  top operators in the Permian and their financial updates. Enverus has over 1,700 employees and has customers in over 50

GeoPark announces plan ahead for new environment and revisions in 2020 work program

GeoPark announces plan ahead for new environment and revisions in 2020 work program

Maintaining Self-funded Work Programs, Financial Flexibility & Balance Sheet Strength

GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, …

March 19, 2020 - 4:37 pm ESG, Exploration and Production (E&P), Press Releases
Devon Energy Provides Hedge Position Update

Devon Energy Provides Hedge Position Update

OKLAHOMA CITY, March 19, 2020 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today provided an update regarding its oil and natural gas hedge position. The company has approximately 80 percent of its estimated oil production in 2020 protected at …

Diamondback Provides Supplemental Operational Update

Diamondback Provides Supplemental Operational Update

MIDLAND, Texas, March 19, 2020 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today provided an update to the operational press release it issued on March 9, 2020, as well as an update to the Company’s …

Source: Reuters

ConocoPhillips to reduce capex, output and share repurchase program

Reuters


ConocoPhillips, the largest U.S. independent oil producer, on Wednesday pared its proposed spending, production and share buybacks for the year, seeking to prevent an oil-price rout from turning into pool of red ink.

Conoco cut its 2020 budget by …

Cimarex Announces Reduction in 2020 Capital Plans

Cimarex Announces Reduction in 2020 Capital Plans

DENVERMarch 17, 2020 /PRNewswire/ — Cimarex Energy Co. (NYSE: XEC) today announced that, due to the recent drop in oil prices, it expects a 40-50 percent reduction in its 2020 capital investment program from its original guidance of …

March 17, 2020 - 6:17 pm Exploration and Production (E&P), Press Releases
Source: Houston Chronicle

Pioneer Natural Resources cuts budget nearly in half as oil falls below $30

Houston Chronicle


Irving oil company Pioneer Natural Resources is cutting its 2020 budget in nearly half as crude prices slipped below $30 per barrel.

The exploration and production company said late Monday afternoon that it plans to spend between $1.7 …

Hess Announces Significant Reduction to 2020 Capital and Exploratory Budget

Hess Announces Significant Reduction to 2020 Capital and Exploratory Budget

Hess Corporation (NYSE:HES) today announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3.0 billion.

Callon Reduces 2020 Capital Program by Over 25% and Provides Operational and Hedging Updates

Callon Reduces 2020 Capital Program by Over 25% and Provides Operational and Hedging Updates

Callon Petroleum Company (NYSE: CPE) today provided an update on its 2020 development program, prioritizing free cash flow and financial flexibility in 2020 and beyond. The revised plan accounts for recent changes in the macroeconomic outlook, including the following highlights:…

Concho Resources Inc. Provides Update to 2020 Capital Program

Concho Resources Inc. Provides Update to 2020 Capital Program

The Company has reduced its 2020 capital program to approximately $2 billion from the $2.6 to $2.8 billion range previously announced. The revised capital range is approximately 25% lower than the Company’s prior capital spending expectations for the year.

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Image: Kizonga deepwater project, off northern Angola coast. Source: ExxonMobil

ExxonMobil To Make Significant Spending Cuts, Reversing Statement of Two Weeks Ago

Exxon Mobil on Monday said it will make “significant” cuts to spending in the face of the unprecedented slide in oil prices due to the global coronavirus outbreak, which sent its shares to a 17-year low.

It was a stunning …

Ring Energy Announces Fourth Quarter and Twelve Month 2019 Financial and Operational Results

Ring Energy Announces Fourth Quarter and Twelve Month 2019 Financial and Operational Results

Ring Energy, Inc. (NYSE American: REI) (“Ring”) (“Company”) announced today financial results for the three months and twelve months ended December 31, 2019. For the three-month period ended December 31, 2019, the Company reported oil and gas revenues of $52,231,186 …

EOG Resources Updates 2020 Capital Plan; Premium Strategy Proves Resilient at Low Oil Prices

EOG Resources Updates 2020 Capital Plan; Premium Strategy Proves Resilient at Low Oil Prices

Exploration and development expenditures for 2020 are now expected to range from $4.3 billion to $4.7 billion, including facilities and gathering, processing and other expenditures, and excluding acquisitions and non‐cash exchanges

Whiting Petroleum Corporation Prioritizes Cash Flow and Announces $185 Million Reduction to 2020 Capital Budget

Whiting Petroleum Corporation Prioritizes Cash Flow and Announces $185 Million Reduction to 2020 Capital Budget

Whiting expects to drop one rig and one completion crew within the next month. The capital reduction is projected to have a moderate impact on full-year 2020 total production and oil production.

Source: EQT

EQT Lowers 2020 Capital Expenditure Guidance By $75 Million, Executes Agreement To Permanently Release Firm Transportation And Provides Update On Debt Repayment

EQT Corporation (NYSE: EQT) today announced a further reduction to its 2020 capital expenditure guidance and the execution of an agreement to permanently release certain firm transportation capacity.

Goodrich Petroleum Announces Revised Capital Expenditure Budget And 2020 Guidance

Goodrich Petroleum Announces Revised Capital Expenditure Budget And 2020 Guidance

Goodrich Petroleum Corporation (NYSE American: GDP) today announced it has lowered its 2020 preliminary capital expenditure budget by $15 million to $40 – $50  million, which is expected to generate free cash flow of an estimated $15 – $25 million

McDermott gets approval for reorganization plan

McDermott gets approval for reorganization plan

Offshore Energy


The U.S. Bankruptcy Court for the Southern District of Texas has confirmed McDermott’s plan of reorganization and approved the sale of Lummus Technology to a joint partnership between The Chatterjee Group and Rhône Capital.

McDermott filed for Chapter

Source: CNBC

In oil crash, energy debt loads are not the immediate problem for most drillers

CNBC


As markets for energy companies’ bonds crater on lower crude oil prices, bond analysts offer one big piece of comforting news amid the chaos: Very few major energy companies have any debt due before next year, when the crisis …

Source: Reuters

OPEC+ deal collapse, virus double whammy to keep oil in $30s range – Reuters poll

Reuters


Oil prices are set to languish near current lows in coming months as the collapse of a deal among major producers to curb output hammers a market already reeling from falling demand due to the coronavirus, a Reuters survey …

Source: Houston Chronicle

More Houston energy companies slash spending

Houston Chronicle


Two more Houston energy companies slashed spending and dividends Thursday after oil prices crashed earlier this week.

Apache Corp. and Noble Energy each cut about a third of their planned capital spending, about $650 million and $550 million, …

BNK Petroleum Inc. Announces Annual 2019 Results, 75% of 2020 Oil Production Hedged at $56.62

BNK Petroleum Inc. Announces Annual 2019 Results, 75% of 2020 Oil Production Hedged at $56.62

“The Company has extensive commodity contracts in place for 2020 which significantly protects the operating cash flow from our existing wells from market price fluctuations during the year.  We have commodity contracts in place for over 75% of our existing …