Saudi Arabia plans to spend $261 billion in 2018. The budget will set a record for Saudi Arabia, as it looks to reform the country’s economy and reduce reliance on oil revenues. Forbes reported that Saudi Arabia plans to cut gasoline subsidies, creating a 80% price jump in January 2018. The article notes that gasoline prices were very low –
PDC Energy, Inc. (ticker: PDCE) announced today its 2018 capital investment budget and production forecast. 2018 budget highlights: Year-over-year production growth of approximately 25 percent to an estimated 38 to 42 million barrels of oil equivalent (MMBoe) Oil production to account for approximately 42 percent of total production, representing a year-over-year oil volume increase of approximately 30 percent Year-over-year Delaware
Phillips 66 (ticker: PSX) recently announced its 2018 capital budget of $2.3 billion, which includes $1.4 billion of growth capital and $0.9 billion of sustaining capital. In midstream, the company plans to invest $1.2 billion, including $1 billion of growth capital in its natural gas liquids and transportation businesses. Phillips 66 said that the Beaumont Terminal is still undergoing expansion
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