(World Oil) – (Bloomberg) – Chevron Corp. plans to slow production growth in the biggest U.S. oil field next year in the most definitive sign yet that President-elect Donald Trump faces an uphill battle to ramp up American oil output. Chevron will reduce capital expenditures in the Permian basin to between $4.5 billion and $5 billion in 2025, a
Houston Chronicle Houston exploration and production company Marathon Oil has cut its drilling budget by about 10 percent amid an ongoing shale slump that caused revenue and profits to decline in 2019. In a Wednesday afternoon statement, Marathon said the company is cutting capital expenditures by 10 percent, to $2.4 billion from $2.6 billion in 2019. The company plans to
By Tyler Losier, Energy Reporter, Oil & Gas 360 Saltstone Capital Management calls for special committee of the board to review strategic alternatives Billy Bailey, founder and portfolio manager for Saltstone Capital Management LLC, penned a scathing letter to Abraxas Petroleum’s (stock ticker: AXAS) board of directors this week, calling for the creation of a special committee to explore strategic
By Tyler Losier, Energy Reporter, Oil & Gas 360 Occidental Petroleum and Ecopetrol S.A. form joint venture in the Midland Basin Occidental Petroleum Corporation (stock ticker: OXY), the fourth largest public E&P by market capitalization, has formed a joint venture (JV) with Colombia-based Ecopetrol S.A. (stock ticker: EC) to develop 97,000 net acres of Occidental’s Midland Basin properties, subject to
By Tyler Losier, Energy Reporter, Oil & Gas 360 Contura Energy selects David J. Stetson as its new CEO and as a member of its board of directors Contura Energy (stock ticker: CTRA), a Tennessee-based coal supplier, has unanimously elected David J. Stetson as the company’s new chief executive officer, as well as a member of its board, effective July
By Tyler Losier, Energy Reporter, Oil & Gas 360 Vanguard Natural Resources completes financial restructuring, emerges as Grizzly Energy Vanguard Natural Resources, a Houston-based onshore energy company, has successfully completed its Chapter 11 financial restructuring process, emerging as a new limited liability company under the name Grizzly Energy. According to the Houston Chronicle, this is the second time in two
Bonanza Creek Energy, Inc. (ticker: BCEI) exceeded the company’s high-end of Q4 2017 estimates by producing 14.8 MBOEPD. The company is expecting Rockies production to grow by 20% in 2018 and in 2019 Bonanza Creek said it expects an increase of 50% or more. Expanding core footprint in DJ with French Lake “In 2017, we secured our strategically important leasehold
Approximately 80% of 2018 capital is projected to be spent in the Marcellus, generating greater than 25% growth Range Resources Corporation (ticker: RRC) announced a 2018 capital budget of $941 million, which is below anticipated 2018 cash flow at current strip prices and generates annual production growth of approximately 11%. Additionally, Range announced a five-year outlook from 2018 through 2022
BMI Research forecasts 2.5% increase in oil and gas capex for 2017 The oil and gas industry is expected to increase spending next year for the first time following the crash in oil prices at the end of 2014, according to BMI Research. The research group, which is affiliated with Fitch Ratings parent company Fitch Group, believes oil and gas
CLR, HES, NBL, and WMB Slash Nearly $6.6 Billion in 2016 Plans Lower year-over-year spending in 2016 was a foregone conclusion for many in the exploration and production space, but the amount of expenditure cuts is noteworthy, no matter how you slice it. Plans for 2016 are trickling out ahead of Q4’15 earnings season, and some of the biggest names
Survey of Energy Industry Executives and Investment Professionals Focused on the Oil & Gas Industry In December, Oil & Gas 360® conducted a survey of industry executives and investors. We asked respondents to predict commodities pricing for 2016, as well as U.S. CapEx, global demand and U.S. production for the year ahead. Who are the respondents? 50% are executives from E&P,
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