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 cut $1.2 billion from hits capital budget, meaning that the company now plans to spend between $1.5 billion and $1.9
Reuters LONDON – Royal Dutch Shell (RDSa.L) will lower spending by $5 billion and suspended its vast $25 billion share buyback plan in an effort to weather the recent collapse in oil prices, it said on Monday. The Anglo-Dutch oil major said it would reduce capital expenditure to $20 billion or below from a planned level of about $25 billion
Reuters LONDON – Oil prices fell for a third session on Wednesday, with U.S. crude futures tumbling to an 18-year low and Brent hitting a more than 16-year low as travel and social lockdowns to counter the coronavirus raised prospect of the steepest ever annual fall in oil demand. U.S. crude Clc1 was down $3.25, or about 12%, at $23.70
Reuters LONDON – Oil traded near $30 a barrel on Tuesday, close to its lowest since 2016, and analysts said more declines may follow as the coronavirus pandemic hits demand and Saudi Arabia and Russia battle for market share. Countries including the United States and Canada, along with nations in Europe and Asia, are taking unprecedented steps to contain the
Reuters Energy investor EnCap Investments pulled off a rarity in the U.S. shale business earlier this month, the $2.5 billion sale of oil producer Felix Energy to rival WPX Energy Inc, striking a deal at a time when energy mergers have all but dried up. EnCap’s big payday, 153 million WPX shares valued at $1.6 billion plus $900 million in
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 sparked by the COVID-19 coronavirus is likely to be over. Bond markets have joined stock investors in panic since mid-February,
Oil and Gas 360 Approximately 95% of anticipated 2020 oil volume hedged at a WTI price of $58.32 per barrel ensures certainty of cash flows DENVER, March 12, 2020 (GLOBE NEWSWIRE) — HighPoint Resources Corporation (“we”, “us”, or the “Company”) (NYSE: HPR) today provided a summary of the Company’s hedge position. The Company currently has approximately 95% of anticipated 2020
Reuters Devon Energy, Apache Corp and Murphy Oil Corp on Thursday became the latest in a string of North American oil producers to slash their capital spending and drilling plans as crude prices tumble. Oil producers have been scaling back spending since the last price crash in 2014, and the latest cuts come as the coronavirus outbreak crimps demand and
Reuters LONDON – Oil prices fell more than 6% on Thursday after U.S. President Donald Trump unexpectedly announced restrictions on travel from Europe in an attempt to halt the spread of coronavirus after the World Health Organization described the outbreak as a pandemic. The slump in oil is being compounded by the threat of a flood of cheap supply after
Reuters LONDON – Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak. Brent crude was down $1.01, or 2.7%, at $36.21 per barrel by 11:01 ET (1601 GMT), while U.S. West Texas
Oxy.com HOUSTON – March 10, 2020 – Occidental Petroleum Corporation (NYSE:OXY) announced today that its Board of Directors approved a reduction in the company’s quarterly dividend to $0.11 per share from $0.79 per share, effective July 2020. The company also announced it will reduce 2020 capital spending to between $3.5 billion and $3.7 billion from $5.2 billion to $5.4 billion and will
Houston Chronicle A Department of Energy spokeswoman called out OPEC’s decision not to cut oil production as an attempt to “manipulate and shock oil markets,” after oil prices dropped close to $30 a barrel Monday. “These attempts by state actors to manipulate and shock oil markets reinforce the importance of the role of the United States as a reliable energy
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