Post Tagged with: "spending cuts"

Source: Reuters

Hess deepens spending cuts, posts quarterly loss on virus-fueled oil rout

Reuters


U.S. oil and gas producer Hess Corp on Thursday introduced deeper spending cuts after reporting a quarterly loss due to impairment charges of $2.25 billion on some oil-producing assets amid the coronavirus crisis.

Stay-at-home orders designed to contain the …

Marathon Petroleum cuts spending by $1.4 billion as virus saps fuel demand

Marathon Petroleum cuts spending by $1.4 billion as virus saps fuel demand

Reuters


U.S. oil refiner Marathon Petroleum Corp (MPC.N) on Tuesday cut spending by 30% and detailed other measures to reduce costs, as widespread lockdowns to curb the spread of the COVID-19 pandemic pummel demand for oil and gas.…

Source: Reuters

Graphic: Oil majors cut 2020 spending by 22% after prices slump

Reuters


LONDON- The world’s biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia …

Source: Houston Chronicle

Fracking giants warn shale crash will be faster this time

Houston Chronicle


Two of the world’s biggest oilfield service companies are warning of a bigger shale crash than the one that hit the U.S. and Canada just five years ago.

While the decline in North American drilling rigs could approach …

Source: Reuters

Refiner Phillips 66 cuts spending forecast by 18%, commits to dividend

Reuters


Refiner Phillips 66 (PSX.N) on Tuesday cut its 2020 spending forecast by about 18% and assured investors their dividend was secure even as the coronavirus outbreak and a price war between Saudi Arabia and Russia threaten the …

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 …

Devon joins shale firms to cut spending as oil hovers at $30

Devon joins shale firms to cut spending as oil hovers at $30

Reuters


U.S. oil and gas producer Devon Energy Corp on Thursday cut its 2020 spending forecast by $500 million or nearly 30% to about $1.3 billion, joining its shale peers as the industry battles a slump in crude prices. Shale …

Source: Reuters

U.S. shale producers to tap brakes in 2020 after years of rapid growth

Reuters


HOUSTON – Vastly slower U.S. oil growth this year and the prospect of a plateau for the world’s top oil producer have signaled a new and unfamiliar era of self-restraint for the go-go shale industry.

Spending cuts and production …