THREAD: Since March 9, when oil prices started plunging, my team and I have been compiling data on the budget cuts announced by N.American E&Ps.
They have cut more than 28% of their 2020 capex. See below for list:
Compiled by @arooneyma @shanti_2594 and @Arundhati_05
They have cut more than 28% of their 2020 capex. See below for list:
Compiled by @arooneyma @shanti_2594 and @Arundhati_05
These include only the ones that have given hard numbers. Some others have said they will cut, but did not provide specific details.
Oil major @exxonmobil $XOM on Monday said it will make "significant" cuts to spending, but did not provide details. Rival @Chevron $CVX said it was looking at ways to trim spending that could lead to lower near-term oil production
Diamondback Energy $FANG, California Resources $CRC, Ring Energy $REI, Matador Resources $MTDR have said they are reducing their capital budget, but did not provide the details of the cut.
Ovintiv $OVV, formerly Encana, cut Q2 capex by $300 mln and said it was prepared to reduce investments throughout the year; QEP Resources $QEP expects to cut planned 2020 and 2021 combined capex by more than $300 million
Analysts says that the near 30% cut in spending is still not enough. #OOTT
Oilfield service companies, already squeezed on margins, are starting to feel more pain. Parsley Energy $PE asked its supplier to consider a 25% cut to service pricing.
@ContinentalOil said it "has many levers we can adjust within our 2020 capital spending plans in the current commodity price environment."
