Nostra Terra Cuts Costs by 40% In Response to Market Downturn

Nostra Terra Oil and Gas Company plc announced Friday that it has achieved a 40 percent year on year reduction in combined running costs, in response to the market downturn.

The company’s board began its cost cutting initiative in mid-2015, in anticipation of further pressure on the price of oil over the course of 2016. A core component of the cost-cutting initiative has been for the board to take a voluntary 25 percent pay cut.

“In light of ongoing weakness in the oil and gas market, which has caused significant declines in company share prices across the sector, the board felt that this was an appropriate step to take,” said a company statement on Nostra Terra’s website.

"We're pleased to have achieved a significant cut in costs during such a severe downturn in the commodity cycle. We'll strive to keep cost low while our focus remains on increasing production and revenues," said Matt Lofgran, CEO of Nostra Terra.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  ExxonMobil Starts Fuels Production at ... (Sep 21)
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)


Most Popular Articles

From the Career Center
Jobs that may interest you
Billing Specialist | Full-Time | Houston, TX | Immediately
Expertise: Accounting|IT - SAP / ERP|Payroll
Location: Houston, TX
 
Senior Accountant
Expertise: Accounting
Location: Houston, TX
 
United States Tulsa: Associate Contract and Pricing Administrator - Order t
Expertise: Budget / Cost Control|Contracts Engineer
Location: Tulsa, OK
 
search for more jobs

Brent Crude Oil : $56.43/BBL 0.40%
Light Crude Oil : $50.55/BBL 0.27%
Natural Gas : $2.95/MMBtu 5.44%
Updated in last 24 hours