News Topics: Capital Budget Annoucements

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Nostrum Oil & Gas Financials 'In Line', Production Guidance Unchanged
Wednesday, May 25, 2016 Nostrum Oil & Gas plc's 1Q financials are "broadly in line and operations are on track", according to a brief research note from FirstEnergy.

BP Indonesia Cuts Investment Budget For Tangguh Train 3 LNG Project
Wednesday, May 25, 2016 BP cuts its investment budget for the Tangguh Train 3 LNG project in Indonesia to between $8 billion and $10 billion, from $12 billion previously, according to a company official.

Tanzania Plans To Invest $1.9B In Year In Energy Projects By 2025
Wednesday, May 25, 2016 Tanzania plans to invest $1.9 billion each year by 2025 in energy projects in a bid to end power shortages and boost industrial growth in East Africa's second-biggest economy.

Climate Change Takes Center Stage at Exxon, Chevron Annual Meetings
Tuesday, May 24, 2016 Exxon Mobil Corp and Chevron will face their toughest-ever push by shareholders concerned about a warming world at annual meetings on Wednesday.

Energy Bet of $459B Seen as Overlooked Risk for Insurers
Tuesday, May 24, 2016 US insurers are risking financial stability by holding $459 billion of energy-related investments without considering the "broad and deep" threat that climate change poses to the assets, according to an environmental advocacy group.

Waste Stream Provider BlueJack Receives Millions of Dollars in PE Funding
Tuesday, May 24, 2016 Waste stream management solutions provider BlueJack Energy receives an initial equity commitment of up to $100 million from Energy Spectrum Capital.

ENI CEO: Nord Stream 2 Would Raise Gas Prices in Italy
Monday, May 23, 2016 Italian gas prices will increase if the Nord Stream 2 pipeline is built to double the amount of gas Russia pumps to Germany, the CEO of Italian oil and gas major Eni said on Monday.

GeoPark to 'Pounce' on Deals as Cheap Oil Creates Bargains
Monday, May 23, 2016 GeoPark is considering buying assets from other oil producers in Latin America and could close a deal by year-end as an industry downturn is leaving many of its rivals strapped for cash.

GE Agrees to $3B Saudi Arabia Investments Outside of Crude
Monday, May 23, 2016 General Electric agreed to take part in $3 billion of Saudi Arabia investments as the desert kingdom seeks to diversify its economy away from crude.

McDermott Charts Growth Path Following Company Restructuring
Monday, May 23, 2016 Fresh from a company turnaround, offshore engineering and construction firm McDermott gears up to tap opportunities in a market beset by the challenges of low oil prices.

Circle Oil Warns There Could Be Little or No Value Left for Shareholders
Friday, May 20, 2016 Circle Oil plc warns there could be little or no value left for shareholders, after taking into account its $77.5 million outstanding debt position and the nature of indicative proposals received to date.

Freeport's Oil and Gas Business Scraps IPO
Friday, May 20, 2016 Freeport-McMoRan's oil and gas business has withdrawn its initial public offering as weak oil prices dent valuations of oil producers.

Rosneftegaz Might Pay Interim Dividend If Rosneft Stake Privatized
Friday, May 20, 2016 Rosneftegaz, which owns 69.5% of Russia's biggest oil producer Rosneft, might pay interim dividends should Rosneft be privatized.

Proposed Gazprom Dividend Would Cut Russian State's Income
Thursday, May 19, 2016 Gazprom proposes a dividend less than half as big as the amount implied in a government order for state companies, adding to strains on state finances caused by low oil prices.

Petrobras Reopens Foreign Debt Markets for Brazilian Corporates
Thursday, May 19, 2016 Oil firm Petrobras threw open the door for Brazilian corporate issuance this week after printing a $6.75B bond - the first domestic company to sell foreign debt since June 2015.

AEP Says Spin Offs Won't Be Hit by Closure of McClendon's Firm
Thursday, May 19, 2016 The closure of American Energy Partners after the sudden death of founder Aubrey McClendon will not affect companies it formed and spun off with Texas-based private equity firm Energy & Minerals Group, according to an AEP statement seen on Thursday.

Halcon Resources to Restructure Through Chapter 11 Filing
Wednesday, May 18, 2016 Oil and gas company Halcon Resources says it will for a prepackaged Chapter 11 bankruptcy to restructure its balance sheet and eliminate $1.8 billion in debt.

Industry Needs to Make Tough Call on Deepwater Projects in Challenging Time
Wednesday, May 18, 2016 Difficult decisions are needed to tackle challenges in the current market as the number of deepwater projects dropped 42 percent in the past year to 122.

Halcon Reaches Pact with Creditors on Prepackaged Bankruptcy Plan
Wednesday, May 18, 2016 Halcón Resources, which produces oil in Texas and North Dakota, says it plans to file for a prepackaged bankruptcy that would wipe out $1.8 billion in debt and help it survive the drop in crude prices.

InterOil Asks Shareholders to Reject Founder's Board Nominees
Tuesday, May 17, 2016 InterOil Corp urged shareholders to reject board nominations made by founder and former Chief Executive Phil Mulacek, saying they were "not in the best interests" of investors.

Samson Resources' Banks to Gain Ownership in New Bankruptcy Plan
Tuesday, May 17, 2016 Samson Resources, one of the largest energy companies to file for bankruptcy in the commodity downturn, proposed a new Chapter 11 exit plan on Tuesday that would swap ownership of the natural gas producer to banks in return for reducing debt.

Petrobras to Offer New Debt, Repurchase Up to $3B in Bonds
Tuesday, May 17, 2016 State-controlled Petrobras plans to sell five- and 10-year dollar-denominated bonds as early as Tuesday, the first global offering of bonds by any Brazilian company since last June.

Carlyle Sets Up $500M Europe, North Africa Energy Vehicle
Monday, May 16, 2016 Carlyle Group announced an investment in Tunisia-focused oil and gas explorer Mazarine Energy, which will also receive $500 million to make bolt-on acquisitions in Europe and North Africa.

Ithaca Energy Turns Loss to Profit in 1Q, Maintains Capex
Monday, May 16, 2016 Ithaca Energy turned loss to profit in the first quarter of 2016, maintaining its capital expenditure of $50 million for the year in the process.

Oil Sands Junior Producer Connacher Files for Creditor Protection
Monday, May 16, 2016 Junior oil sands producer Connacher Oil and Gas filed for protection from creditors at an Alberta court on Monday, making it the latest Canadian victim of the two-year slump in global crude prices.

Chevron Thailand Says To Cut 800 Staff, Cut Costs By $500M
Monday, May 16, 2016 The Thai unit of U.S. oil firm Chevron plans to cut 800 staff this year as it looks to cut costs by half a billion dollars to weather the sharp fall in global energy prices and weaker demand.

Japan Oil Firms Eye Smaller Investments Amid Low Oil Price
Friday, May 13, 2016 Japanese oil companies are planning to cut spending on exploration and refining over the next few years as the plunge in crude prices since 2014 hammers their balance sheets and refining margins.

Brazil's Petrobras Reports Net Loss of $358M
Thursday, May 12, 2016 Brazil's state-led oil company, Petroleo Brasileiro SA, reported a 1.25 billion real ($358 million) net loss in the first quarter, according to a company statement.

Thai Energy Group PTT's Profit Tops Forecast on Lower Gas Costs
Thursday, May 12, 2016 PTT Pcl, Thailand's largest energy company, on Thursday said its first-quarter net profit rose 5 percent mainly due to lower gas costs and reduced losses from its natural gas for vehicles (NGV) business.

Linn Energy Files for Bankruptcy, SandRidge Misses Quarterly Filing
Wednesday, May 11, 2016 Linn Energy files for bankruptcy, and SandRidge Energy says it could not file quarterly results in a timely manner, the latest sign of the turmoil a deep price crash has caused among small firms in the US oil and gas sector.

Husky Said Near Deals to Sell 5 E&P Packages for $463M
Wednesday, May 11, 2016 Husky Energy says it sold a package of oil and gas assets in southwest Saskatchewan to Whitecap Resources for $463 million (C$595 million).

Perpetual Energy Swaps More Senior Notes for Tourmaline Shares
Wednesday, May 11, 2016 Perpetual Energy exchanged more of its senior debt for shares in Tourmaline Oil.

Premier Oil Achieves 'Strong' Production, Cuts Costs
Wednesday, May 11, 2016 Premier Oil achieved "strong" production levels in 1Q, according to its latest trading update, cutting costs by 10-20% in the process.

Conoco CEO Looks at Hedging Options But Says Market Limited
Tuesday, May 10, 2016 ConocoPhillips has looked at using derivatives to lock in oil prices in a volatile market, but Chief Executive Ryan Lance says the company is too big to hedge all of its output.

Chariot Oil & Gas Limited Reduces Personnel, Payroll
Tuesday, May 10, 2016 Chariot Oil & Gas Limited will reduce its personnel and payroll as part of its ongoing focus on capital discipline in light of the "continuously challenging business environment".

Big Oil Abandons $2.5B in US Arctic Drilling Rights
Tuesday, May 10, 2016 After plunking down more than $2.5 billion for drilling rights in US Arctic waters, Royal Dutch Shell, ConocoPhillips and other companies have quietly relinquished claims they once hoped would net the next big oil discovery.

Freeport to Pay Noble $540 Million to Not Use 2 Oil Rigs
Tuesday, May 10, 2016 Freeport-McMoRan will pay Noble Corp more than half a billion dollars to not use a pair of its drillships.

South Africa Budgeting $12B for Energy Investments Over Next 3 Years
Monday, May 09, 2016 South Africa is budgeting $12 billion for energy investment over the next three years, according to a document released outlining steps taken by a government-business team tasked with finding ways to spur growth.

Halliburton Joins Schlumberger in Cutting Venezuelan Activity
Friday, May 06, 2016 Halliburton has joined rival Schlumberger in curbing activity in Venezuela due to lack of payment during the oil industry’s worst financial crisis.

CEO: EOG Can Post 'Strong Returns' at $40 Oil
Friday, May 06, 2016 EOG Resources has the ability to post strong returns with oil prices around $40 a barrel, and would post triple-digit returns should prices spike to $60, Chairman and Chief Executive Bill Thomas told investors on Friday.

Devon Ready to Boost Drilling, Spending If Oil Prices Keep Climbing
Wednesday, May 04, 2016 Devon Energy will ramp up drilling and spending if oil prices continue to recover, executives said on Wednesday, joining a growing list of companies expecting an increase in activity as the commodity price picture improves.

DONG Energy Summons Shareholders for May Meeting Ahead of "Potential IPO"
Wednesday, May 04, 2016 Danish majority state-owned utility DONG Energy calls for an extraordinary general meeting on May 20 to remove the last obstacles to a potential initial public offering.

Noble Energy May Lift US Shale Spend if Oil Breaches $50 Per Barrel
Wednesday, May 04, 2016 US oil and gas producer Noble Energy says it expects to spend less than the $1.5 billion it had budgeted for the year, but would consider spending more on US shale assets if crude oil prices moved and stayed above $50 per barrel.

Eni Makes Progress on $8B Asset Sales Goal
Friday, April 29, 2016 Eni is on track to sell assets worth 5 billion euros in the next two years as the oil major looks for resources to fund high-profile projects in Egypt and Mozambique and offset the impact of lower oil prices.

Mexico's Pemex Posts Narrower First Quarter Loss
Thursday, April 28, 2016 Mexican national oil company Pemex reports a 62 billion peso ($3.6 billion) loss in the first quarter, less than last year as a lower tax burden helped offset a slump in crude prices.

Oil Sands Cash Burn Deepens as Cheap Canadian Crude Saps Profits
Thursday, April 28, 2016 In a week when oil prices are rallying, financial results from one of the world’s costliest places to extract crude are a reminder of how bad things have been for energy producers.

Gazprom 2015 Profit Jumps as Kremlin Demands Higher Dividend
Thursday, April 28, 2016 Gazprom, the world's biggest natural gas producer, says full-year profit jumped almost five-fold, signaling the possibility of a higher dividend payout just as the Russian government needs more funds to plug its budget gap.

Cenovus Energy Cuts 2016 Budget, Loss Narrows On Forex Gain
Wednesday, April 27, 2016 Cenovus Energy Inc reports a smaller quarterly loss, helped by foreign exchange gains, and says it will cut its 2016 capital budget to help cope with a prolonged slump in oil prices.

BP Reduces Losses, Prepares to Cut CAPEX
Tuesday, April 26, 2016 BP plc reveals that its losses before interest and tax reduced to $1.2 billion in 1Q 2016, from $2.2 billion in 4Q 2015, and states that it is prepared to further cut its capital expenditure.

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