News Topics: Capital Budget Annoucements

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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.

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.

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.

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.

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.

Lundin Petroleum Reveals Pre-Tax Exploration Costs for 1Q 2016
Friday, April 22, 2016 Lundin will incur pre-tax exploration costs of approximately $71 million in the first quarter of 2016, according to the company's latest financial update.

Statoil Says to Cut Cost of Castberg Field by Another NOK 4B
Wednesday, April 20, 2016 Norwegian oil major Statoil plans to cut the estimated cost of developing its Arctic Johan Castberg oilfield by another $491.53 million, project director Erik Strand Tellefsen tells an energy conference.

Chesapeake Gets Credit Lifeline But Troubles Remain
Friday, April 15, 2016 Chesapeake Energy stocks and bonds stage rally after lenders quash fears of a bankruptcy.

Australia's FAR Raises $45.3M to Fund Offshore Senegal Oil Project
Friday, April 15, 2016 Australia's FAR raises $45.3 million to fund its offshore Senegal oil project.

Energy XXI Files for Bankruptcy
Thursday, April 14, 2016 U.S. oil and gas producer Energy XXI Ltd files for bankruptcy protection, becoming one of the biggest casualties of the oil rout to date.

BP Signals Dividends Are No Longer Sacrosanct
Thursday, April 14, 2016 BP says an oil market rebalancing and a bounce in oil prices has allowed the company to maintain its dividend but signals the payout is no longer sacrosanct.

BP Shareholders Seek Director Remuneration Change
Thursday, April 14, 2016 BP plc's shareholders are seeking a change to the way the company deals with the remuneration of its directors, following the chief executive's proposed 20% pay increase this year.

Providence Resources in Talks with Creditor after $7M Judgement
Wednesday, April 13, 2016 Irish oil explorer Providence Resources is in talks with its main creditor to ensure it has sufficient resources to fulfil a court order to pay $7 million to drilling provider Transocean.

National Oilwell Slashes Dividend by 89% amid Oil Slump
Monday, April 11, 2016 National Oilwell Varco Inc will cut its quarterly dividend by 89% as the company struggles to cope with a prolonged slump in oil prices.

Chesapeake Surprises By Keeping $4B Borrowing Base
Monday, April 11, 2016 Chesapeake surprises investors by keeping its $4 billion loan from banks despite concerns about its liquidity position at a time when many oil and gas producers are seeing their credit cut.

BP Bonus Backlash Intensifies as Investor Adviser Urges Rejection
Monday, April 11, 2016 BP faces further opposition to its pay at its annual meeting after British shareholder advisory group ShareSoc recommends its members vote against the oil major's remuneration report.

Shell Under Pressure to Reduce Spending
Friday, April 08, 2016 Royal Dutch Shell is under pressure from shareholders to cut annual spending below $30 billion, after buying BG Group, to ensure it can maintain its dividend given the slow oil price recovery.

Report: Canada Oil, Gas Investment To Drop 62% Since 2014
Thursday, April 07, 2016 Capital spending in Canada's oil and gas sector this year is expected to drop 62% from 2014, according to the Canadian Association of Petroleum Producers.

PNOC EC to Invest $182M in Philippines Oil, Gas Projects in 2016
Thursday, April 07, 2016 Philippines' PNOC Exploration Corp. sets aside $182 million for investments in the country's Malampaya gas field and other exploration projects this year.

Japan's Inpex Halves Full-Year Net Profit Estimate on Oil Rout
Tuesday, April 05, 2016 Japanese oil firm Inpex Corp halves its full-year net profit estimate due to impairment losses on upstream assets amid the sharp fall in crude oil prices.

Kazakh KMG EP Proposes No Dividend for 2015
Thursday, March 31, 2016 State-controlled Kazakh oil firm Kazmunaigas Exploration and Production says its board has recommended paying no dividend for 2015.

Nigeria's Forte Oil to Raise up to $503M to Fund Expansion
Thursday, March 31, 2016 Nigeria's Forte Oil plans to raise up to 100 billion naira ($503 million) to expand its operations in the country.

Superior Energy Eliminates Dividend
Thursday, March 31, 2016 Oilfield services provider Superior Energy Services says it has approved the elimination of its quarterly dividend as it looks to shore up its finances amid a prolonged oil price slump.

Greka Drilling Secures Debt Financing
Thursday, March 31, 2016 Greka Drilling Limited secures $5 million in loan financing from Guaranty Finance Investors LLC, which it expects to use for working capital purposes.

EXCO Resources says Borrowing Base Cut by 13% to $325M
Wednesday, March 30, 2016 EXCO Resources Inc says its lenders have cut its borrowing base by 13% to $325 million amid a slump in oil prices.

Emerald Oil Files for Chapter 11 Bankruptcy Protection
Tuesday, March 22, 2016 Emerald Oil Inc files for Chapter 11 bankruptcy protection a month after the oil explorer and producer warned that it could go bankrupt as it remained in default with creditors.

Rosneft's $25B Debt Seen Rising after Essar Deal
Monday, March 21, 2016 The debts of Russia's top oil producer Rosneft are likely to rise as a result of its plan to buy a non-controlling stake in Indian oil refiner Essar Oil, says Moody's credit ratings agency.

Lundin Secures Further Financing
Monday, March 21, 2016 Lundin Petroleum AB enters into a committed short term revolving credit facility of $300 million and receives additional commitments of $135 million under a reserve-based lending facility accordion.

Eni Cranks Up Spending Cuts, Asset Sales To Fund Transformation
Friday, March 18, 2016 Eni is cutting investments and selling down stakes in oil and gas fields to help it prop up dividends and become a leaner exploration-driven player focusing on gas.

Osborne Supports Oil, Gas Industry with Tax Cuts
Wednesday, March 16, 2016 UK Chancellor of the Exchequer George Osborne announces tax cuts for the country's oil and gas industry in his Budget speech.

Linn Energy Says Bankruptcy May Be 'Unavoidable'
Tuesday, March 15, 2016 Linn Energy LLC says a bankruptcy filing may be "unavoidable" as the struggling oil-and-gas producer stares at defaults on interest payments amid a slump in oil prices.

Russia's Novatek Sees Yamal LNG Financing in 2-3 Months
Wednesday, March 09, 2016 Novatek expects its Yamal LNG project to secure external financing in the next 2-3 months, according to the Interfax news agency.

Mexico's Pemex Sets Up Credit Lines to Pay Suppliers
Tuesday, March 08, 2016 Pemex sets up lines of credit with Mexico's development banks to improve liquidity and start paying back billions of dollars in debt to suppliers.

Chevron Plans To Slash Budget To Save Cash For Dividend
Tuesday, March 08, 2016 Chevron will slash its capital budget by as much as 36% in 2017 and 2018, a cash-saving bid to preserve its 90-year-old dividend as it copes with crude prices near 10-year lows.

Saipem Shares Fail to Open After Stake Placed at Discount
Tuesday, March 08, 2016 Shares in Saipem failed to open in early trade after sources said banks had placed around 700 million shares at a discount on Monday.

Seadrill Surges 33%, Squeezing Shorts, as CEO Sees 2Q Refinancing
Monday, March 07, 2016 Shares in Seadrill shoot up by a third, as its chief executive says short-sellers are starting to panic at the prospect its refinancing plan will succeed.

Africa-Focused Energy Companies Prioritize Cost Savings
Monday, March 07, 2016 Sasol and Tower Resources reveal their intentions to prioritize cost savings in 2016 amid the low oil price environment.

Colombia's Ecopetrol Reports $1.26B Loss in 2015
Sunday, March 06, 2016 Ecopetrol reports a loss of $1.26 billion during 2015, due to the global plunge in oil prices, rebel attacks and new accounting standards.

YPF Joins Oil Industry Budget Cuts as Argentine Subsidy Shrinks
Thursday, March 03, 2016 YPF joined the global oil industry's drive to cut capital spending as domestic prices kept artificially high by the government failed to shield the company from a global downturn.

Russia's Gazprom Says Gets $2.2B Loan from Bank of China
Thursday, March 03, 2016 Gazprom says it has raised a $2.2 billion loan from Bank of China Limited, London Branch, the largest ever direct loan for the company raised from one lender.

Canadian Natural Resources Targets More Spending Cuts
Thursday, March 03, 2016 Canadian Natural Resources slashes its capital expenditure plan for 2016 and targets further cuts in 2017 and 2018 in response to the slump in oil prices which has hit its profits.


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