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News Topics: Capital Budget Annoucements

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Genel Raises Debt to Fund Kurdistan Strategy
Thursday, March 26, 2015 Iraqi Kurdistan-focused Genel Energy completes a placing of $230 million of bonds.

Maurel et Prom Slashes Oil Hunting Budget as Prices Weak
Thursday, March 26, 2015 France's Maurel et Prom slashes its exploration budget by more than 60 percent.

Drilling Activity to Rebound in 2016 after Exploration Cuts this Year
Thursday, March 26, 2015 Drilling activity across the global oil and gas industry could return to 2014 levels next year, according to a new report from research firm Wood Mackenzie.

Angola Sees Oil Output Rising 10% This Year to 1.84M Bpd
Friday, March 20, 2015 Angola expects oil output to average 1.84 million barrels per day (bpd) this year, up 10 percent from 1.67 million bpd in 2014, according a revised 2015 budget passed by parliament, the state news agency says.

Tullow Gets $450M Lending Boost from Creditors, Shares Climb
Friday, March 20, 2015 Africa-focused oil producer Tullow Oil raises an additional $450 million of capital from existing lenders, boosting its financial strength despite weak oil prices and sending shares higher.



Malaysia's Petronas Says $5B Bond Issue for Capex, Possible M&As
Thursday, March 19, 2015 Malaysia's Petronas plans to use the $5 billion it raised in Asia's largest bond offering so far this year for corporate expenses as well as possible acquisitions, the company says.

Sirius Continues Work to Secure Funds for Ororo Development
Monday, March 16, 2015 Sirius Petroleum continues to work on the completion of a $14-million loan in order to fund the development of its Ororo field in Nigeria.

Russia's Gazprom Neft Eyes Help from National Wealth Fund
Wednesday, March 11, 2015 Gazprom Neft may apply to receive money from Russia's National Wealth Fund to develop some upstream projects.

Cairn Bucks Trend by Increasing Oil Exploration Budget
Tuesday, March 10, 2015 Cairn Energy announces an increase to its exploration budget for 2015.

Cairn India Cuts FY 2016 Capex to $500M from $1.2B Due to Low Oil Price
Thursday, March 05, 2015 Cairn India reduces capital expenditure for fiscal year 2016 from $1.2 billion to $500 million in the current low oil price environment.

Oil Producer Afren Defaults on 2016 Bonds
Wednesday, March 04, 2015 Africa-focused oil producer Afren defaults on its 2016 bonds after declining to make a $15-million interest payment.

Cairn India Slashes 2015-16 Capex on Falling Crude
Wednesday, March 04, 2015 Cairn India cuts capital spending by about 60 percent as falling oil prices hurt profitability and make project expansions unviable.

Anadarko Petroleum Cuts '15 Capital Expenditures By A Third
Tuesday, March 03, 2015 Anadarko says it would reduce spending by about 33% this year, as it responds to lower crude oil prices.

Reality Hits North Dakota's Pricey Apartment Market; Rents Drop
Monday, March 02, 2015 It is getting cheaper to rent an apartment in North Dakota's oil patch.

Woodside to Issue $1B in Corporate Bonds
Friday, February 27, 2015 Woodside to issue $1 billion in corporate bonds to help fund its capital and exploration expenditure program.

Russia's Rosneft May Get 300B Roubles from National Wealth Fund
Friday, February 27, 2015 Russian state oil firm Rosneft may get $5 billion from Russia's National Wealth Fund to finance five projects.

Malaysia's Petronas Posts $2B Quarterly Loss, Cuts Spending On Oil Slump
Friday, February 27, 2015 Petronas reports a $2B quarterly loss and says it plans a cut in spending over the next two years due to the slump in global oil prices.

SandRidge Energy Cuts 2015 Capex By 56%
Thursday, February 26, 2015 SandRidge sets a capital budget of $700 million for 2015, 56% lower than a year earlier, as the company responds to a slump in crude oil prices.

Exxon Says Spending To Fall 11% This Year To $34B
Thursday, February 26, 2015 ExxonMobil says spending will decline about 11% this year to around $34 billion due to plunging oil prices, according to a regulatory filing this week.

Thai Bangchak Petroleum to Invest over $600M in 2015-2016
Tuesday, February 24, 2015 Bangchak will invest $610 million, mainly on exploration and production, in 2015 and 2016 as part of a plan to spend $2.76 billion in the next six years to boost its business, the Thai oil refiner says.

US Shale Leader EOG Resources Confidence No Match For Cheap Oil
Thursday, February 19, 2015 One of the leaders of the U.S. shale revolution, EOG Resources, is humbled by plunging oil prices.

New Centrica Head Cuts Dividend after Energy Prices Fall
Thursday, February 19, 2015 UK energy firm Centrica cuts dividend and its 2015-2016 exploration and production budget due to weak energy prices.

Woodside's 2014 NPAT Up 38% to $2.4B, to Cut 2015 Spending by 15-20%
Wednesday, February 18, 2015 Woodside's net profit after tax rises to $2.414 billion in 2014, up 38 percent from a year ago, but the company plans to cut investment and operating expenditures by 15-20 percent this year.

Eni Reassures On Dividend, Gears Up For Investment Cuts
Wednesday, February 18, 2015 Eni reassures investors with a small dividend increase while pledging to cut capital spending as low oil prices depress fourth quarter profit.

Marathon Oil Slashes Spending A Second Time, Profit Rises
Wednesday, February 18, 2015 Marathon Oil cuts its 2015 budget by another 20% to $3.5 billion and says its 4Q profit rose.

NZ-Focused Kea Petroleum Launches Review of its Strategic Options
Tuesday, February 17, 2015 New Zealand-focused Kea Petroleum is launching a review of its strategic options to maximize value for shareholders.

Statoil Gives Go-Ahead For $29B Oil Project
Friday, February 13, 2015 Statoil will move ahead with plans to develop the $29-billion Johan Sverdrup oilfield – which is expected to produce oil that will be profitable even after the recent price crash.

Santos to Accept a $1.2B Impairment Charge to Reflect Lower Oil Price
Thursday, February 12, 2015 Santos expects to accept a non-cash impairment charge of around $1.2 billion to reflect the lower oil price environment.

Chariot Sees Opportunities due to Oil Price Decline
Thursday, February 12, 2015 Chariot says it is in a strong position to take advantage of opportunities arising from the impact of the low oil price.

Husky Energy Swings To Loss, Cuts 2015 Capex Again
Thursday, February 12, 2015 Husky Energy swings to a quarterly loss and cuts its capital budget for the second time in three months as oil trades at 5-year lows.

Low Oil Prices Prompt Job Cuts at FMC
Wednesday, February 11, 2015 FMC Technologies will cut 10% of its workforce to low oil prices that have prompted producers to reduce 2015 spending plans and E&P activity.

Central Agrees to Early Gas Sale to PWC from NT's Palm Valley Field
Monday, February 09, 2015 Central Petroleum agrees to an early sale of gas to Power and Water Corp. from its Palm Valley field in Australia's Northern Territory.

Max Petroleum in Last-Ditch Attempt to Stay Afloat
Monday, February 09, 2015 Max Petroleum says slump in crude oil prices would render its business insolvent unless it restructures its debt and secures a significant investment.

Statoil Cuts Capital Spending by 10%
Friday, February 06, 2015 Statoil responds to weak oil prices by reducing its capex for 2015 by 10%, but analysts believe the firm may still be being overly optimistic about the outlook.

Oil Prices Up More As BP Joins Sector Spending Cuts
Tuesday, February 03, 2015 Oil rises as BP says it will reduce capital spending, adding to cuts in investment in the sector.

Anadarko CEO Sees Significant Cuts In Capex In 2015
Tuesday, February 03, 2015 Anadarko's capex in 2015 will be significantly lower than last year because of the recent collapse in crude oil prices, Chief Executive Al Walker says.

Dana Gas to Use $60M Repaid by Egypt for Local Investments, Operations
Monday, February 02, 2015 Dana Gas will channel the $60 million repaid by the Egyptian government to the firm for future investment requirements and operational expenses in Egypt.

Chevron Scraps 2015 Share Repurchase Program On Low Oil Prices
Friday, January 30, 2015 Chevron halts its 2015 share repurchase program, a move designed to conserve cash amid tumbling oil prices and its latest cost-cutting step after slashing capital spending.

MEO Cuts Costs, Rejects Mosman Oil and Gas' Revised Takeover Proposal
Friday, January 30, 2015 MEO Australia implements cost cutting measures and rejects a revised takeover proposal from Mosman Oil and Gas.

Oil Search To Cut Spending To Cope With Crash Of Crude Price
Thursday, January 29, 2015 Oil Search, which tripled production in 2014, is now looking to cut spending in the wake of the near 60% drop in crude prices since June.

Shell Falls Short After Oil Production Income Collapses
Thursday, January 29, 2015 Shell misses profit expectations and announces a 3-year, $15-billion cut in spending.

Soco Cuts 2015 Investment Budget to Focus on Vietnam, Africa
Thursday, January 29, 2015 Oil producer Soco International reduces its 2015 capital expenditure budget by more than 60 percent versus last year and will focus on projects in Vietnam and Africa, the company says.

Indonesia Plans to Produce 825,000 Bopd in 2015, Up 4% YOY
Thursday, January 29, 2015 Indonesia plans to produce 825,000 barrels of oil per day in 2015, up 4% from last year, while a decision on contract extension for the Mahakam block is expected in February.

Gazprom Warns of Reduced Investment Program if Oil Price Decline Continues
Thursday, January 29, 2015 Gazprom warns that any further decline in crude oil prices may adversely affect its business and investment program as it reports a 31-percent fall in its nine-month pre-tax profit.

Beach Energy Cuts Capex in 2H FY15 by $43M Due to Lower Oil Prices
Thursday, January 29, 2015 Beach Energy reduces its capital expenditure for second half of financial year 2015 by $43 million to $339-371 million as a result of lower oil prices.

OMV Drops 2016 Output Goal, Takes 4Q Charge
Thursday, January 29, 2015 Austria's OMV says reduced investment due to lower oil prices and Libyan uncertainty would prevent it from reaching its 2016 output target.

Conoco, Occidental And Shell Cut 2015 Budgets On Crude Slide
Thursday, January 29, 2015 ConocoPhillips and Occidental Petroleum slash exploration spending plans for this year, as the third- and fourth-largest US oil companies attempt to cope with a steep slide in crude prices.

Cenovus Energy Cuts 2015 Capital Spending as Oil Prices Plunge
Wednesday, January 28, 2015 Canada's Cenovus Energy cuts its capital spending budget for 2015 in response to the slump in oil prices.

CEO: Saudi Aramco to Renegotiate Some Contracts on Low Oil Price
Tuesday, January 27, 2015 Saudi Aramco will renegotiate some contracts and postpone some projects due to falling oil prices, its CEO says.

Oil Producer Afren Shares Slump Amid Warning Of Imminent Default
Tuesday, January 27, 2015 Afren's shares tumble 72% after it said it had entered talks with its largest bondholders over immediate fund shortages, prompting dent ratings agency Fitch to warn of its imminent default.

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