News Topics: Capital Budget Annoucements

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Hess Falls 11% on Stock Sales to Raise $1.43 Billion
Friday, February 05, 2016 Hess Corp, the New York-based oil and gas producer, says it will raise $1.43 billion from sales of stock and deposit shares after reporting its first annual loss since 2002.

Greka Warns of Cost Base Reduction in 2016
Friday, February 05, 2016 Greka Drilling Limited warns that it will take actions to reduce its cost base in 2016 as a response to the lower oil price environment.

Faroe to Drill 3 Exploration Wells in 2016 despite Oil Price
Friday, February 05, 2016 Junior oil firm Faroe Petroleum will be involved in three exploration wells offshore Norway in spite of the low oil price.

Pacific E&P Works to Make Bond Payments as Deadline Looms
Friday, February 05, 2016 Colombia's largest private oil producer works to avoid default on bond payments as it comes up against February deadline.

European Oil Giants Post Steep Profit Falls
Thursday, February 04, 2016 Oil giants Royal Dutch Shell plc and Statoil ASA reveal steep falls in profit in their fourth quarter financial results.

As Oil Suffers, Colombia Eyes Tough Time for Bond Offer
Thursday, February 04, 2016 Colombia prepares to tap bond markets as slide in crude prices dents fiscal accounts threaten the oil exporting nation's credit standing.

ConocoPhillips Cuts Dividend, Lowers Budget as Low Crude Weighs
Thursday, February 04, 2016 ConocoPhillips lowers its capital budget for 2016 as the fall on crude oil prices takes its tool on the US's largest independent oil and gas company.

Investors, Analysts Pan ConocoPhillip's Decision to Slash Payout
Thursday, February 04, 2016 Investors punish ConocoPhillips after slashing its payout for the first time in 25 years due to low oil prices and an uncertain outlook.

Suncor Cuts Spending After Surprise Loss on Asset Writedowns
Thursday, February 04, 2016 Suncor Energy cuts spending by about 10% this year amid writedowns on the value of Canadian, Libyan and offshore assets.

CGG Completes Rights Issue, Says Has Liquidity to Weather Crisis
Wednesday, February 03, 2016 French seismic survey group says it has raised $387 million in a rights issue that should help it weather crisis in oil services.

Macquarie Cuts Its Profit Forecast for Commodities Business
Wednesday, February 03, 2016 Macquarie cuts full-year forecast as falling oil prices and a selloff in US credit markets take a toll on client activity.

Barometer of Shale Oil Industry's Health Warns Agony to Get Worse
Wednesday, February 03, 2016 Oilfield equipment giant National Oilwell Varco warns the pace of drilling and fracking will only slow more as 2016 drags on.

Sources: Saudi Aramco to Keep Same Number of Oil, Gas Rigs in 2016
Wednesday, February 03, 2016 State oil giant Saudi Aramco is expected to keep the same number of its oil and gas drilling rigs this year, despite weak oil prices, according to industry sources.

Saudi Aramco Continues to Invest Despite Oil Price Crash
Tuesday, February 02, 2016 Saudi Aramco will not cut its upstream investment despite the collapse in oil price, says Ahmed Al-Sa'adi, Saudi Aramco's senior vice president for technical services.

Texas Shale Drillers Lure $2 Billion in New Equity to Permian
Tuesday, February 02, 2016 Oil producers in West Texas, defying expectations they would fall victim to OPEC’s price war, are instead selling investors on the idea that they can still profit with prices below $35 a barrel.

Exxon's Profit Tumbles 58 Percent, Slashes Capex by One-Quarter
Tuesday, February 02, 2016 Exxon Mobil Corp reports its smallest quarterly profit in more than a decade, saying it will cut 2016 spending by one-quarter and suspend share repurchases as it copes with a prolonged downturn in crude prices.

IMF Says Ready to Lend to African Oil Producers; No Requests Yet
Tuesday, February 02, 2016 The International Monetary Fund says it stands ready to help sub-Saharan Africa's oil exporters cope with plunging crude prices and growing fiscal pressures but has not received any new funding requests from the region.

Oil Industry's Plan to Keep Investors Happy: Borrow More Money
Tuesday, February 02, 2016 The world’s largest oil companies have a plan to weather the worst market in over a decade: borrow more money.

Indonesia's Pertamina Targets 30% Cut To 2016 Upstream Operating Expenses
Monday, February 01, 2016 Indonesia's Pertamina has reduced its 2016 upstream operating expense target by 30 percent because of declining crude prices, the state-owned energy company's upstream director, Syamsu Alam, says.

Seadrill Deepens Cost Cuts to Ride Out CEO’s Worst Rig Slump
Monday, February 01, 2016 Seadrill, once the crown jewel among billionaire John Fredriksen’s oil and shipping holdings, is deepening planned cost reductions this year as it attempts to make it through the worst market slump its chief executive has ever seen.

Lundin Reduces CAPEX by 26%, Increases Reserves by 292%
Friday, January 29, 2016 Lundin Petroleum reduces its capital expenditure to $1.08 billion in in 2016 and increases its reserve to 685 million barrels of oil equivalents.

OMV Takes Fresh Charges as Cuts Oil Price Forecast
Friday, January 29, 2016 Low oil prices force OMV to take writedowns totalling EUR 1.8 billion ($2 billion), underlining the problems facing the company.

Global Petroleum Looking to Acquire New Projects, Remains 'Selective'
Friday, January 29, 2016 Global Petroleum Limited is interested in investing in new projects, although the company has admitted that it will be "extremely selective" in choosing such ventures.

Maurel & Prom Makes Deep Cuts as Oil Price Fall Bites
Thursday, January 28, 2016 French oil and gas junior Maurel & Prom has cut planned investments for 2016 by 70 percent to $45 million, and its exploration budget by 63 percent, as it reported a 50 percent fall in 2015 revenue.

Penn West Cuts 2016 CAPEX by 90%; Sees 30% Lower Output
Thursday, January 28, 2016 Canada's Penn West Petroleum Ltd cut its 2016 capital budget by as much as 90 percent to C$50 million from a year earlier, to weather a steep plunge in crude oil prices.

Range Resources Ltd Production, CAPEX in Decline
Wednesday, January 27, 2016 Range Resources Limited's CAPEX and average daily oil and gas production decreases during 4Q 2015.

Continental Resources Slashes 2016 Budget By 66%
Tuesday, January 26, 2016 Continental Resources said it would slash its 2016 capital budget by 66% as it tries to preserve cash amid tumbling crude prices.

DONG to Keep Oil Unit In IPO, Takes $2.32B Writedown
Tuesday, January 26, 2016 Dong Energy will keep its oil and gas unit as part of its anticipated initial public offering.

Hess Slashes 2016 Capital Spending 40% As Oil Sits Near $30
Tuesday, January 26, 2016 Hess says it planned to cut capital spending by 40% this year because of the sharp downturn in crude prices.

Fitch: Total To Make Most Spending Cuts Among Oil Majors
Monday, January 25, 2016 Total to make the steepest cuts to investment and shareholder returns among Europe's oil majors if oil prices remain weak, ratings agency Fitch says.

Russia's Novatek Sees 2016 Capex Down to 40B Roubels
Friday, January 22, 2016 Russia's No.2 gas producer expects capital spending of $505 million this year, down on that for 2015.

Nostrum Poised to Survive 'Any Downturn'
Thursday, January 21, 2016 Nostrum has taken steps to ensure that it has a stable financial base during "any prolonged downturn", according to the company's CEO Kai-Uwe Kessel.

Husky Cuts Spending and Production Forecasts, Scraps Dividend
Wednesday, January 20, 2016 Husky Energy cut $549.07 million from its 2016 capital budget and slashed production guidance by 15,000 barrels of oil equivalent per day in the latest sign that Canadian producers are scrambling to cope with low oil prices.

CNOOC Cuts CAPEX in 2016
Tuesday, January 19, 2016 CNOOC Limited cuts its CAPEX to $9.1 billion in 2016, following "an increasingly complicated operating environment".

Iraq Wants Foreign Oil Firms to Cut Development Spending, Oil Minister Says
Tuesday, January 19, 2016 Iraq's oil minister says the country wants oil companies to cut spending as the nation seeks to narrow a budget gap caused by lower crude prices.

Source: PETRONAS to Cut Spending by $11.41B Over Four Years
Tuesday, January 19, 2016 PETRONAS is planning to slash spending by as much as $11.41 billion over the next four years, as a slump in oil prices to multi-year lows pinches profits of the Malaysian state firm.

Statoil Goes Ahead with Arctic Field After Halving Of Costs
Tuesday, January 19, 2016 Statoil will go ahead with its Arctic Johan Castberg oilfield, the firm's CEO says.

Det norske Increases Reserves, Maintains 'Very Good' Production Levels
Monday, January 18, 2016 Norway's Det norske oljeselskap increases reserves and is maintaining 'very good' production levels in spite of low oil prices and challenging macroeconomic conditions.

Pertamina Hulu Energi's Subsidiary Allocates $565M for Investment in 2016
Thursday, January 14, 2016 Indonesia's PT Pertamina Hulu Energi unit allocates $565 million for investments, including $168 million in capital expenditure, for 2016, a local media says.

CEO: Saudi Government to Keep Controlling Stake if it Lists Aramco
Wednesday, January 13, 2016 Saudi Arabia's government will keep a controlling interest in state-owned Saudi Aramco if it decides on a share offering, its CEO says.

Statoil Picks Subsea Plan For Norway Project After 30% Cost Cut
Wednesday, January 13, 2016 Statoil and its partners agree on a development concept for their Trestakk oil and gas discovery off the coast of Norway.

Tullow: TEN Project Over 80% Complete, CAPEX Reduction in 2016
Wednesday, January 13, 2016 Tullow announces that it will be reducing its capital expenditure in 2016 and that the TEN field, located offshore Ghana, is over 80% complete.

CEO: Dana Gas To Slash Costs And Cut Staff
Tuesday, January 12, 2016 Dana Gas aims to slash its head office workforce by 40% and cut admin costs by half between 2015 and early 2016, according to its CEO.

Petrobras Cuts Spending Plan Again As Oil-Price Drop Bites
Tuesday, January 12, 2016 Petrobras slashes its investment plan for the third time in just over six months as it tries to preserve cash to pay its debt, the industry's largest.

Thai Oil firm PTTEP Says May Cut $3.4B Investment Plan this Year
Tuesday, January 12, 2016 Thai oil company PTT Exploration and Production may cut its $3.4-billion investment budget further due to declining oil prices.

Thai PTTEP May Cut 2016 Budget, Keen for Stake in BG's Bongkot Gas Field
Tuesday, January 12, 2016 Thailand's PTTEP is considering cutting its $3.4 billion investment budget for this year due to declining oil prices, its chief executive says.

Wall Street Journal: Aramco Chairman Says No Concrete Listing Plans Yet
Monday, January 11, 2016 Saudi Arabia's giant national oil company is weighing various ideas regarding a possible listing of its shares.

Saudi Aramco Confirms Studying Options to List in Capital Markets
Friday, January 08, 2016 State oil giant Saudi Aramco confirms it is studying various options to list its stock in capital markets.

Paper: Petrobras 5-year Investment Plan to Make More Cuts
Thursday, January 07, 2016 Brazil's state-run oil company Petrobras is to present a five-year investment plan that will be even leaner than the $19 billion announced in October, according to a newspaper report.

Crescent Point Energy Cuts 2016 Budget By As Much As 39%
Thursday, January 07, 2016 Canadian oil and gas producer Crescent Point Energy Corp cuts its capital budget for 2016 by as much as 39 percent from 2015.

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