News Topics: Capital Budget Annoucements

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Canadian Oil Sands Producer Athabasca Oil Cuts Capex
Friday, July 31, 2015 Canada's Athabasca Oil, which processes oil sands to produce crude, says it would cut its capital expenditure by nearly 5 percent as oil prices stay low.

Oil Producer Afren's Board to Put Company into Administration
Friday, July 31, 2015 Africa-focused independent producer Afren's board decide to put the company into administration after failing to secure support for a restructuring plan.

BG Group Posts 58% Earnings Slump, Increases Production
Friday, July 31, 2015 BG Group, soon to be part of Shell, reveals a 58% earnings slump in the first half of 2015, compared to the same period last year.

Range Resources Increases Production, Revenue
Friday, July 31, 2015 Range Resources' oil and gas production in Trinidad rises by 8% in the second quarter of 2015, compared to the previous quarter, resulting in a revenue increase.

Shell, Centrica to Cut More Than 12,000 Jobs by 2020
Thursday, July 30, 2015 Shell and Centrica reveal plans to axe more than 12,000 jobs by 2020.

Spain's Repsol Says to Maintain Capex Thanks to Talisman
Thursday, July 30, 2015 Spain's Repsol will maintain exploration capex at around $4.5 billion this year and next thanks to its takeover of Talisman.

TGS: $65 Million Revenue Loss in 2Q 2015
Thursday, July 30, 2015 TGS reveals a net revenue loss of $65 million in the second quarter of 2015, compared to the same period last year.

LINN Energy Drops Distributions, Investors Follow
Thursday, July 30, 2015 Linn Energy cuts its regular distributions to investors, likely drawing the attention of other upstream master limited partnerships.

Australia's Beach Energy Reduces Production Volume, Capex for FY16
Wednesday, July 29, 2015 Australia's Beach Energy reduces production volumes and capital expenditure in its latest guidance for financial year 2016.

Subsea 7 to Cut Costs by $550 Million, Increases Vessel Reduction Plan
Wednesday, July 29, 2015 Subsea 7 will cut costs by approximately $550 million by early 2016, confirming plans to axe employees and vessels first announced in May this year.

European Majors Reap Benefits of Cost-Cutting Measures
Tuesday, July 28, 2015 Statoil and BP are reaping the benefits of cost cutting across their operations.

Europa Raises Funds Ahead of UK, Irish License Awards
Thursday, July 23, 2015 Europa raises funds ahead of license round awards in the UK and Ireland.

Weatherford Raises Layoffs Target to 11,000
Thursday, July 23, 2015 Weatherford increases its worker layoff target to 11,000 as weakness in the North American oilfield service market activity continues.

Victoria Oil & Gas Almost Triples its Daily Gas Production
Thursday, July 23, 2015 Victoria Oil & Gas almost triples its daily gas production in 2Q 2015, compared to the first quarter of the year.

PGS Reveals $80 Million Year-on-Year Revenue Loss in 2Q 2015
Thursday, July 23, 2015 PGS reveals a revenue loss of over $80 Million in 2Q 2015, compared to the same period last year.

FT: Shell Expected to Reduce Capex for the Year
Monday, July 20, 2015 Shell, which is all set to acquire rival BG, may cut its capital expenditure for the year by several billion dollars from the previously announced $33 billion figure, the Financial Times reports.

Conoco Says Cutting Deepwater Spending, Dividend Up A Penny
Thursday, July 16, 2015 ConocoPhillips says it will reduce future spending on deepwater drilling due to low crude oil prices, and also raise its dividend 1 cent.

BHP Says Will Take $2B Charge On US Onshore Energy Business
Wednesday, July 15, 2015 BHP Billiton says it will take a $2 billion impairment on its US shale operations - the third writedown in three years.

Sabine Oil & Gas Files for Bankruptcy
Wednesday, July 15, 2015 Sabine Oil & Gas Corporation files for bankruptcy to facilitate the restructuring of its balance sheet.

Thai Star Petroleum to Raise Up To $735M from IPO in 4Q
Tuesday, July 14, 2015 Star Petroleum could raises up to $735 million in an initial public offering that will mark the exit from the business of Thailand's PTT.

S&P Keeps Negative Bias on Petrobras After New Business Plan
Tuesday, July 14, 2015 Standard & Poor's reiterates a negative outlook for Brazil's Petrobras, signaling the state-run oil company might soon lose its investment-grade rating despite its recent efforts to cut debt and restore investor confidence.

India Oil Ministry Sees 2015/16 Upstream Subsidy at 50-60B Rupees
Monday, July 13, 2015 India expects a subsidy burden of between $788 million and $946 million for its state-run oil and gas producers this fiscal year.

Oilex Announces Plans to Raise $23 Million to Fund India Operations
Wednesday, July 08, 2015 Oilex announces a two tranche placement and underwritten rights issue to raise $23 million dollars, which will be used to fund operations at India's Cambay and Bhandut fields.

Petrobras May Sell Braskem Stake, Build Tax Provisions, Valor Says
Monday, July 06, 2015 Petroleo Brasileiro could sell a stake in resin producer Braskem in order to build provision against tax debts nearing $12.7 billion.

Bumi Armada Allocates More Funds from Rights Issue to FPSO, FGS Units
Thursday, July 02, 2015 Malaysia's Bumi Armada allocates more funds raised from a rights issue on its floating production, storage and offloading as well as floating gas solutions business units.

AGR Energy Takes Controlling Stake in Tethys Petroleum
Wednesday, July 01, 2015 Central Asia-focused Tethys Petroleum raises a much-needed $48 million via a share placing with Kazakhstan's AGR Energy.

Petrobras History of Failed Plans Raises Doubt over New Promises
Wednesday, July 01, 2015 Brazil's state-run oil company Petroleo Brasileiro's history of failed spending and output plans may be the biggest obstacle to its efforts to convince investors it will reduce its debt.

IGas Energy Reveals Revenue, Production Decrease
Friday, June 26, 2015 IGas Energy reveals a year on year revenue and oil production decrease, from 2014 to 2015.

Rosneft First-Quarter Profit Falls 35% After Oil Prices Drop
Friday, June 26, 2015 Russia's largest oil producer, said first-quarter profit fell 35%, hurt by last year's decline in crude prices.

Russia's Lukoil To Cut Investments To $12.5B In 2015
Wednesday, June 24, 2015 Vagit Alekperov, the head of Lukoil, says the firm expected to invest $12.5B in 2015, down from around $15B last year.

Petrofac Expects Full Year Profit to be Weighted Towards H2
Tuesday, June 23, 2015 Petrofac expects its net profit for the year to be weighted towards the second half and states that its order book at the end of May had grown to $20.5 billion.

Cowen & Co: Small, Mid-Cap E&P Companies to See $16B Funding Gap in 2016
Wednesday, June 17, 2015 Cowen & Co analysts say that small to mid-cap exploration and production firms in the US will see a gap of $16 billion between spending estimates and projected cash flows for 2016.

Statoil Confirms 1,500 Potential Job Losses by 2016
Tuesday, June 16, 2015 Statoil announces that up to 1,500 employees and more than 500 consultants could be released by the end of 2016, confirming Dagens Naeringsliv's report last Friday.

Sources: Petrobras Cuts Delayed Until July and Govt Oil-Policy Plan
Tuesday, June 16, 2015 Petrobras will likely delay details of major cuts to its $221 billion five-year spending plan until July, two sources say, when the government plans to announce a rescue program for the industry.

Trap Oil Looks at Selling Some North Sea Assets to Survive
Friday, June 12, 2015 Junior operator Trap Oil is in talks to sell some of its assets in order to fund its activities.

ONGC to Spend $6.5B to Boost Oil & Gas Production in India
Monday, June 08, 2015 ONGC intends to spend around $6.51 billion to develop new fields and redevelop mature fields in India to boost its oil and gas production, according to a local daily.

Vallianz Receives $10M Investment from UOC to Expand Business Ops
Friday, June 05, 2015 Singapore's Vallianz Holdings receives $10 million investment from United Orient Capital to expand business operations.

Oil & Gas Sector Leads Moody’s Speculative B3 Default Ratings
Friday, June 05, 2015 Credit agency shows speculative grade oil and gas companies continue steady slide on default ratings.


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