Capital Budget Annoucements News

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Prosafe Gets Extension on Forbearance Agreement
Thursday, June 04, 2020The extension is through the end of June.

Apache Listing Solely on Nasdaq
Friday, May 29, 2020Apache Corporation has revealed that it will list its common stock solely on the Nasdaq Stock Market from June 9.

NOCs to Slash Exploration Budgets by Over a Quarter
Thursday, May 21, 2020National oil companies around the world will slash their exploration budgets by over a quarter on average in 2020, Wood Mackenzie estimates.

Australia Subsea Hub to Promote SME Market Entry
Thursday, May 21, 2020Subsea Energy Australia is headquartered in Perth, whose skyline appears above.

Aramco Plans $75B Dividend
Tuesday, May 12, 2020Saudi Arabia's state-controlled oil giant retained its massive dividend despite a 25 percent plunge in profit.

Oil Expected to Reach $100 Again
Friday, May 08, 2020Here are some of Rigzone's top stories during the last week, just in case you missed them...

Oxy Takes $1.4B Writedown
Wednesday, May 06, 2020Occidental Petroleum Corp. took a $1.4 billion writedown related to an investment in a pipeline affiliate.

Total Targets Carbon Neutrality in 2050
Tuesday, May 05, 2020Total SA set out bolder commitments to eliminate most of its carbon emissions by 2050, while curbing spending on oil and gas projects due to the crude-price slump.

Sabic Suspends All but Essential Spending
Monday, May 04, 2020Saudi Basic Industries Corp. is suspending new capital expenditure after an oil-price slump and coronavirus-related lockdowns hammered demand for chemicals.

Fed Changes Open Door for More Oil Company Loans
Friday, May 01, 2020The Federal Reserve revamped its Main Street Lending Program in ways that will allow battered oil companies to qualify for the aid after industry allies lobbied the Trump administration for changes.

Shell Dividend Cut Dubbed Sensible
Thursday, April 30, 2020Shell's move to cut its dividend by 66 percent has been described by Wood Mackenzie's Tom Ellacott as a 'sensible and prudent action'.

Shell Cuts Dividend for First Time Since WWII
Thursday, April 30, 2020Royal Dutch Shell cut its dividend for the first time since the Second World War.

Global E+P Revenues to Fall by $1 Trillion
Thursday, April 30, 2020Global exploration and production revenues will fall by about $1 trillion this year, according to Rystad Energy.

Worley Axes 3,000 Jobs
Wednesday, April 29, 2020The firm has frozen salaries and hit pause on all non-essential expenditures to conserve cash.

US Silica Holdings Execs, Board Take Pay Cut
Tuesday, April 28, 2020They have volunteered to take up to a 20 percent temporary base salary reduction.

Diamond Offshore Files for Bankruptcy
Sunday, April 26, 2020Diamond Offshore Drilling filed for bankruptcy amid an unprecedented crash in crude prices that's wrecking demand for oil exploration at sea.

Whiting's Bankruptcy Cuts $2.3B of Debt
Friday, April 24, 2020The Denver-based company agreed to give a 97 percent stake in the reorganized company to its noteholders.

Maersk Drilling Loses Contracts
Friday, April 24, 2020Here are some of Rigzone's top stories during the last week, just in case you missed them...

Tapstone Energy Emerges From Restructuring
Tuesday, April 21, 2020Its net debt has improved by about $500 million from start to finish.

NuStar Bolsters Liquidity With Oaktree Funding
Tuesday, April 21, 2020NuStar will now spend between $165 and $195 million in 2020, a reduction of over $145 million.

Camelback Midstream Secures $400MM From ArcLight
Tuesday, April 21, 2020The company will pursue opportunities in the current "compelling acquisition environment".

Halliburton Slashes Spending to Brace for Demand Declines
Monday, April 20, 2020It set 2020 capital outlays at $800 million, 33 percent below previous guidance and the first sub-$1 billion budget since 2016.

Petrofac Loses ADNOC Job
Friday, April 17, 2020Here are some of Rigzone's top stories during the last week, just in case you missed them...

ConocoPhillips Unveils Curtailment Plans
Friday, April 17, 2020The company has cut 2020 cash uses by more than $5B within the past month.

Cimarex to Cut Up to 60 Percent of Planned Capex
Friday, April 17, 2020The company has deferred completion activities and will drop all but one drilling rig in May.

SAExploration Exploring Strategic Alternatives
Thursday, April 16, 2020SAE has retained Imperial Capital LLC as its financial advisor to assist with the process.

Noble Energy Cuts US Onshore Capex, Realigns Staff
Thursday, April 16, 2020The furlough program and part-time work status actions impacted more than 30 percent of the company's US workforce.

China Big Oil Urged to Copy Mexican Hedge
Tuesday, April 14, 2020A researcher at China's biggest oil company said the country's drillers should copy the hedging strategies of Mexico and shale firms in the U.S.

Baker Hughes Takes $15B Charge for Q1
Tuesday, April 14, 2020The firm has also approved a restructuring plan.

SilverBow Contemplating a Pivot to Gas Development
Tuesday, April 14, 2020It has revised its capital budget to $80-$95 million, a 55 percent reduction at the midpoint from previous guidance.

Quintana Energy to Launch Furlough Program, Capex Cuts
Tuesday, April 14, 2020The segment restructuring is expected to be completed in 2Q and result in an annual cost savings of $4-$6 million.

Newpark Shrinks Workforce, Salaries
Friday, April 10, 2020Temporary salary reductions are in place for a significant portion of US employees.

BHP to Speed Up Payments to Suppliers
Friday, April 10, 2020BHP Petroleum is taking steps to boost cash flow to its suppliers.

Lender Rescinds Yuma Energy's Restructuring Deal
Thursday, April 09, 2020Yuma's ability to make interest payments was stymied by the oil price collapse, certain well failures and economic uncertainty.

Marathon Will Take Frac Holidays to Cut Spending
Wednesday, April 08, 2020The company is reducing spending this year to about half of 2019 levels, joining a parade of shale drillers doing the same.

ExxonMobil Cuts $10B from 2020 Capex
Wednesday, April 08, 2020The supermajor is lowering its 2020 capital spending by 30 percent and its cash operating expenses by 15 percent.

Parsley Says a Texas Output Cut May Not Be Enough
Tuesday, April 07, 2020CEO Matt Gallagher said he'd reduce his company's oil output by 20 percent if others agree to the same deal.

Fugro Implements Painful Measures
Monday, April 06, 2020Fugro revealed Monday that it is minimizing the hire of short-term charters and implementing a hiring and salary freeze and measures to reduce its workforce.

Petrofac Cutting Salaries and Staff
Monday, April 06, 2020Petrofac Limited announced Monday that it is taking decisive actions to improve its cost competitiveness and protect the long-term health of its business.

Liberty Oilfield Services Makes Staff, Salary Cuts
Monday, April 06, 2020Company officers have agreed to a base salary cut of 30 percent, higher than the previously announced 20 percent.

TechnipFMC Cuts Capex 30 Percent
Friday, April 03, 2020TechnipFMC has lowered its 2020 capital expenditures by 30 percent to $300 million in response to current market conditions.

Patterson-UTI Energy Cuts Capex 60 Percent YoY
Friday, April 03, 2020Executive compensation for 2020 has also been reduced by more than 50 percent.

Big Oil Has $12B Bond Splurge
Thursday, April 02, 2020Royal Dutch Shell Plc, Total SA and Equinor ASA are selling $12 billion of bonds as the combined effect of the slump in oil prices and the collapse in demand threaten to sap cash flows for months.

Select Energy Services Slashes Capital Spend in Half
Thursday, April 02, 2020It also reduced total select headcount by 31 percent since March 1, including field operations and corporate positions.

Imperial Oil Plans Project Deferrals, Capex Cuts
Wednesday, April 01, 2020Operating expenses will also be cut by $500 million compared to 2019 levels.

Helix Scraps Initial Performance Guidance
Wednesday, April 01, 2020It continues to operate seven well intervention vessels and six robotics and support vessels in six different countries.

Diamondback Trims 2020 Production Expectations
Wednesday, April 01, 2020Diamondback plans to exit 3Q 2020 operating eight drilling rigs and end the year operating seven.

Neptune Prepared for Prices to be Lower for Longer
Tuesday, March 31, 2020Neptune Energy is prepared for prices to be lower for longer, its executive chairman and founder Sam Laidlaw has revealed.

Cairn Defers Capital Plans for Exploration, Appraisal Activity
Monday, March 30, 2020Reductions and deferrals have already been identified, representing a 23% decrease in capital expenditures.

Basic Energy Adjusting Headcount, Closing Select Locations
Monday, March 30, 2020In addition to reducing spend it will lower annual run-rate costs by $20 million.