Anna's Feed
Mar 18, 2015

U.S. shale oil firms brace for more pain as crude resumes slide

By Anna Driver and Ernest Scheyder

HOUSTON/WILLISTON, N.D. (Reuters) – With the prospect of another plunge in crude prices CLc1LCOc1 looming after two months of stability, U.S. shale oil producers may face another round of spending cuts to conserve cash and survive the downturn.

A deeper retrenchment would have far-reaching effects.

Additional cutbacks would further gut the already-hemorrhaging oilfield services industry and may heighten expectations for a steeper drop in U.S. crude output later this year.

Mar 4, 2015

Exxon may delay spending after 2017 if down market persists

NEW YORK (Reuters) – Exxon Mobil Corp, the world’s largest publicly traded oil company, said on Wednesday its output would rise slowly through 2017 and it may delay some investments thereafter if crude prices stay low.

Oil prices have halved since June, and major oil companies have been trimming budgets for projects to bring expensive and hard-to-find new discoveries online.

Mar 4, 2015

Exxon sees oil and gas output rising slowly through 2017

NEW YORK, March 4 (Reuters) – Exxon Mobil Corp said
on Wednesday its oil and gas output would rise 2 percent this
year and 3 percent in each of the following two years as it
spends about $34 billion in 2015, down from a peak.

In 2014, the world’s largest publicly traded oil company
produced 4 million barrels oil equivalent per day (boed) and it
plans to ramp up to 4.3 million boed in 2017.

Feb 25, 2015

Chesapeake profit falls short; company to slash spending

Feb 25 (Reuters) – Chesapeake Energy Corp on
Wednesday said it would slash its 2015 spending and rig count in
response to low crude oil prices that also pushed its
fourth-quarter profit below Wall Street expectations.

Shares of Chesapeake fell more than 11 percent, hurt by the
earnings miss and a disappointing production outlook, analysts
said.

Feb 23, 2015

Insight: U.S. shale oil’s crash diet likely to bring forward output dip

HOUSTON (Reuters) – Shale oil producers are throttling back so quickly on drilling that U.S. crude output could fall sooner than expected, within months, executives say as they slash costs to cope with tumbling crude prices and compete with Persian Gulf rivals.

About a dozen chief executives who talked to Reuters or who spoke publicly, acknowledged they were taken aback by the scale and speed of the cutbacks, noting how this oil price downturn was different from several previous episodes in their careers.

Feb 23, 2015

US shale oil’s crash diet likely to bring forward output dip

HOUSTON, Feb 23 (Reuters) – Shale oil producers are
throttling back so quickly on drilling that U.S. crude output
could fall sooner than expected, within months, executives say
as they slash costs to cope with tumbling crude prices and
compete with Persian Gulf rivals.

About a dozen chief executives who talked to Reuters or who
spoke publicly, acknowledged they were taken aback by the scale
and speed of the cutbacks, noting how this oil price downturn
was different from several previous episodes in their careers.

Feb 20, 2015

Transocean CEO’s exit linked to lack of vision in tough market

HOUSTON, Feb 20 (Reuters) – Barely two months into his new
job as the head of the world’s largest offshore driller, Steven
Newman was steering Transocean through the 2010 Gulf of
Mexico oil spill, quickly earning a reputation as a CEO with a
steady hand.

Too steady, perhaps.

Since Sunday Newman, 50, is out of work. People inside and
outside the company say his abrupt departure reflected in part
the board’s view that the 20-year company veteran was too
conservative and lacked a bold vision for a period of dramatic
industry change that began at the end of the last decade.

Feb 13, 2015

Apache slashing 2015 rig count, capex due to low oil prices

Feb 12 (Reuters) – Apache Corp, one of the top U.S.
shale oil producers, said on Thursday it would slash capital
expenditures and its rig count in 2015 as the collapse of crude
oil prices prompts it to slow drilling, keeping output growth
mostly flat.

The company, which reported a multibillion-dollar net loss
but adjusted earnings that beat Wall Street’s estimates, also
said it would not divest its overseas businesses, with one
possible exception.

Feb 9, 2015

SandRidge cutting rig count by almost 75 pct -document

HOUSTON, Feb 9 (Reuters) – U.S. oil and gas producer
SandRidge Energy Inc plans to slash its rig count in
Oklahoma and Kansas by nearly 75 percent, according to a
document obtained by Reuters.

The cuts, to be implemented through early April, may amount
to what is arguably the most significant pullback in well
drilling by a publicly traded shale oil company since crude
prices started a 50 percent slide in June.

Feb 3, 2015

Anadarko CEO sees significant cuts in capex in 2015

HOUSTON, Feb 3 (Reuters) – Anadarko Petroleum Corp’s
capital expenditures in 2015 will be significantly lower than
last year because of the recent collapse in crude oil prices,
the exploration and production company’s CEO told investors on a
conference call on Tuesday.

“We see ourselves in a period here of trying to build value,
maintain flexibility and not grow in a low commodity price
environment that we see as less than attractive,” Chief
Executive Al Walker said.

    • About Anna

      "I currently cover large U.S. oil and gas companies including Exxon Mobil and ConocoPhillips as part of the equities desk's Raw Materials Team. I am based in Houston, Texas."
    • Follow Anna