• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Oil Market Data
    • Canada NG Market Data
    • USA Market Data
    • Data Downloads
  • Jobs

North American oil producers slash spending by about 34% amid crude price rout

May 1, 202011:59 AM BOE Report Staff0 Comments

North American oil and gas producers have cut their 2020 spending by nearly 34%, or about $41.6 billion, data compiled by Reuters showed, following a slump in crude prices.

Since Saudi Arabia and Russia launched an oil price war on March 9, U.S. crude has more than halved to under $20 per barrel. Last month, it crashed into unprecedented negative territory.

The world is also witnessing one of its biggest demand shocks, as global travel curbs to prevent the spread of coronavirus have reduced oil consumption by millions of barrels per day.

Chevron on Friday said it would further cut its spending by $2 billion to $14 billion, bringing total cuts to $6 billion or 30%.

Exxon Mobil last month cut its spending by 30%, while ConocoPhillips cut its spending for a second time.

A list of companies that have cut their 2020 budgets since March 9:

Company Revised Budget Original Budget Change % Change
Exxon Mobil Corp $23,000 $33,000 -$10,000 -30.30%
Chevron Corp $14,000 $20,000 -$6,000 -30.00%
Occidental Petroleum Corp $2,800 $5,300 -$2,500 -47.17%
ConocoPhillips $4,300 $6,600 -$2,300 -34.85%
EOG Resources Inc $4,500 $6,500 -$2,000 -30.77%
Pioneer Natural Resources Co $1,800 $3,300 -$1,500 -45.45%
Continental Resources Inc $1,200 $2,650 -$1,450 -54.72%
Diamondback Energy Inc $1,700 $2,900 -$1,200 -41.38%
Marathon Oil Corp $1,300 $2,400 -$1,100 -45.83%
Suncor Energy Inc $2,920 $3,960 -$1,040 -26.26%
Noble Energy Inc $850 $1,700 -$850 -50.00%
Hess Corp $2,200 $3,000 -$800 -26.67%
Devon Energy Corp $1,000 $1,800 -$800 -44.44%
Canadian Natural Resources Ltd $2,050 $2,800 -$750 -26.79%
Cimarex Energy Co $553 $1,300 -$748 -57.50%
Concho Resources Inc $2,000 $2,700 -$700 -25.93%
Parsley Energy Inc $1,000 $1,700 -$700 -41.18%
Murphy Oil Corp $780 $1,450 -$670 -46.21%
Husky Energy Inc $1,740 $2,390 -$650 -27.20%
Apache Corp $1,100 $1,750 -$650 -37.14%
Cenovus Energy Inc $567 $1,020 -$453 -44.41%
WPX Energy Inc $1,338 $1,738 -$400 -23.02%
Imperial Oil Ltd $808 $1,160 -$352 -30.39%
Centennial Resource Development Inc $320 $640 -$320 -50.00%
Crescent Point Inc $540 $827 -$288 -34.78%
Callon Petrlouem Co $713 $975 -$263 -26.92%
PDC Energy Inc $814 $1,050 -$236 -22.48%
Frontera Energy Corp* $140 $350 -$210 -60.00%
Whiting Petroleum Corp $418 $603 -$185 -30.71%
Baytex Energy Corp $190 $372 -$181 -48.83%
Laredo Petroleum Inc $290 $450 -$160 -35.56%
Arc Resources Ltd $217 $361 -$144 -39.89%
Seven Generation Energy Ltd $635 $776 -$141 -18.17%
Talos Energy Inc $393 $533 -$141 -26.36%
Gran Tierra Energy Inc $70 $210 -$140 -66.67%
Kosmos Energy Ltd $213 $350 -$138 -39.30%
Bonanza Creek Energy Inc $90 $225 -$135 -60.00%
Paramount Resources Ltd $150 $277 -$126 -45.63%
Parex Resources Inc $105 $225 -$120 -53.33%
GeoPark Ltd $75 $190 -$115 -60.53%
Whitecap Resources Inc $142 $249 -$107 -43.06%
Range Resources Corp $430 $520 -$90 -17.31%
Jadestone Energy Inc $88 $175 -$88 -50.00%
Denbury Resources Inc $100 $180 -$80 -44.44%
EQT Corp $1,125 $1,200 -$75 -6.25%
Pipestone Energy Ltd $43 $108 -$65 -60.19%
Kelt Exploration Ltd $99 $154 -$55 -35.71%
W&T Offshore Inc $20 $75 -$55 -73.33%
Birchcliff Energy Ltd $207 $254 -$47 -18.50%
Montage Resources Corp $155 $200 -$45 -22.50%
Meg Energy Corp $145 $182 -$37 -20.33%
Peyto Exploration & Development Corp $159 $194 -$35 -18.18%
PetroShale Inc $18 $49 -$31 -62.86%
TransGlobe Energy Corp $7 $37 -$30 -80.86%
Athabasca Oil Corp $60 $87 -$27 -30.75%
Gear Energy Ltd $9 $35 -$26 -73.97%
Cardinal Energy Ltd $21 $46 -$24 -53.01%
Amplify Energy Corp $29 $46 -$17 -36.96%
Totals $81,733 $123,321 -$41,588 -33.72%

 

ARC Resources Baytex Energy Birchcliff Energy Canadian Natural Resources Cardinal Energy Cenovus Chevron ConocoPhillips Crescent Point Devon Energy EOG Resources Exxon Mobil Gear Energy Husky Energy Imperial Oil Kelt Exploration Marathon Oil MEG Energy Paramount Resources Peyto Exploration Pipestone Energy Suncor TransGlobe Energy Whitecap Resources

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Canada’s weekly rig count up 18 to 113
  • InPlay Oil Corp. Announces Extension of Credit Facility
  • Highwood Asset Management Ltd. Announces 2022 First Quarter Financial And Operating Results Along With Operational Update
  • U.S. oil & gas rig count falls for first time in 31 weeks
  • Analysts say natural gas could go even higher after breaking 14-year record this week

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView

    Report Error





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2022 Grobes Media Inc.