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2016-02-11 18:45:00

MUST TO CUT $24 BLN

MUST TO CUT $24 BLN

North American oil and natural gas drillers will need to cut an additional 30 percent from their capital budgets to balance their spending with the cash coming in their doors even if crude rises to $40 a barrel, according to an analysis by IHS Inc.A group of 44 North American exploration and production companies are planning to spend $78 billion on capital projects this year, down from $101 billion last year. Those companies need to cut another $24 billion this year to get their spending in line with a historical 130 percent ratio of spending to cash flow.

"These spending cuts will be particularly troublesome for the highly leveraged companies," said Paul O'Donnell, principal analyst at IHS Energy. "These E&Ps are torn between slashing spending further to avoid additional weakening of their balance sheets, and the need to maintain sufficient production and cash flow to meet financial obligations."

The analysis is based on IHS's low-case price scenario of $40-a-barrel oil and $2.50-per-million-cubic-feet natural gas prices. IHS cited Concho Resources Inc., Whiting Petroleum Corp., WPX Energy Inc., andPDC Energy Inc. as examples of companies displaying the best spending discipline.

West Texas Intermediate for March delivery dropped 91 cents, or 3 percent, to $29.98 a barrel at 1:29 p.m. on the New York Mercantile Exchange. Crude prices are expected to average $41.13 this year.

energynow.ca

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More: 

U.S. OIL DOWN 92,000 

U.S. OIL & GAS JOBS DOWN 100,000 

CUTTING JOBS & INVESTMENTS 

U.S. OIL & GAS SHOCK 

U.S. CUTS OIL INVESTMENTS

 

 

Tags: USA, CANADA, OIL, GAS, INVESTMENTS, PRICES

Chronicle:

MUST TO CUT $24 BLN
September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

MUST TO CUT $24 BLN
September, 22, 08:45:00

IRAN'S GAS EXPORT: ABOVE 5 BCM

Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.

MUST TO CUT $24 BLN
September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

MUST TO CUT $24 BLN
September, 22, 08:35:00

QATAR - TURKEY LNG

Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years

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