More Economics & Oil Market News

ConocoPhillips revises down $2 billion from budget

ConocoPhillips has shed an additional $2 billion from its capital expenditures for 2015, decreasing total spending to $11.5 billion from the previously reported $13.5 billion, in response to the continued decline in oil prices. The $13.5 billion was already down 20% from 2014.

OMV trims annual investments for 2015-17

Austria’s OMV AG says it is reducing its annual investments for 2015-17 to a range of €2.5-3 billion. Before the drop in oil prices, the company had planned to spend €3.9 billion each year during 2014-16.

MARKET WATCH: NYMEX oil prices hit lowest point in nearly 6 years

US light, sweet crude oil prices fell following a government report indicating robust oil and product supplies. The front-month crude price on the New York market closed at $44.45/bbl on Jan. 28, the lowest settlement since Mar. 11, 2009, when the settlement was $42.33/bbl.

Cenovus trims additional $700 million from capital budget

Cenovus Energy Inc., Calgary, will defer $700 million in additional capital expenditures originally planned for 2015 until crude oil prices recover, targeting a revised budget of $1.8-2 billion, the company says.

Citing lower oil prices, Sasol delays Louisiana GTL plant investment

South Africa’s Sasol Ltd. says it will delay the final investment decision on a large-scale, gas-to-liquids (GTL) plant in Louisiana as part of the company’s plan to conserve cash in response to lower international oil prices.

MARKET WATCH: NYMEX, Brent oil prices climb more than $1/bbl ahead of US inventory report

Energy prices climbed more than $1/bbl on the New York and London markets on Jan. 27 ahead of the weekly US government report which showed an increase in oil and product supplies.

Carrizo cuts drilling, completion spending by 35%

Carrizo Oil & Gas Inc., Houston, is cutting its drilling and completion capital expenditure plan for the year by 35% to $450-470 million, but expects to keep oil production roughly flat with last year’s fourth quarter.

Hess cuts capital budget by 16% to $4.7 billion

Hess Corp. has set a capital budget of $4.7 billion for 2015, down 16% from $5.6 billion spent last year. The company at the beginning of 2014 reported a $5.8 billion budget for the year.

MARKET WATCH: NYMEX, Brent oil prices drop modestly

Oil prices dropped modestly on the London and New York futures markets Jan. 26 as the trading sessions for US light, sweet crude oil veered between gains and losses before closing down for the day.

EIA: Stable oil production outlook in Lower 48 despite near-term rig-count reduction

According to data from Baker Hughes Inc., between the weeks ended Oct. 31, 2014, and Jan. 23, 2015, the number of active onshore drilling rigs in the Lower 48 dropped 16%, reflecting the sharp decline in oil prices over the last quarter of 2014.

MARKET WATCH: NYMEX oil price declined for week despite Saudi king’s death

Oil prices rose for a while on the New York market Jan. 23 on news of the death of Saudi Arabia King Abdullah but dropped before the settlement, closing at the front-month’s lowest level since March 2009.

API: US petroleum demand up in December, oil production highest since 1972

Total US petroleum deliveries, a measure of demand, increased 5.1% last month from December 2013 to average nearly 20 million b/d, according to the American Petroleum Institute’s monthly statistics for December 2014. For the fourth quarter, total US petroleum deliveries gained 2.9% compared with the same period in 2013.

IMF: Most oil exporters facing deficits

Most oil exporting countries will run fiscal deficits this year if the crude price averages $57/bbl as currently indicated by markets, according to the International Monetary Fund.

MARKET WATCH: NYMEX oil price drops more than $1/bbl on bigger inventory

Oil prices dropped more than $1/bbl on the New York market Jan. 22 on a bigger-than-expected jump in US oil supplies, and traders on Jan. 23 said news of Saudi Arabia King Abdullah’s death brought uncertainty regarding future US-Saudi relations.

Pengrowth cuts capital spending due to declining oil prices

The recent “rapid” decline in world oil prices is the main reason given by Pengrowth Energy Corp., Calgary, for setting its 2015 capital budget at $200 million, 74% below its $770 million budget for 2014.

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