Occidental 2015 budget focused on Permian
Occidental said much of its 2015 capital budget will focus on its core assets in the Permian basin. The company outlined plans to spend $5.8 billion, down 33% from its spending last year.
Steven I. Chazen, president and chief executive officer, said the company decided "it is imprudent to accelerate some…opportunities (elsewhere) in the current low-product price environment. We are focused on reducing our costs, which includes renegotiating our supplier contracts that are not reflective of weaker oil prices."
Chazen said Oxy has minimized development activities in the Williston basin, domestic gas properties, and the Joslyn oil sands project.
Encana outlines Permian basin drilling plans
Encana Corp. plans to invest $700 million in the Permian basin during 2015 to run four to six horizontal rigs and four to six vertical rigs, the company announced Feb. 25 during a conference call.
Executives said the Permian drilling program called for 55 net horizontal wells and 110 net vertical wells. During the fourth quarter 2014, EnCana closed its acquisition of Athlon. By Dec. 31, 2014, EnCana had drilled seven net horizontal and 21 net vertical wells and reduced well tie-in times to 5 days from 15 days.
