Category: Production

Anadarko to cut spending 33 percent, execs say

The 33-percent spending cut includes a plan to bring down 40 percent of its U.S. land drilling rigs and to defer 125 onshore well completions. So far this year, the firm has sold off or divested $700 million in assets.  More »

BHP Billiton’s profits have fallen by almost half

BHP Billiton, the Australian energy giant with a major presence in Texas, reported that its profits were down 47 percent  More »

Oil slump threatens easy life of affluent Norwegians

After a decade of an oil-and-gas boom, plunging energy prices are shaking Norwegians out of a Utopian reverie that guaranteed workers lengthy summer vacations, generous health and social benefits, and allowed them to leave work at 4 p.m. and even earlier on Fridays.  More »

Exxon Mobil’s reserves up at the end of 2014

Exxon said it had 25.3 billion barrels of oil-equivalent in reserves at the end of 2014, up from the 25.2 billion oil-equivalent barrel the company had on its books at the end of 2013.  More »

EOG earnings down 23 percent

EOG Resources, one of the biggest winners in the shale boom, saw its quarterly profits fall 23.4 percent as it became the latest company to suffer the effects of falling crude oil prices.  More »

Energy execs say their projects are budget busters

Most energy industry executives say their projects fail to come in on-budget, according to a new survey by consulting firm AlixPartners.  More »

U.S. rigs are being idled, but the oil boom is not ending

The industry has become better at blasting crude out of deep underground layers of rock, according to productivity data tracked by the EIA in the major shale prospects.  More »

Apache reports $4.8 billion loss

Exploration and production company Apache Corp. reported a $4.8 billion loss in the fourth quarter and said it would slow its production activity in the face of falling oil prices.  More »

EIA: U.S. crude oil production will approach record level in 2016

In the face of slower crude oil demand growth, many analysts say oil prices won’t start to rise significantly until U.S. producers slow down their production.  More »

Crude prices fall on increasing U.S. supply

After gaining more than $5 since Jan. 28, oil is still about half its June peak amid a global surplus that Iran’s oil minister estimates at 2 million barrels a day.  More »

Statoil announces U.S. spending cuts; could cut jobs, too

Statoil said it would cut is capital expenditures this year by 10 percent to $18 billion.  More »

Statoil names new CEO

The Norwegian oil giant’s former CEO Helge Lund is taking the reins of BG Group.  More »

Report: U.S. production growth could stop this year

The study could offer hope for an industry reeling from lower commodity prices that show no imminent signs of rebounding in the face of growing U.S. production volumes.  More »

Hamm: Oil prices could rise sooner than you think

The market doesn’t understand just how quickly oil companies will scale back their activities as oil prices plunge — and as a result, prices could rebound faster than many observers expect, Continental Resources CEO Harold Hamm said Wednesday.  More »

Crude rigs at lowest level in two years after another decline

Drillers were slow to pare back the number of rigs working, but have now idled 258 crude oil rigs since a steady slide began seven weeks ago.  More »
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