(Adds Goodrich Petroleum, Oasis Petroleum)
Dec 10 (Reuters) - U.S. oil and gas producers are scaling back capital spending plans for 2015,
following a sharp decline in oil prices over the past six months.
ConocoPhillips said on Monday it would cut its 2015 capital budget by 20 percent, or about
$3 billion, compared with this year, marking the biggest spending cut by a U.S. oil and gas company in
dollar terms.
Global crude prices have fallen by about 40 percent since June due to oversupply and OPEC's refusal
to cut its output ceiling.
Global benchmark Brent crude fell more than a dollar to a new five-year low of $64.98 on
Wednesday as producers forecast lower demand for oil next year.
While top U.S. oil producers such as Chevron Corp are yet to announce 2015 capital plans,
many companies have already pared their spending for next year. Some of them have already cut the
number of drilling rigs they will deploy next year.
Global oil and gas exploration projects worth more than $150 billion are likely to be put on hold
in 2015 as plunging oil prices render them uneconomic, according to data from Norwegian consultancy
Rystad Energy.
There are two companies that are still bullish, however.
Continental Resources Inc, while slowing spending, has exited all its hedges and told
investors oil prices will soon recover.
And Hess Corp has boldly boosted its five-year production forecast.
Below is a list of budget cuts announced by U.S. exploration and production companies.
Company 2015 capex 2015 vs 2015 capex Output for Rig Plans for 2015 (averaged)
2014 vs quarter ended
capex previous September
estimate
Apache $4 billion down 26 - 637,000 boepd Reducing to 55-60 rigs in North
Corp in North percent America from 93 rigs as of Q3
Ameica in North
America
ConocoPhi $13.5 Down 20 - 1.473 million Expects 3 percent production growth in
llips billion percent boepd 2015, from continuing operations,
excluding Libya
Continent $4.6 bln Up 1 Down 12 182,335 Will not add rigs
al percent percent barrels of oil
Resources equivalent per
Inc day (boepd)
Denbury $550 Down 50 -- 73,810 boepd Not disclosed. Expects relatively
Resources million percent flat production for 2015
Inc
Emerald $210 mln Midpoint Midpoint 351,755 boepd Cut to 2.25 rigs in late Q1 2015 from
Oil Inc -$240 mln down 10 down 38 three now
for percent percent
drilling
and
completion
Energy $670 mln Midpoint Midpoint 58,600 boepd Cut to two rigs by December 2015 from
XXI -$690 mln down 14 down 17 four now
(Bermuda) percent percent
Ltd
Goodrich $150 Midpoint -- 439,000 boepd ---
Petroleum million-$2 down 50
Corp 00 million percent
Halcon $750 Down as --- 43,554 boepd Reducing drilling to 6 rigs from 11
Resources million to much as originally planned
Corp $800 20
million percent
Oasis $750 Midpoint --- 45,873 boepd Said it would reduce its rig count to
Petroleum million-$8 down 10 by the end of January and to six by
Inc 50 million 42.8 end March. As of Sept. 30, the company
percent was running 16 rigs.
Rosetta $950 Down 20 -- 73,500 boepd Reducing Eagle Ford drilling to 2-3
Resources million percent rigs from 4-5 now but ramping up in
Inc Permian Basin to 4-6 rigs from four
now
Sanchez $850 mln - Midpoint Midpoint 38,613 boepd Cut 2015 drilling program to 6.25 rigs
Energy Co $900 mln up 0.6 down 24 from 8 rigs
percent percent
Swift $240 mln - Midpoint ---- 2.99 million Not disclosed
Energy Co $260 mln down 36 barrels of oil
percent equivalent
(Reporting by Swetha Gopinath, Terry Wade, Kanika Sikka, Sneha Banerjee and Anannya Pramanick; Editing
by Feroze Jamal and Don Sebastian)