plains midstream capex
Diamondback is also planning to cut two drilling rigs in April and one more in the second quarter. Whitecap Resources slashes 2020 capital budget by 44%. View Subscription Options On March 9, shares of Ovintiv plunged 72.04% to close at $2.22. Share buyback programs have continued to become an increasingly common topic of discussion for management teams (read more). adjusted to respond to market conditions, while If Biden were to “ban or restrict drilling on federal lands, that will affect volumes over time,” Rau said. The world's largest public oilfield services company plans to cut capital spending by up to 30% from 2019 levels, with almost all of the cuts coming from its North America land operations, as 80% of its free cash flow comes from international market operations, President and CEO Olivier Le Peuch said March 24 in a presentation at the Scotia Howard Weil Energy Conference in Houston. Sandridge is planning to reduce its general and administrative expenses and operating cost structure through salary and additional personnel reductions, according to a news release. Murphy Oil also has no operated activity planned for the second half of the year in the Eagle Ford Shale region. | In addition, Continental Resources will decrease its average rig count from nine to about three rigs in the Bakken Shale, while its 10.5 rig count in Oklahoma will be reduced to approximately four. announced a 33% or $750m cut in capex. Pembina Pipeline Corp. is planning to slash between C$900 million and C$1.1 billion from its previously announced 2020 capital budget, or about 40% to 50%, in response to the novel coronavirus outbreak and continuing low oil prices. Pipestone Energy is also lowering its production guidance to a range of 17,000 boe/d to 18,000 boe/d, from a previous range of 18,000 boe/d to 20,000 boe/d. Owing to continued commodity price volatility, Canada's biggest oil company by volume, Canadian Natural Resources Ltd., cut its 2020 capital spending budget to C$2.96 billion, down C$1.09 billion from the original budget of C$4.05 billion, according to a March 18 news release. A case in point: Energy Transfer LP, which curtailed capex but trumpeted NGL advances. Callon reduces 2020 budget, cuts down on activity amid low oil price environment. Historical, current and forecast prices, together with commentaries, to help you track price fluctuation and understand price drivers and trends. Keyera posts 2020 marketing guidance, expects to decrease 2021 capex. Occidental trading halted as company slashes capex, dividend. natural gas (LNG) project in Mozambique, Eni to slash 2020 capex by €2 billion due to price collapse, coronavirus. Targa Resources (NYSE:TRGP) has already placed several projects into service this year. The company said it plans to increase efficiency and reduce costs to lower cash operating expenses. Going forward, this could represent a tailwind for the sector (read more).  |, Related topics: Patterson-UTI trims 2020 capex, reduces executive compensation, operating costs. Companies across midstream are lowering capital budgets, representing a diverse array of business lines and basins. lower than the previously targeted $2.3bm Baker Hughes to slash 2020 capex by over 20%, to book $16.5B of charges in Q1. Targa trims 2020 capex by 32%, cuts quarterly dividend. It provides data on import and export volumes, plant capacities, production, consumption and chemical trade flows. With the completion of many major infrastructure projects and lower capex on the horizon, will midstream companies be able to grow going forward? Finally, energy infrastructure companies could invest in renewable energy. The Calgary, Alberta-based company estimated its total full-year 2020 capital to be $100 million to $110 million, with about $75 million to $80 million spent in the first quarter, according to an April 2 news release. Most of the significant reductions are coming from gathering and processing companies, such as Antero Midstream (NYSE:AM), Enable Midstream Partners (NYSE:ENBL), and EnLink Midstream (NYSE:ENLC), but pipeline transportation names, such as TC Energy (NYSE:TRP) and Magellan Midstream Partners (NYSE:MMP), are making substantial cuts as well. page for analysis of the impact on Employees of Alerian are prohibited from owning individual MLPs. NuVista Energy said it can still reduce its 2020 spending to below C$200 million if commodity prices go down further. The independent refiner also reduced its corporate overhead expenses by more than $20 million on an annual basis, mainly be driven by salary reductions. Whiting Petroleum will also drop one rig and one completion crew within April, according to a March 16 news release. The company is also decreasing its forecast capital expenditure in the base business for the year by $200 million while maintaining production, according to a March 23 news release. To cut down on expenses, Diamondback further reduced its activity levels from its previous announcement. Against the backdrop of slowing production growth and a focus on capital discipline across energy, midstream capital spending plans have been in focus. Diamondback's production for 2020 is expected to be at a range of 295,000 boe/d to 310,000 boe/d. The political uncertainty adds reason to pull back on new investments, at least in the near term. Aker BP trims 2020 capex to $1.2B, defers development projects.


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