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 Select Oil and Gas Company Announcements


Abraxas Petroleum

2020-03-16 Abraxas has reduced G&A expense by approximately 40%.  Link to the announcement.
While current oil market conditions persist, Abraxas has indicated capital expenditures will be limited to minor projects that will reflect a meaningful and
 permanent reduction in lease operating expenses. We will not drill and/or complete any new wells while these conditions persist.

Apache Corporation

2020-03-11 Apache  announced that it is going to reduce global 2020 CAPEX by about 40%.  This includes halting all Permian drilling operations, including in the Alpine High area in southwest Reeves county.  Link to the announcement.


2020-04-01 - BP now projects 2020 CAPEX to be around $12 billion, which is about 25% below prior full-year guidance. In Upstream, this includes a reduction of around $1.0 billion in spend on short-cycle onshore activity, including in BPX Energy, as well as deferral of certain exploration and appraisal activity and optimisation of our major project spend.  Link to the announcement.
- The expected impact of these capex interventions on 2020 underlying Upstream production includes a current reduction of around 70 thousand barrels equivalent per day (mboed) attributable to BPX Energy.

Callon Petroleum

2020-03-17 Callon Petroleum is responding to low oil prices by reducing 2020 capital spending by 25%.  Link to the announcement.
Callon will start implementing this reduction by reducing its operated rig count from nine to five rigs before the end of the second quarter of 2020,
and is also reducing its frac crew count from five to two upon completion of currently in-process projects.


2020-03-09 Cenovus is responding to low oil prices by reducing 2020 capital spending by 32%.  Link to the announcement.
The firm also stated that oil sands production in 2020 is now expected to average between 350,000 barrels per day (bbls/d) and 400,000 bbls/d, a change approximately 6% lower.

Cenntenial Resources

Cenntenial Resources announced that it has reduced its operated rig program from five rigs at the beginning of the month to one currently.  As a result, the Company anticipates that its capital expenditure budget for 2020 will be approximately fifty percent lower than the annual guidance ranges provided in late February 2020 Link to the announcement.



Chevron has announced it is reducing its guidance for 2020 organic capital and exploratory spending by 20% to $16 billion.  Reductions are expected to occur across the portfolio and are estimated as follows:
   - $2 billion in upstream unconventionals, primarily in the Permian Basin
   - $700 million in upstream projects and exploration
   - $500 million in upstream base business spread across U.S. and international assets
   - $800 million in downstream & chemicals and other
Link to the announcement.


2020-03-16 Cimarex Energy Co. announced that, due to the recent drop in oil prices, it expects a 40-50 percent reduction in its 2020 capital investment program from its original guidance of $1.25-$1.35 billion. This revised outlook assumes $30 per barrel WTI price for the remainder of 2020. Link to the announcement.

Concho Resources

2020-03-17 Concho announced that it's going to reduce 2020 CAPEX by 25% from previously announced guidance.  Link to the announcement.


2020-03-18 ConocoPhillips has announced that its 2020 operating plan capital expenditures will be reduced by $0.7 billion, representing about a 10 percent decrease from the previously announced guidance  Link to the announcement.

Continental Resources

2020-03-19 Continental Resources announced a revised 2020 capital budget of $1.2 billion, representing a 55% decrease in capital spend from the Company's original budget of $2.65 billion.  Link to the announcement.
Consistent with this revised CAPEX budget, Continental will be reducing its average rig count from 9 to approximately 3 in the Bakken and 10.5 to approximately 4 in Oklahoma.

Devon Energy

2020-03-11 Devon announced that it's going to reduce 2020 CAPEX by 30% from previously announced guidance.  Link to the announcement.

Diamondback Energy

2020-03-09 Diamondback is reducing activity immediately from nine completion crews to six and expects to drop two drilling rigs in April 2020 and a third later in the second quarter of 2020.   Link to the announcement.

EOG Resources

2020-03-16 EOG revised its projected exploration and development expenditures for 2020 lower to between $4.3 billion to $4.7 billion, including facilities and gathering, processing and other expenditures. The initially announced CAPEX budget for 2020 ranged between $6.3 billion to $6.7 billion, meaning the revised budget represents an approx. 30% reduction. With oil at around $30, EOG indicates that it expects to generate a more than 30% direct after-tax rate of return on its 2020 new well drilling campaign.    Link to the announcement.


2020-03-16 To further enhance efficient capital deployment, EQT has reduced development activity in its Ohio Utica operations, lowering its expected 2020 capital expenditures by approximately $75 million to $1.075 – $1.175 billion.    Link to the announcement.



Link to the announcement.
-Equinor announced it is reducing organic capex for 2020 from USD 10-11 billion to around USD 8.5 billion, a reduction of around 20%;
-Downshifting exploration activity for 2020 from around USD 1.4 billion to around USD 1 billion;
-Reducing operating costs for 2020 by around USD 700 million compared to original estimates.



ExxonMobil announced today that capital investments for 2020 are now expected to be about $23 billion, which is down about 30% from the previously announced $33 billion. It also plans to reduce cash operating expenses by about 15%.  The largest share of the capital spending reduction will be in the Permian Basin, where the company states that short-cycle investments can be more readily adjusted to respond to market conditions, while preserving value over the long term.  Amongst other specific actions, Exxon indicated it may defer certain investment decisions, such as Rovuma LNG in Mozambigue, and Phase III and later Guyana deepwater investments. Link to the announcement.  

 ExxonMobil announced, 'it is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases.......and will outline plans when they are finalized." Link to the announcement.  

Hess Corp

2020-03-17 Hess announced a reduction in its 2020 capital program of $800 million, which represents a 27% reduction in upstream spending.  Link to the announcement.

Husky Energy

2020-03-12 Husky announced a reduction in the 2020 capital program of $900 million, which represents a 33% reduction in upstream spending.  Link to the announcement.
The firm also stated that given current market conditions it  will commence the safe and orderly reduction, or shut-in, of production where it is cash negative on a variable cost basis at current prices.
It reduced 2020 production guidance by about 20 mbopd.

Imperial Oil


Imperial Oil lowered its 2020 CAPEX spending plans to $1.1 billion to $1.2 billion, which represents a $500 million (30 percent) reduction compared to the original guidance of $1.6 billion to $1.7 billion.
In addition to this reduction in capital spending, it also announced it plans to reduce operating expenses by $500 million compared to 2019 levels.Link to the announcement.

Kosmos Energy

2020-03-17 Kosmos Energy is now targeting a 30% reduction to the recently announced 2020 capital budget whilst keeping 2020 production flat  Link to the announcement.

Laredo Petroleum


Laredo has announced that:   Link to the announcement.
-It is reducing planned capital expenditures by 36% for full-year 2020, including a 55% decrease in the last nine months of the year
-Suspending completions operations in the first week of May for remainder of 2020
-Reducing operated rig count from four rigs to one rig by June and then expect to run one rig for balance of 2020
-It expects oil production for full-year 2020 to decline approximately 8% versus full-year 2019 and for total production to remain approximately flat

Matador Resources

2020-03-11 Matador plans to reduce its operated rig count in the Permian from 6 to 3 rigs by end of 2nd qtr 2020.  Link to the announcement.

Marathon Oil

2020-03-10 Marathon Oil has announced an immediate capital spending reduction of about 27% to its previously communicated 2020 capital spending budget of $2.4 billionLink to announcement.  Of particular note, it is completely shutting down drilling and fracking operations in central Oklahoma.  It  also plan to continue shale related ops in the Permian, Eagle Ford, and Bakken areas, though at "optimized" levels.

Murphy Oil Corp.

2020-03-11 Murphy announced that it is reducing 2020 capital spending by about 35% from previously announced guidance.  Link to the announcement.

Noble Energy

2020-03-12 Noble Energy Reduces 2020 Expenditure Guidance by $550 Million with most of the reduction directed towards onshore US activity. More than half these reductions will be in the Delaware BasinLink to the announcement.

Occidental Petroleum

2020-03-25 Oxy announced that it is going to reduce 2020 capital spending by an additional $1 billion, for a total reduction of about 47% from its original 2020 CAPEX guidance.  Link to the announcement.
2020-03-10 Oxy announced that it is going to reduce 2020 capital spending by about 33% from previous guidance.  Link to the announcement.


2020-03-11 Oneok announced that it now plans to reduce its 2020 capital spending by 20% - 25% from previous guidance.  Link to the announcement.

Ovintiv (fomerly Encana)

2020-03-12 Ovintiv announced that it's immediately laying down 10 operated rigs and plans on shedding 6 more rigs in May, with the goal of reducing second quarter CAPEX spend by $300 MM. Link to the announcement.

Parsley Energy

2020-03-09 Parsley announced its intentions to drop 3 of 5 frack spreads and 12 of 15 drilling rigs that were operating at the end of February 2020. Link to the announcement.

PDC Energy

2020-03-11 PDC Energy announced that it's going to reduce 2020 CAPEX by 20-25% from previously announced guidance.  Link to the announcement.

Pioneer Resources

2020-03-16 Pioneer is reducing its 2020 drilling, completion and facilities capital budget by approximately 45% and expects it to range between $1.6 billion to $1.8 billion.  Link to the announcement.
As a result, Pioneer plans to take immediate action in response to current commodity prices and will reduce its operated rig count from 22 currently to 11 operated rigs within the next two months. In addition, the Company plans to reduce its contracted completion crews from six currently to two to three completion crews during the same time period.

QEP Resources

2020-03-16 QEP expects to reduce planned 2020 and 2021 combined capital expenditures by more than an aggregate $300 million, or nearly 30%. Link to the announcement.
Consitent with this is a plan to suspend completion operations in the Permian Basin from early May through at least the beginning of the fourth quarter 2020
Intend to release the intermediate drilling rig operating in the Permian Basin at the conclusion of its current operation in March 2020
Plan to suspend the refracturing program in the Williston Basin upon completion of current projects for the remainder of 2020



Reduction of underlying operating costs by $3-4 billion per annum over the next 12 months compared to 2019 levels;
Reduction of cash capital expenditure to $20 billion or below for 2020 from a planned level of around $25 billion; Link to the announcement.
Raterial reductions in working capital.


Talos Energy

2020-03-11 In response to recent commodity price trends, Talos Company announced it will reduce its 2020 CAPEX spending by more than $125 million. Link to the announcement.



Organic Capex cuts of more than $3 billion, ie. more than 20%, reducing 2020 net investments to less than $15 billion. These savings are mainly in the form of short-cycle flexible Capex, which can be arbitrated contractually over a very short time period Link to the announcement.
$800 million of savings in 2020 on operating costs compared to 2019, instead of the $300 million previously announced

Whiting Petroleum


Whiting Petroleum Corporation today announced that it had commenced voluntary Chapter 11 proceedings. Link to the announcement.

In response to recent commodity price trends, Whiting Petroleum announced it will reduce its 2020 CAPEX spending by 30% from previously announced guidance. Link to the announcement.

WPX Energy

2020-03-18 WPX Energy is revising its plan for 2020, cutting $400 million – or approximately 25 percent – of its capital budget, with the flexibility to cut further. Link to the announcement.

Firms Which Have Not Issued Announcements Revising 2020 CAPEX Budgets as of 2020-03-20

Chesapeake Energy

SM Energy

CNX Resources

Cabot Oil and Gas

Range Resources

Gulfport Energy

Southwestern Energy

Oasis Petroleum

Comstock Resources

EXCO Resources