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Oil industry cuts
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Oil industry cuts

Majors:

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Cut 300 North Sea jobs and expects to cut thousands of jobs worldwide.


Expects to cut capex by
as much as $2 billion compared to previous forecasts. Intends to spend $1 billion restructuring in response to low oil price.

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Abandoned $6.5 billion petrochemical plant.

Cut capex by $9 billion in 2014.

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Handed back three exploration licences on the west coast of Greenland.

Cut planned spending until 2016 by three per cent last year, and may make further cuts in 2015.

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Expects to be cut spending by $5.5 billion, to about $40 billion this year and an annual average of less than $37bn in 2015-17.

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Announced plans to cut 225 jobs in Aberdeen.

Analysts expect Chevron's 2015 budget will be set at $35.3bn, down from $40bn this year - a 12 per cent reduction.

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Cut capex by 50 per cent, from $34 billion to $17.8 billion.

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Cut capex by 20 per cent, to $13.5bn for 2015.

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Cut capex by 20 per cent on a year before. Expects to spend about $4.3 billion to $4.5 billion in 2015.

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Canada’s largest energy firm has cut its 2015 capex by about 10 per cent, from about $5.7 billion to $5.1 billion.

Expects to cut 1,000 jobs in 2015.


Smaller companies:

Premier Oil

Delayed $2bn Sea Lion project off the Falkland Islands.

Tullow Oil

Announced job cuts in North Sea oil and gas.

Reduced 2014 exploration budget by $800 million.

Written off $2.3 billion in relation to exploration work and some of its assets in 2014. Expects to write off $400m in its Norwegian, Mauritanian and Ethiopian exploration businesses.

Canadian Natural Resources

Reduced its capex forecast for this year by 29 per cent, from about $7 billion to about $5 billion due to reduced drilling.

Swift Energy Co

Cut capex by 36 per cent on year before.

Ithaca Energy

Expected to cut capex by 60 per cent in 2015.

Apache Corp

Cut capex by 26 per cent in North America.

Reducing from 93 to 55-60 rigs in North America.

Continental Resources Inc

Cut capex by 12 per cent on previous estimate, but increased by one per cent on 2014 levels.

Goodrich Petroleum

Cut capex by 50 per cent on 2014 levels.

Halcon Resources Corp

Cut capex by as much as 20 per cent on year before.

Denbury Resources Inc

Cut capex by 50 per cent on 2014 levels.

Sanchez Energy Inc

Increased capex by one per cent on a year before, but decreased by 24 per cent on previous estimate.

Emerald

Cut capex cut 10 per cent on year before.

Energy XXI Ltd

Cut capex by down 14 per cent compared to a year before.

Oasis Petroleum Inc

Cut capex by 42.8 per cent on a year before.

Rosetta Resources Inc

Cut capex by 20 per cent on 2014 levels.