Oil industry cuts
Majors:
Cut 300 North Sea jobs and expects to cut thousands of jobs worldwide.
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Abandoned $6.5 billion petrochemical plant. Cut capex by $9 billion in 2014. | |
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. | |
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. | |
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. | |
Cut capex by 50 per cent, from $34 billion to $17.8 billion. | |
Cut capex by 20 per cent, to $13.5bn for 2015. | |
Cut capex by 20 per cent on a year before. Expects to spend about $4.3 billion to $4.5 billion in 2015. | |
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. |