E & P News
Ecopetrol IDs 2021 Capex; Bets Bulk on Colombian Ops
Ecopetrol S.A. has approved the 2021 investment plan, which the company has set at a range of $3.5 and $4 billion (at the midpoint, it's slightly lower than…
CNOOC-Conoco JV Penglai Project Begins Production Offshore China
CNOOC Limited announced that Penglai 25-6 oilfield area 3 project has commenced production ahead of schedule. CNOOC Limited holds a 51% interest in Penglai 25-6 oilfield area 3…
CNRL Ups Budget for 2021; Increases Onshore, Unconventional Spending 36%
Canadian Natural Resources Ltd. (CNRL) has reported its 2021 capital budget. Highlights: 2021 Capex: $3.205 billion Conventional / Unconventional Assets: $1.345 billion Long Life Low Decline Assets: $1.860…
Parsley to Lay Off Austin Team as Part of Merger with Pioneer
Parsley Energy will lay off most of its Austin, Texas workforce as part of its sale to Pioneer Natural Resources, according to a notice to the Texas Workforce…
Exxon to Cut 700 Houston-Based Employees from Workforce
ExxonMobil will lay off more than 700 workers in the Houston area, according to a warn notice sent to the Texas Workforce Commission. The compay previously disclosed it…
Cardinal Energy's Credit Line Renewed at $225 Million
Cardinal Energy Ltd. has received approval from its lenders regarding its credit line. The Facilities were renewed at $225 million and extend the revolving period and maturity date…
W&T Offshore Ups Production Outlook for 4Q20
W&T Offshore Inc. has increased its production outlook for Q4 2020 by 8%. W&T now expects its fourth quarter production to average between 34,700 and 36,900 BOEPD (34%…
Canadian E&P to Increase Drilling by 74% In 2021; 130 Wells
Baytex Energy Corp. has approved a 2021 capital budget of $225 to $275 million (down 9% at the midpoint from 2020). While spending is slightly declining YOY, the…
Crescent Point To Cut Wells Drilled by 15% and Capex By 25% Y/Y
Crescent Point Energy Corp. has detailed its 2021 capital expenditures budget and production guidance. 2021 Plans 2021 Capex: $475 to $525 million 2021 Production Guidance: 108,000 to 112,000…
Ring Restarts D&C Ops with New San Andres Well; Updates Hedge Book
Ring Energy, Inc. has initiated drilling operations on its first new horizontal well in ten months. The Badger 709 B #6XH was spud early Wednesday morning, December 2,…
Obsidian Ups 2020 Budget to Fund Alberta Cardium Drilling
Obsidian Energy has updated its 2020 capital spending plan due to the re-initiation of our Cardium development program. Obsidian Energy will increase its 2020 capital program by $3.2…
Imperial Ditches Long-Term Unconventional Plans; Takes $1.1B Impairment Hit
Following annual review, Imperial has re-assessed the long-term development plans of its unconventional portfolio in Alberta, Canada and no longer plans to develop a significant portion of this…
Chevron Makes Two Executive Promotions
Chevron Corp. has named Al Williams vice president of corporate affairs, effective March 1, 2021. In a separate appointment, Paul Antebi, 48, has been named vice president and…
Chevron to Keep Spending Flat at $14B in 2021; Spend $2B in the Permian
Chevron Corp. has announced a 2021 capital plan of $14 billion (flat compared to 2020). Included in its 2021 spending is over $300 million for investments to advance…
Chevron Adds Lockheed Martin Chairman to Board
Chevron Corp. announced that Marillyn A. Hewson has been elected to Chevron's board of directors, effective on January 1, 2021. She will serve on the Audit Committee of…
| Commodity | Price | % Change |
|---|---|---|
| Brent Crude Oil | 94.99 | -14.10% |
| Light Crude Oil | 89.46 | -12.37% |
| Natural Gas | 3.04 | 10.14% |