| Oil and Gas Capital Spending Cuts Much Larger Than Production Cuts | |
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The data were included in a report by RBN Energy published on the firm's blog Wednesday morning. Among the companies represented in the small and medium-sized group are Continental Resources Inc. (CLR), Concho Resources Inc. (CXO) and Pioneer Natural Resources Co. (PXD). In 2014, Continental's actual capital spending totaled $4.53 billion. In the first quarter of this year, the company forecast 2015 spending at $2.7 billion (down 40%), a number the company has not changed so far this year. However, Continental's estimated production for 2015 is forecast to fall by just 3% to just under 215,000 barrels a day this year. ALSO READ: America's Most and Least Educated States: A Survey of All 50 Concho expects production to remain essentially flat at around 144,000 barrels of oil equivalent per day, but forecasts capital expenditure (capex) spending down 33% from about $2.55 billion in 2014 to $1.7 billion this year. Pioneer spent $3.48 billion on capital projects last year and originally cut its 2015 forecast to $1.6 billion, a 54% drop. At the end of the third quarter, the company raised its projected capex budget to $1.95 billion, a drop of 44%. Production is expected to rise 7% to around 214,000 barrels of oil equivalent per day. |
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Concho Resources Inc.
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CODE : CXO |
ISIN : US20605P1012 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Concho Resources is a exploration company based in United states of america. Concho Resources is listed in United States of America. Its market capitalisation is US$ 9.6 billions as of today (€ 7.9 billions). Its stock quote reached its highest recent level on July 05, 2019 at US$ 99.97, and its lowest recent point on January 15, 2021 at US$ 65.60. Concho Resources has 146 059 000 shares outstanding. |