Actionable news
0
All posts from Actionable news
Actionable news in APC: ANADARKO PETROLEUM Corp,

U.S. shale producers cutting budgets as oil prices lag

HOUSTON, July 27 (Reuters) - U.S. shale producers have started to trim their 2017 capital spending budgets, a tacit acknowledgement that such plans were too aggressive when crafted months ago before commodity prices weakened.

This week alone, Anadarko Petroleum Corp, ConocoPhillips, Whiting Petroleum Corp and Hess Corp cut a combined $750 million from their capex plans, each citing weaker-than-expected oil prices.

The quartet are just the first in a wave of oil industry earnings results expected over the next two weeks, with many analyst expecting peers including Noble Energy Inc and Marathon Oil Corp to cut their own spending in order to appease Wall Street's demands for fiscal...


More