Houston Chronicle Three of the largest drilling rig operators in Texas are making budget cuts and bracing for the worst as a global supply glut of crude oil and falling demand due to the coronavirus pandemic are expected to cause the U.S. rig count to plummet. Although exact figures have yet to be released, Helmerich & Payne, the top drilling
Houston Chronicle Houston exploration and production company Occidental Petroleum is enacting across pay cuts after making a second round of budget cuts as crude oil prices remain stuck at record lows. Occidental plans to cut $2.5 billion from its capital budget and $600 million from its operating budget. After the cuts, the company plans to spend between $2.7 billion and
The White House released its FY 2018 budget proposal today, entitled “America First – A Budget Blueprint to Make America Great Again.” The White House proposes a budget that will increase funds in support of energy development on public lands and offshore, and it intends to continue to streamline the permitting process “and provide industry with access to the energy resources
PM Medvedev says government needs to act now to head off a decades-long economic depression Russia is facing a slowing economy as the oil export-dependent country battles both slumping oil prices and Western sanctions. Russian Economy Minister Alexei Ulyukayev said Russia would have to adjust to a “new normal” of low prices for crude, which will last for a “very
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