Reuters U.S. oil producer Apache Corp APA.O said on Thursday it plans to keep project spending next year flat or slightly lower than this year’s $1 billion spending rate, as the COVID-19 pandemic continues to slash global oil demand. The company has two hydraulic fracturing crews in the Permian Basin shale field to work on wells that have been drilled already
Reuters Oilfield services giant Schlumberger NV (SLB.N) on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly loss on thousands of job cuts and a pipeline outage in Ecuador. The large loss capped second-quarter reports from U.S. oilfield services providers that laid bare the damage wreaked by the coronavirus crisis. Producers
Reuters MOSCOW – Exxon Neftegaz Ltd (ENL) is adjusting the schedule and scope of some of its activities at the Sakhalin-1 oil and gas project in far eastern Russia as it moves to cut spending in response to the coronavirus crisis and weak oil prices, it said on Friday. The subsidiary of U.S. oil company Exxon Mobil Corp declined
Source: Reuters (Reuters) – Oilfield services firm Patterson-UTI reported a smaller-than-expected loss on Thursday, as cost cuts helped it limit the impact of an ongoing decline in North American shale activity. An investor push toward higher returns instead of growth amid weak oil prices has prompted U.S. shale producers to reduce spending, forcing rig providers to lower costs in the
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