EOG Resources said on Thursday it was shutting existing wells and delaying the start up of about 150 net new ones until the second half of 2020, as it further cuts its spending to battle one of the worst oil price shocks in decades.
FILE PHOTO: The logo of U.S. oil and gas company EOG Resources is seen in its office in Chongqing, China December 15, 2017. REUTERS/Chen Aizhu
The Houston-based company also further reduced its 2020 capital expenditures to between $3.3 billion and $3.7 billion, a reduction of $1 billion from the previous updated plan and a 46% fall from the original plan. The action to reduce activity to six rigs should solidify management’s strategy of focusing on returns first, balancing activity for free cash flow, and supporting the dividend as a priority rather than growth, RBC Capital Markets analyst Scott Hanold said in a note.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Fact check: Trump falsely claims Obama left him 'nothing' in the national stockpileTrump has repeatedly said an empty stockpile hampered his pandemic response. Budget cuts had impacted it, but shelves weren't bare, former officials said.
Consulte Mais informação »
Robinhood raised $280 million despite decrease in fintech funding - Business InsiderRobinhood should focus its large cash injection on consolidating resources and fixing existing issues to better withstand the economic downturn
Consulte Mais informação »
3 cash-strapped states are making deep Medicaid cuts as coronavirus devastates budgets - Business Insider3 cash-strapped states are making deep cuts to Medicaid as coronavirus devastates their budgets — and millions of jobless people lack health insurance
Consulte Mais informação »
'Herculean-like challenges looking ahead': Here's what 4 analysts are saying ahead of Uber's first-quarter earnings report | Markets InsiderUber will report first quarter 2020 earnings on Thursday after market close. The company withdrew the 2020 guidance it gave during its fo...
Consulte Mais informação »
Historic New York City subway shutdown for cleaning deemed 'successful'The first deliberate shutdown of the New York City subway system in 115 years was deemed 'successful' by transit officials on Wednesday.
Consulte Mais informação »
Madonna Says She Had Coronavirus at the End of Madame X TourMadonna is shutting down &34;sensationalist&34; rumors about her coronavirus diagnosis.
Consulte Mais informação »