W&T Offshore to reduce 2020 capital budget
The company has reduced its estimate of 2020 capital expenditures to US$15 million to US$25 million from its prior level of US$50 million to US$100 million.
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The company has reduced its estimate of 2020 capital expenditures to US$15 million to US$25 million from its prior level of US$50 million to US$100 million.
The reductions to the company’s 2020 capital budget will be primarily achieved by shifting from a six rig programme to one rig in the Bakken, which is expected to be completed by the end of May.
The company has reduced its drilling, completion and facilities capital budget by approximately 45%.
The company is aiming to reduce spending as a result of market conditions caused by the Covid-19 pandemic and commodity price decreases.
The event, due to be held in May in Houston, Texas, has been postponed to the third quarter of 2020.
The event was due to be held in The Woodlands in Texas, US, from 24 - 25 March.
Activity reductions are planned in the Permian Basin, Egypt and the North Sea.
The US Bankruptcy Court for the Southern District of Texas has confirmed the company's Plan of Reorganization.
The growth in US crude oil exports in 2019 has been attributed to increasing US crude oil production, expanding domestic infrastructure, and increasing global demand for light, low-sulfur crude oils.
The system is for monitoring real time drilling operations.
Murphy’s revised 2020 budget is now approximately US$950 million, a nearly 35% revision.
The contract will see BJ Services' TITAN fracturing fleet deployed in the Haynesville shale.