Harsh cuts await as the oil field slips into recession

By West, James | Hoh, Samantha | Nuta, Alexander | Schnier, Cameron.
2015 .
1 p. ; 37-38 , E&P spending may fall below $700 billion in 2015, as budgets will be dictated by cash flow and access to capital, according to a survey of the spending plans of approximately 300 companies worldwide. The year ahead is set to be transitional for the upstream industry, marking the second recession in a 15-year, global E&P spending upcycle. With 2014 spending finishing stronger than expected, and a significantly changed price environment, Evercore believes that near-term capital expenditure (capex) revisions put its survey’s modest 5% contraction for 2015 at risk. The company expects near-term capex announcements to reflect about 30%–40% cuts to previous plans, bringing full-year North America spending closer to a 30% contraction and international spending to a 15% contraction.

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Sliding oil price necessitates more cuts and pain

By West, James | Hoh, Samantha | Nuta, Alexander | Schier, Cameron.
2016 .
1 p. ; 43-44

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Harsh cuts await as the oil field slips into recession

Sliding oil price necessitates more cuts and pain