A significant portion of the acreage available in Q1 2020 is located in either deep or ultra-deep water, up from the previous quarter, according to leading data and analytics company, GlobalData.
In light of the dramatic fall in commodity prices, Marathon Oil (NYSE: MRO) has announced an immediate capital spending reduction of at least $500 million relative to its previously communicated 2020 capital spending budget of $2.4 billion. The revised capital spending budget of $1.9 billion or less represents an approximate 30% reduction in comparison to actual 2019 capital spending.
Talos Energy Inc. ("Talos," or the "Company") (NYSE: TALO) has announced its financial and operational results for the fourth quarter of 2019 and provided an operations update.
The total capital and operational expenditure of exploration and production companies (E&Ps) is now likely to be cut by $100 billion in 2020 and another $150 billion in 2021 if oil prices remain at a $30 level, a Rystad Energy impact analysis revealed – a development that will heavily impact service company revenues, driving some out of the market.
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