Irving oil company Pioneer Natural Resources is cutting its 2020 budget in nearly half as crude prices slipped below $30 per barrel.
The exploration and production company said late Monday afternoon that it plans to spend between $1.7 billion to $1.9 billion on drilling, hydraulic fracturing and other capital projects in 2020. The figure marks a 45 percent reduction of the company's previously announced budget.
Some $100 million of the budget has been earmarked for projects to source and move freshwater for its operations as well as move and dispose of oilfield wastewater. The company plans to cut the number of drilling rigs it uses in in half from 22 to 11 over the next two months.
In case you are keeping track:
Budget Planning for Your Side Hustle - business.com
Figuring out how to start a good side hustle is a task of its own that requires knowing your skills and carving out a potential market or network of clients. However, once you have a side hustle up and running, you can nurture it toward becoming a full-fledged small business. To do so, of course, you will need proper budgeting and financial planning skills. This guide will help you better understand how to craft a budget for your side hustle.
A side hustle is any type of work that occurs outside your workplace of full-time employment that drives additional income. It can go by many names: side gig, side work, passion project and so on. A side hustle generally refers to independent "gig work," such as freelancing or ride-sharing, rather than a part-time job for another company.
Is It Time to Scrap the Annual Budget Process?
For most businesses, the annual budget is a key planning document, reflecting the organization's growth projections and its decisions around resource allocation. But a growing number of decision-makers and financial experts are questioning the usefulness of the traditional annual budget.
John Orlando, CFO of Centage Corp. , a developer of budgeting and planning software based in Natick, Mass., told IMT in an interview that annual budgeting is "a tedious and time-consuming process, depending on how big the organization is." Companies typically end up passing around spreadsheets that can spawn multiple iterations and versions and can be hard to reconcile.
Goodrich Petroleum Announces Revised Capital Expenditure Budget And 2020 Guidance - Oil & Gas
HOUSTON , March 16, 2020 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE American: GDP) today announced it has lowered its 2020 preliminary capital expenditure budget by $15 million to $40 - $50 million, which is expected to generate free cash flow of an estimated $15 - $25 million at $2.00 - $2.50 natural gas prices.
The Company now expects to grow production by 5 - 7% versus 2019 to a range of approximately 50 – 52 Bcfe, or an average of 137,000 – 142,000 Mcfe per day for the year. Natural gas is expected to comprise approximately 99% of total production.
Quite a lot has been going on:
EOG Resources cuts budget as oil prices continue to fall - Houston Chronicle
Houston oil company EOG Resources is cutting its 2020 capital budget by nearly a third amid record low commodity prices.
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The company said Monday that it plans to spend $4.3 billion to $4.7 billion on drilling, hydraulic fracturing and other capital projects in 2020. The figure marks a 31 percent reduction of the company's previously announced budget.
The company regarded as one of the most efficient shale drillers in the U.S., says it will remain profitable even with oil at $30 per barrel.
Crescent Point slashes capital budget 35 per cent as oil continues to fall | Pipeline News
Zen pivots to more affordable brands
The operator of Zen Japanese restaurants trimmed its investment budget by 60% this year as the economy weakens.
The virus outbreak has prompted Zen Corporation, the operator of Zen Japanese restaurant, to revise its investment plan, slashing investment budget by 60% this year and shifting focus from premium brands to affordable ones.
Boonyong Tansakul, the company’s chief executive, said the company’s investment budget would be trimmed to 80 million baht this year from 200 million, with only 40 new restaurants for planned this year, about 50% lower than previously planned.
Subscribe to read | Financial Times
Happening on Twitter
#本周热读 在俄罗斯和沙特打起的油价战中，美国页岩开采商料成为最大输家之一。Pioneer Natural Resources Co.首席执行长说，未来两年公开上市的页岩油公司可能有一半破产。https://t.co/NwxvTbnAes ChineseWSJ (from China) Sun Mar 15 11:01:00 +0000 2020
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