Feb 3 Oil companies are slashing investment in the face of a $100 per barrel collapse in crude prices but, keen to avoid past mistakes and to gain from others' weakness, the very biggest players are holding spending steady. [ID:nLU766665]
Following is a summary of oil companies' capital expenditure (capex) plans for 2009 (most recent first):
BP PLC (BP.L)
Europe's second-largest oil company said on Feb. 3 it expected organic capex of $20-22 billion in 2009, compared with $21.7 billion in 2008. [ID:nL2123295]
ROYAL DUTCH SHELL PLC (RDSa.L)
The world's second-largest non-government controlled oil company by market capitalisation said on Jan. 29 it would lift capex to $31-32 billion, excluding acquisitions, in 2009, from $30 billion in 2008.
CHEVRON CORP (CVX.N)
The second-largest U.S. oil company said in late January its 2009 capital spending program will total $22.8 billion, the same as in 2008.
The French oil group plans to keep investments stable in volume terms, CEO Christophe de Margerie said in a television interview in late January, although de Margerie hopes lower industry costs will bring the value of spending down.
The third-largest U.S. oil company said on Jan. 16 it would slash its capital spending 38 percent this year and cut about 1,300 jobs, citing a steep decline in oil and gas prices.
OCCIDENTAL PETROLEUM CORP (OXY.N)
The fourth-largest U.S. oil company said it would slash spending by 25 percent in 2009 to $3.5 billion as it moves to protect its profit margins.
TALISMAN ENERGY INC TLM.TO
Canada's No. 3 independent oil exploration firm said earlier in January it plans to shave its 2009 spending program to about C$4 billion from the C$5 billion to $5.3 billion in expected outlays for 2008, to cope with low oil prices.
Canada's No. 4 oil producer and refiner said in December it planned to cut capital spending 36 percent to C$3.96 billion in 2009 and in January warned that weak oil and gas prices could force it to cut spending even deeper.
Russia's largest private oil company, 20 percent-owned by ConocoPhillips, said in December it would cut planned capital expenditure in 2009 to $9.7 billion from an earlier forecast of $11.2 billion.
In November, Chief Executive Vagit Alekperov said the company could halve its 2009 capital spending programme to $4 billion if the global oil price falls below $45/bbl.
GAZPROM NEFT (SIBN.MM)
The oil arm of Russian gas export monopoly Gazprom (GAZP.MM) and Russia's fourth-largest oil producer could slash capex by 45 percent in 2009 if the oil price falls to $32 per barrel, its chief executive said.
The world's largest gas producer, said in December its 2009 capital investments would rise 32 percent to 699.88 billion roubles ($19.8 billion).
KAZmUNAIGAS EXPLORATION AND PRODUCTION (KMG E&P) (KMGq.L)
The Kazakh oil producer said in December it planned to roughly halve capex to 36.5 billion tenge ($296 million) in 2009.
DEVON ENERGY CORP (DVN.N)
The group said in December its 2009 capital expenditure would roughly match its cash flow, leading to a drop from 2008, and delayed the announcement of its capex budget until early in 2009.
The Hungarian oil and gas group said in November it planned to cut capital expenditure by 35 percent in 2009.
(Compiling by Tom Bergin in London; Editing by Jon Loades-Carter and David Holmes) ($1=35.41 Rouble)