Jan 30 Many oil companies are slashing
investment in the face of a $100/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.
The following are a list of oil companies' capital
expenditure (capex) plans for 2009.
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 on Thursday its 2009 capital spending program will total
$22.8 billion, unchanged from 2008.
French oil giant Total (TOTF.PA) 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.
ConocoPhillips (COP.N), 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 the company moves to protect its profit
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
Canada's No. 4 oil producer and refiner Petro-Canada
PCA.TO 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
LUKOIL, Russia's largest private oil company and 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.
Gazprom, the world's largest gas producer, said in December
its 2009 capital investments would rise 32 percent to 699.88
billion roubles ($19.76 billion).
Hungarian oil and gas group MOL MOLB.BU said in November
it planned to cut capital expenditure by 35 percent in 2009.
Kazakh oil producer KazMunaiGas Exploration and Production
(KMG E&P) (KMGq.L) said in December it planned to roughly halve
capex to 36.5 billion tenge ($296 million) in 2009.
Devon Energy Corp (DVN.N) said in December its 2009 capital
expenditure would roughly match its cash flow, leading to a drop
from 2008, and delayed the announcement of the capex budget
until early in 2009.
(Reporting by Tom Bergin; Editing by Jon Loades-Carter)