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E&P companies guide to 24% hike in planned capex this year, Cowen says

Published 11/09/2018, 05:36 PM
© Reuters. E&P companies guide to 24% hike in planned capex this year, Cowen says
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  • Cowen analysts say the energy exploration and production companies it tracks have provided guidance indicating a 24% increase this year in planned capital spending to $89.6B.
  • Cowen also says early 2019 capital spending budgets are mixed, with some companies such as Devon Energy (NYSE:DVN) and Occidental Petroleum (NYSE:OXY) expecting to add to capital spending next year, while others including Abraxas Petroleum (NASDAQ:AXAS) expect to cut spending next year.
  • Analysts at Simmons forecast the average combined oil and natural gas rig count will rise from 876 in 2017 to 1,031 in 2018, 1,092 in 2019 and 1,227 in 2020.
  • The total number of oil and gas rigs active in the U.S. YTD has averaged 1,025, keeping the total count for 2018 on track to be the highest since 2014, which averaged 1,862 rigs; 1,081 rigs currently are in service, according to the latest count from Baker Hughes.
  • Now read: Abraxas Petroleum: Opportunity To Deliver Positive Cash Flow In 2019


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