HOUSTON, Sept 8 (Reuters) - Top U.S. oil and gas producers have cut their capital expenditure forecasts for 2025 by about $2 billion amid lower oil prices and a wave of industry consolidation, a Reuters analysis of second-quarter earnings announcements found.
Occidental Petroleum Corp OXY.N has cut its spending plans by $300 million versus previous forecasts, while ConocoPhillips COP.N has slashed $450 million from its projections. Diamondback Energy FANG.O reduced its budget by about $500 million.
The deep cuts, along with layoffs affecting thousands of workers, could mark the end of rapid output growth that has propelled U.S. production to a record high.
Below is a list of the top U.S. producers and their capital spending plans. Please find a graphic here.
Company | RIC | Latest CAPEX forecast (in millions) | Original 2025 CAPEX(in millions) | Absolute Change(in millions) | Percentage change |
ConocoPhillips | COP.N | $12,450.00 | $12,900.00 | -$450.00 | -3.5% |
EOG Resources Inc | EOG.N | $6,300.00 | $6,200.00 | $100.00 | 1.6% |
Diamondback Energy Inc | FANG.O | $3,500.00 | $4,000.00 | -$500.00 | -12.5% |
EQT Corp | EQT.N | $2,375.00 | $2,400.00 | -$25.00 | -1.0% |
Expand Energy Corp | EXE.O | $2,925.00 | $3,000.00 | -$75.00 | -2.5% |
Devon Energy Corp | DVN.N | $3,700.00 | $4,100.00 | -$400.00 | -9.8% |
Coterra Energy Inc | CTRA.N | $2,300.00 | $2,250.00 | $50.00 | 2.2% |
APA Corp | APA.O | $2,340.00 | $2,550.00 | -$210.00 | -8.2% |
PR.N | $1,970.00 | $2,000.00 | -$30.00 | -1.5% | |
Occidental Petroleum Corp | OXY.N | $7,200.00 | $7,500.00 | -$300.00 | -4.0% |
Ovintiv Inc | OVV.N | $2,150.00 | $2,200.00 | -$50.00 | -2.3% |
AR.N | $750.00 | $762.50 | -$12.50 | -1.6% | |
Range Resources Corp | RRC.N | $665.00 | $670.00 | -$5.00 | -0.7% |
CHRD.O | $1,350.00 | $1,400.00 | -$50.00 | -3.6% | |
MTDR.N | $1,425.00 | $1,525.00 | -$100.00 | -6.6% | |
Magnolia Oil & Gas Corp | MGY.N | $450.00 | $475.00 | -$25.00 | -5.3% |
Comstock Resources Inc | CRK.N | $1,050.00 | $1,050.00 | $0.00 | 0.0% |
California Resources Corp | CRC.N | $305.00 | $310.00 | -$5.00 | -1.6% |
CNX Resources Corp | CNX.N | $475.00 | $475.00 | $0.00 | 0.0% |
Murphy Oil Corp | MUR.N | $1,210.00 | $1,210.00 | $0.00 | 0.0% |
CIVI.N | $1,850.00 | $1,850.00 | $0.00 | 0.0% | |
SM Energy Co | SM.N | $1,375.00 | $1,300.00 | $75.00 | 5.8% |
Total | $58,115.00 | $60,127.50 | -$2,012.50 | -3.3% |
(Reporting by Arathy Somasekhar in Houston; Editing by Jan Harvey)
((arathy.s@thomsonreuters.com; +1 832 610 7346; X: @ArathySom;))