Industry news
Goodrich Petroleum Corp and Oasis Petroleum Inc said they expect to spend much l
2014-12-19 09:26:51
Dec 10 (Reuters) - Goodrich Petroleum Corp and Oasis Petroleum Inc said they expect to spend much less on exploration and production next year, joining a list of U.S. oil and gas companies cutting capital spending as oil prices plunge.
Goodrich shares fell as much as 14.7 percent to $3.57 in early trading. Oasis' shares fell as much as 13.3 percent to a record low of $11.01.
 
Both stocks were among the top losers on the New York Stock Exchange on Wednesday.
 
Several large oil producers, including ConocoPhillips and Apache Corp, have set lower capital spending budgets for 2015, rattled by a near 40 percent drop in global crude prices since June. Some have said they will deploy fewer drilling rigs next year.
 
Global oil and gas exploration projects worth more than $150 billion are likely to be put on hold in 2015, according to Norwegian consultancy Rystad Energy.
 
Goodrich lowered its capital spending budget for 2015 to $150 million-$200 million. The company has budgeted spending of $325-$375 million for 2014, but said spending would likely be at the lower end of that range.
 
Oasis Petroleum said it expects to spend $750 million-$850 million in 2015. It expects to spend about $1.43 billion in 2014
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