Anadarko Petroleum is the latest oil and natural gas producer to announce budget cuts for 2016, with plans to halve its capital spending as crude prices remain low. Anadarko's US onshore operations will face cuts of up to 70%. The company also plans up to $3 billion in asset sales.
Occidental Petroleum is collaborating with Tudor Pickering Holt & Co. to divest about 335,000 net acres of oil assets in North Dakota's Williston Basin for up to $3 billion, sources said. Melissa Schoeb, a spokeswoman for Occidental, said the company has intended to "pursue strategic alternatives" for some holdings, as announced last year.
Phillips 66 is spending $3 billion to build midstream facilities in Brazoria County, Texas. The company's board of directors on Friday approved a plan to build a liquefied petroleum gas export terminal and a fractionation plant in the county.
Occidental Petroleum and Qatar Petroleum will upgrade the Idd El Shargi North Dome oil field off the coast of Qatar. The project, worth over $3 billion, involves the drilling of more than 200 water injection wells, Occidental said.
The Federal Energy Regulatory Commission has cleared El Paso's Ruby Pipeline venture worth $3 billion. The project, which is slated to begin operations in March, will have an initial daily design capacity of as much as 1 billion cubic feet of natural gas. Construction will begin this spring.