Oil & Gas Companies Slash Capital Budgets, Payrolls
Attachment: Breakeven Point - Kansas City Bank
SUGAR LAND--April 27, 2015--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Two recent surveys provide quantitative evidence of the difficult conditions facing oil & gas producers and their employees. Five producers operating in the Marcellus Shale will trim their 2015 capital spending by $1.5 billion, according to a recent survey by the Pittsburgh Business Times. And a survey from the Federal Reserve Bank of Kansas City (Kansas City, Missouri) showed oil & gas producers operating in its six-state region plan to sharply reduce capital spending and cut employment by more than 12%. Employment at supporting industries was expected to fall much further--19%, respondents told the bank.
Within this article: Capital budget cuts by major oil and gas producers.
Additional companies: CONSOL Energy Incorporated (NYSE:CNX) (, EQT Corporation (NYSE:EQT), Range Resources Corporation (NYSE: RRC), Rice Energy Incorporated (NYSE:RICE) REX Energy Corporation (NASDAQ:REXX), Southwestern Energy Company (NYSE:SWN), Chesapeake Energy Corporation (NYSE:CHK)
