Canadian Natural Resources (CNR) is cutting its 2015 spending by about 28 percent, according to the Calgary Herald.
The company says its Kirby oilsands project and conventional oil and gas operations in Canada and overseas will bear the brunt of the cut.
The Calgary-based company budgeted $8.6 billion for 2015, but because of falling oil prices, its budget has been dropped to $6.2 billion. CNR says it will defer about $470 million of spending for the first phase of its Kirby North steam-driven oilsands project and reduce drilling at its North American and international conventional oil and gas operations.
Royal Dutch Shell to Cut Jobs in Oil Sands
Royal Dutch Shell announced Jan. 9 that it plans to cut between 5 and 10 percent of jobs at its oilsands project in northeastern Alberta, Canada. The company employs nearly 3,000 people at that location in Athabasca.
The company says that the final decision on the number of job cuts has not been made. Royal Dutch Shell denies the job cuts are a result of the falling oil prices.
Royal Dutch Shell is the first oilsands producer in Canada to cut jobs. The three other companies involved in exploration activities in the Alberta oil sands mine are Suncor Energy, Imperial Oil Limited and Canadian Oil Sands Limited.
SM Energy Plans to Sell Some Assets
In an effort to focus on the Bakken and Eagle Ford shales, SM Energy is selling off some of its assets.
SM Energy plans to sell assets located in East Texas, Northern Louisiana and Oklahoma. In 2014, the assets produced about 3.4 net million barrels of oil equivalent per day. SM Energy says the sale could be completed by mid-2015 if appropriate bids are received.
In July 2014, the company closed on its largest acquisition when it purchased acreage worth $330 million in the Bakken.
Matador Resources Reduces Rigs in Eagle Ford
Matador Resources Company announced Jan. 7 that it plans to reduce its operation by cutting production from two rigs in the Eagle Ford in 2015.
The Dallas-based energy company says that their plan to narrow drilling efforts is necessary because of lower oil prices, which have dropped from $100 per barrel in June to below $50.
Matador says it is not abandoning the region entirely.