Noble Energy to cut 2016 spending by 50 percent
Houston-based Noble Energy, one of the largest producers of oil and gas in Northern Colorado, said Wednesday that it plans to cut 2016 capital spending by 50 percent to $1.5 billion as crude oil prices continue to sag around $30 per barrel.
But the Denver Business Journal reports that about 40 percent of that budget is slated for operations in the Denver-Julesburg Basin, which lies mostly in Northern Colorado. And about 80 percent of the new onshore wells the company intends to drill in the U.S. this year will be in the D.J. Basin.
SPONSORED CONTENT
Houston-based Noble Energy, one of the largest producers of oil and gas in Northern Colorado, said Wednesday that it plans to cut 2016 capital spending by 50 percent to $1.5 billion as crude oil prices continue to sag around $30 per barrel.
But the Denver Business Journal reports that about 40 percent of that budget is slated for operations in the Denver-Julesburg Basin, which lies mostly in Northern Colorado. And about 80 percent of the new onshore wells the company intends to drill in the U.S. this year will be in the D.J. Basin.