Oil Prices: Company spend cuts needed in 2015

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Report summary

We have analysed the potential for spending cuts in a US$60/bbl world in 2015. We estimate a 37% drop in spend across the sector will be needed relative to 2014 to maintain current debt levels. This is in addition to the US$9 billion cuts announced by companies in the last few weeks. Most other IOCs have flexibility to rein in spend to keep finances on an even keel. Shareholder dividends and distributions are likely to be a significant part of the spend cuts for some companies.

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    Wood Mackenzie Oil Price Company spend cuts needed in 2015.pdf

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