Texas upstream news

The largest share of the company's capital spending reduction will be in the Permian Basin.

Upstream Production Solutions has entered into a three-year contract with Triangle Energy for the provision of operations and maintenance services to the Arrowsmith stabilisation plant (ASP) and Cliff Head Alpha offshore platform in the Perth Basin, Western Australia.

The reductions include a US$2 billion decrease in spending in upstream unconventionals, primarily in the Permian Basin.

The company will significantly reduce spending this year below its original US$1.2 billion budget.

The company has said it still continues to expect to generate positive free cash flow in 2020.

The company has reduced its estimate of 2020 capital expenditures to US$15 million to US$25 million from its prior level of US$50 million to US$100 million.

The company has reduced its drilling, completion and facilities capital budget by approximately 45%.

The company is aiming to reduce spending as a result of market conditions caused by the Covid-19 pandemic and commodity price decreases.

The event, due to be held in May in Houston, Texas, has been postponed to the third quarter of 2020.

The event was due to be held in The Woodlands in Texas, US, from 24 - 25 March.