Texas upstream news

Diamond intends to use the proceedings to restructure and strengthen its balance sheet and achieve a more sustainable debt profile.

The company has announced a net loss of US$1 billion, or US$1.16 per diluted share, for 1Q20.

The company has also announced its intention to delist from the New York Stock Exchange.

The revised 2020 capital budget of US$1.3 billion or less includes the implementation of 2Q20 frac holidays in the Bakken and Eagle Ford.

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.