Roc Slashes Spending 90%

摘要

Australian independent Roc Oil, which posted full-year losses after multimillion-dollar write-downs, is the latest company to announce exploration funding cuts for 2009. The company said it wants to keep exploration expenses below US$10 million, down from $115 million last year. "We have implemented strategies to manage the business in a $40 and $50 oil price environment," Chief Executive Bruce Clement said. Operating costs are roughly $15/bbl.