Ithaca Energy cuts capex by 60% amid oil price drop

摘要

North Sea-focused Ithaca Energy has cut its projected 2015 capital spending by 60% year-on-year, the company said this week, revealing that it had hedged half its oil production at USD 102/barrel between now and June 2016. In an operational update published on Monday, Ithaca said its hedging of 6,300 barrels of oil for the 18 months starting in January 2015 provide its asset base a breakeven price of under USD 20/barrel for Brent crude.