CRUSHING IT

摘要

E&Ps have crushed 2016 capex like an empty can. Guidance on spending cutbacks flooded in as the first quarter ended. Cowen & Co. tallied a 53% year-over-year drop in 2016 Lower 48 drilling and completion dollars for 32 independents as of late February. Adding in the majors, D&C capex contracted by 39% compared with 2015.