Low Oil Prices will cure low oil prices

[dan_s]

Market Movers

- Cenovus Energy (NYSE: CVE) cut capex by 32 percent and will temporarily suspend its crude-by-rail program. It also said production would drop to 432,000-486,000 bpd, down from 472,000-496,000 bpd previously.

- Ring Energy (NYSEMKT: REI) said it would cease drilling until oil prices stabilize.

- Ovintiv (NYSE: OVV) cratered by more than 70 percent on Monday, but rebounded by 33 percent on Tuesday. The oil company said it would cut spending to maintain free cash flow.

[dan_s]

MIDLAND, Texas, March 09, 2020 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today provided an operational update given recent commodity price volatility. Diamondback is reducing activity immediately from nine completion crews to six and expects to drop two drilling rigs in April 2020 and a third later in the second quarter of 2020. The Company has already dropped one completion crew as part of its original 2020 plan, but is now releasing two more completion crews as a result of the recent and expected oil price weakness.