This was last year, by the way. I presume this has increased to 70% by today. And we are fundamentally boring.
Dateline 2015-12-29, The Star:
ANALYSTS are expecting oil and gas (O&G) firms to cut their capital expenditure by up to 40% next year as global oversupply of the commodity continues.
UOB KayHian said earnings risk for O&G companies had not bottomed out and that the global oil majors were expected to slash capital expenditure by between 10% to 40%.
“The sector is still fundamentally unexciting,” said UOB KayHian in a recent report.
Global oil prices hit their 11-year lows at US$36.25 a barrel last week, before it rebounded. The current oil price is a far cry from the US$115 per barrel registered in June 2014.