Goodrich Petroleum Corp and Oasis Petroleum Inc said they expect to spend much less on exploration and production next year, joining a list of U.S. oil and gas companies cutting capital spending as oil prices plunge.Goodrich shares fell as much as 14.7 percent to $3.57 in early trading. Oasis' shares fell as much as 13.3 percent to a record low of $11.01.Both stocks were among the top losers on the New York Stock Exchange on Wednesday.
Goodrich Petroleum Corporation is an independent oil and natural gas company engaged in exploration, development and production of oil and natural gas on properties primarily in Northwest Louisiana, East Texas and South Texas. Shares of GDP fell by 10.76% or $-0.44/share to $3.65. In the past year, the shares have traded as low as $2.96 and as high as $30.52. On average, 2794540 shares of GDP exchange hands on a given day and today's volume is recorded at 1294090.
Oasis Petroleum Inc. is an exploration and production company. Shares of OAS fell by 9.0% or $-1.14/share to $11.52. In the past year, the shares have traded as low as $11.87 and as high as $58.09. On average, 4059430 shares of OAS exchange hands on a given day and today's volume is recorded at 3955925.
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