Apache Corp cut its annual capital budget by nearly two-thirds and reported a quarterly loss smaller than analysts had expected as its costs fell.
The FTSE 100 Index rose 9.3 points to 5,901.4 today as mining stocks were buoyed by hopes over progress to resolve the US fiscal cliff.
The London market closed higher today amid hopes two of the eurozone's struggling members would receive bailouts later this week.
Chief Treasury Secretary Danny Alexander will claim today that oil and gas taxes could be increased in an independent Scotland.
Investment is being slashed by tens of billions of dollars across the oil&gas sector, largely as a result of the precipitous drop in prices since July, 2008. Global upstream budgets are falling for the first time in 10 years, according to the International Energy Agency.