Falling oil prices are causing companies to cut spending this year. One of the latest moves is by Lafayette-based Stone Energy Corporation.
This week, Stone announced it plans to cut spending by more than half of what they spent a year ago. Louisiana Oil and Gas Association Vice President Gifford Briggs say continued low prices are forcing the industry to scale back. "They (oil companies) are doing what they feel they need to do, it's not unexpected," said Briggs.
An updated release from Stone shows capital spending going down to $450 million in 2015. The company spent $875 million last year. Briggs believes an even greater financial hit will impact client companies who work with the oil corporations.