More drillers cut 2015 spending

More oil producers in Texas are cutting spending for 2015 as crude oil prices continue to tumble.

With the price of oil below $50 a barrel in the U.S., Apache Corp. is slashing its budget 26 percent, ConocoPhillip and Rosetta Resources 20 percent, and Chevron is delaying its plans for this year, the Houston Chronicle reports.

{mosads}Additionally, Midland’s Concho Resources announced it is reducing its spending capital program to $2 billion due to low prices. The company will also cut its drilling rigs from 35 to 30.

Similarly, Elevation Resources had originally planned for a $227 million capital budget in early December, but CEO Steve Pruett said that needs to change.

“I’m going back to the board and asking that it be cut to $100 million,” Pruett told the Houston Chronicle.

The price of oil is the lowest its been in over five and half years, concerning U.S. oil and gas producers as there is not end in sight to the supply glut.