Magnum Hunter: Slashed all Spending Amidst Cheap Oil, Gas

Oil and natural gas producer Magnum Hunter Resources Corp said on Friday it has cut all capital spending amidst plunging commodity prices, expecting prices to remain low for at least the next year.

"When you're in a death spiral of prices in this business, you're crazy to be spending money," Chief Executive Gary Evans said on a conference call with investors. "We're not spending any money right now."

Magnum's board plans to meet on Monday to discuss 2015 budget plans. At most the company will spend $100 million this year, Evans said.
 

Reporting by Ernest Scheyder