Mid-sized oil producing companies are proving more resilient against weak oil prices than expected as they are able to slash more costs, allowing them to press ahead with projects that are set to add even more barrels to a global supply glut. British-listed oil producer Tullow surprised analysts on Wednesday with a smaller-than-expected rise in debt to $4 billion, while rival Premier Oil, often cited as a takeover target as oil prices declined, announced the $120 million acquisition of E.ON’s UK oil and gas assets. Part of the secret is small companies’ ability to shave substantial costs off their budgets and to make changes quickly to work more efficiently within their means. Analysts at Barclays predict the global exploration and production spend to fall around 15 percent this year if oil prices average $45-50 a barrel. Investments could fall nearly 20 percent if prices average $40 a barrel, they […]