Scottish energy company Wood Group said Tuesday it was confident it had the mettle to endure the "new commodity price environment."
Most energy companies have posted losses in their latest quarterly reports and announced plans to trim spending in exploration and production for 2015 because of a weak crude oil market.
Wood Group said it would cut spending by $30 million this year, but said earnings before interest, taxation and amortization rose 30 percent.
Chairman Ian Marchant said the company performed well in 2014 when weighed against the steep drop in oil prices from June to the end of January.
"I have confidence that my management team's significant experience and long record of success in cyclical oil and gas markets will ensure we take the steps necessary to maximize performance in the new commodity price environment," he said in a statement.
The company singled out the U.S. shale energy sector as among its strengths. In late 2013, Wood Group, which has headquarters in Aberdeen, Scotland, acquired Wyoming-based services company Elkhorn, which operated in the Niobrara, Permian, Marcellus and Utica shale basins in the United States.
Marchant said the company would move forward in 2015 with a degree of caution.
"We will continue to look to make value adding acquisitions that are consistent with our strategy but will apply tougher filters on these acquisitions reflecting the macro environment," he said.
