Oil majors slash 2020 spending 18% after prices slump - Reuters:
The world’s biggest oil and gas companies are slashing spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the top exporters Saudi Arabia and Russia.
Cuts already announced by five major oil companies including Saudi Aramco 2222.SE and Royal Dutch Shell (RDSa.L) come to a combined $19 billion, or a drop of 18% from their initial spending plans of $106 billion.
Norway’s Equinor (EQNR.OL) said on Wednesday it would cut capital expenditure, or capex, by some $2 billion while Chevron (CVX.N) said on Tuesday it would slash its capex this year by $4 billion.
Others such as U.S. giant Exxon Mobil Corp (XOM.N) and Britain’s BP (BP.L) have said they will cut capital expenditure but haven’t given specific figures as yet.
The world’s biggest oil and gas companies are slashing spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the top exporters Saudi Arabia and Russia.
Cuts already announced by five major oil companies including Saudi Aramco 2222.SE and Royal Dutch Shell (RDSa.L) come to a combined $19 billion, or a drop of 18% from their initial spending plans of $106 billion.
Norway’s Equinor (EQNR.OL) said on Wednesday it would cut capital expenditure, or capex, by some $2 billion while Chevron (CVX.N) said on Tuesday it would slash its capex this year by $4 billion.
Others such as U.S. giant Exxon Mobil Corp (XOM.N) and Britain’s BP (BP.L) have said they will cut capital expenditure but haven’t given specific figures as yet.
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