Global oil, gas producers cut spending after crude price crash [Reuters]
Chevron Corporation (CVX)
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Source: Reuters
Global oil, gas producers cut spending after crude price crash (Reuters) - Oil and gas companies are cutting spending plans in response to the new coronavirus and a push by Saudi Arabia and Russia to ramp up output. International benchmark prices LCOc1 have more than halved since the start of the year, falling to around $30 a barrel. North American oil and gas producers have cut capital spending by about 30% on average, data compiled by Reuters showed. Below are plans announced by top energy companies (in alphabetical order): BPBP Plc ( BP.L ) said it planned to reduce capital and operational spending, which was about $15 billion last year. Chevron Corp ( CVX.N ) said it aimed to trim spending and lower oil output in the near term. The oil major’s 2020 organic capital expenditure guidance had been $20 billion. Norway’s DNO ( DNO.OL ), which operates in Iraq’s Kurdistan region, said it would cut its 2020 budget by 30% or $300 million and lower its dividend for the first half of t
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