GRAPHIC-Oil majors cut 2020 spending by 22% after prices slump [Reuters]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
Oil majors slash 2020 spending by 20% after prices slump LONDON (Reuters) - The world’s biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia. Cuts already announced by eight major oil companies, including Saudi Aramco and Royal Dutch Shell, come to a combined $28 billion, or a drop of 20% from their initial spending plans of $142 billion. BP cut its 2020 spending plan by 25% and will reduce output from its U.S. shale oil and gas business, it said on Wednesday. Exxon Mobil Corp said it would cut capital expenditure but has not given specific figures as yet. Brazilian oil company Petrobras said it was dialling back short-term production, delaying a dividend payment and trimming its 2020 investment plan, among other measures aimed at reducing costs in the face of the coronavirus pandemic. Oil prices have slumped 65% since J
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