GRAPHIC-Oil majors cut 2020 spending by 22% after prices slump [Reuters (UK)]
Exxon Mobil Corporation (XOM)
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Source: Reuters
Graphic: Oil majors cut 2020 spending by 22% after prices slump - Reuters 2 Min Read 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 announced by nine major oil companies, including Saudi Aramco, Exxon Mobil and Royal Dutch Shell, come to a combined $38 billion, or a drop of 22% from their initial spending plans of $175 billion. Exxon on Tuesday cut its 2020 budget by $10 billion to $23 billion. BP has cut its 2020 spending plan by 25% and will reduce output from its U.S. shale oil and gas business. Graphic - Oil Majors' 2020 capex cuts: here Oil prices have more than halved since January to around $34 a barrel. Investors say if the current crisis is prolonged, the spending cuts announced by major oil companies may not be enough to let them maintain dividends without adding to t
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