LATEST NEWSOIL & GAS

Global oil, gas producers cut spending after crude price crash

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 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 per cent on average, data compiled by Reuters showed.

Below are plans announced by top energy companies (in alphabetical order):

BP

BP Plc said it planned to reduce capital and operational spending, which was about $15 billion last year.

CHEVRON

Chevron Corp 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.

DNO

Norway’s DNO, which operates in Iraq’s Kurdistan region, said it would cut its 2020 budget by 30 per cent or $300 million and lower its dividend for the first half of the year.

ENERGEAN

Mediterranean gas group Energean said it would cut its investments by $155 million in Greece and Israel and could reduce its budget for Egypt by another $140 million if needed without endangering delivery of its long-term offtake deals.

ENI

Eni followed rivals by cancelling a share buyback and sharply cutting investments. It said it would withdraw plans it had to buy back 400 million euros ($433.84 million) of shares this year

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close