Homemarket Newscommodities News

    Global oil, gas producers slash spending after price rout

    Global oil, gas producers slash spending after price rout

    Global oil, gas producers slash spending after price rout
    Profile image

    By Reuters  IST (Published)

    Mini

    North American oil and gas producers have slashed their capital spending by about 30 percent on average.

    Oil and gas companies around the world are planning to slash spending in the face of a plunge in oil prices caused by the spread of the coronavirus and a push by Saudi Arabia and Russia to flood the market with supply.
    Below are plans announced by top energy companies:
    BPBP said it planned to reduce capital and operational spending. BP's capital spending last year reached around $15 billion.
    CHEVRON CORP
    Chevron Corp said it was looking at ways to trim spending that could lead to lower near-term oil production. The company, however, did not provide details. The oil major's 2020 organic capex guidance was $20 billion.
    North American oil and gas producers have slashed their capital spending by about 30 percent on average, according to data compiled by Reuters.
    GULF KEYSTONE
    Kurdistan-focused producer Gulf Keystone has also suspended some of its drilling activities in the northern Iraqi region.
    SAUDI ARAMCO
    Saudi Arabia's national oil company Aramco said it planned to cut capital spending for 2020 to be between $25 billion and $30 billion, compared with $32.8 billion in 2019.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng