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Tag: Capital Expenditure
Chevron

Chevron cuts 2020 capital spending by $4 bn in response to COVID-19 outbreak

Posted: March 26, 2020 at 1:57 pm   /   Oil & Gas

Chevron next to cut spending in response to COVID-19 effects: Chevron Corp. has cut its 2020 capital spending plan by $4 billion, or 20%, to $16 billion, in response to market conditions. Chevron Corp. has cut its 2020 capital spending plan by $4 billion, or 20%, to $16 billion, in response to market conditions. The […]

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Eni

Eni to cut capex by 25% this year to temper the impact of coronavirus

Posted: March 26, 2020 at 1:51 pm   /   Oil & Gas

Italian energy group Eni will cut its capital spending by a quarter this year, and more next, as it moves to mitigate the impact from falling commodity prices because of the coronavirus emergency. In a statement on Wednesday, the state-controlled energy major said it would cut its planned capex by about 2 billion euros ($2.2 […]

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Total

Total to slash over $2.5 billion from its E&P business as oil crisis bites

Posted: March 24, 2020 at 3:39 pm   /   Oil & Gas

In an effort to alleviate the concequences of the recent oil price plunge, French oil major Total has revealed its plan to reduce the capex for 2020 by more than $3 billion and save about $800 million in operating costs compared to 2019. Total will also suspend its buyback program.  Patrick Pouyanné, Chairman & CEO […]

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Shell

Shell slashes capital expenditure, reduces operating costs

Posted: March 23, 2020 at 2:27 pm   /   Oil & Gas

Operator will take further strategic decisions as necessary due to coronavirus: Anglo-Dutch supermajor Shell is slashing operating costs, reducing planned capital expenditure by at least 20% this year alongside “material reductions in working capital” as the company strives to remain buoyant. Shell acts to reinforce business resilience and financial strength As the COVID-19 virus spreads […]

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ExxonMobil

ExxonMobil to significantly reduce spending due to market conditions

Posted: March 18, 2020 at 1:09 pm   /   Oil & Gas

U.S. oil major ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases. The oil price war and the sudden and sharp decline in oil prices as well as the global outbreak of the coronavirus have pushed oil and gas operators to reconsider […]

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apache

Apache responds to challenging oil market by cutting capex by 40%

Posted: March 14, 2020 at 9:32 pm   /   Oil & Gas

Apache responds to current challenging market by slashing spending: Houston-based oil and gas company Apache Corporation has announced multiple actions in response to current challenges in the oil market featuring an oil price war between Saudi Arabia and Russia following the OPEC+ breakdown, the effect of the coronavirus outbreak on global oil demand, and the […]

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