( Reuters) – Oil and gas business worldwide goal to slash costs as crude costs have plunged due to the effect of the coronavirus and a push by Saudi Arabia and Russia to ramp up output. [O/R]
SUBMIT PICTURE: A logo design of the Exxon Mobil Corp is seen Rio de Janeiro, Brazil September 24,2018 REUTERS/Sergio Moraes
Oil prices LCOc1 have more than cut in half in value since the start of the year, tumbling listed below $30 a barrel.
North American oil and gas manufacturers have actually cut capital costs by about 30%on average, according to information put together by Reuters. For a factbox, click on
Below are strategies revealed by worldwide energy business (in alphabetical order):
BPBP ( BP.L) stated it prepared to decrease capital and functional costs, which was about $15 billion in 2015.
CHEVRON CORP
Chevron Corp ( CVX.N) stated it aimed to cut spending and lower oil output in the near term. The oil major’s 2020 natural capital investment assistance had actually been $20 billion.
DNO
Norway’s DNO ( DNO.OL), which operates in Iraq’s Kurdistan area, stated it would cut its 2020 budget plan by 30%or $300 million and cut its dividend for the very first half of the year.
EQUINOR
Equinor ( EQNR.OL) is reviewing its capital and expedition budget.
It said the 2nd tranche of its share buyback program, worth $675 million when consisting of the Norwegian