BP cuts capital spending by $ 3 billion
US, WASHINGTON (ORDO NEWS) — BP said on Wednesday it had cut the capital spending plan by 25 percent and would cut production from its oil and shale gas activities in the United States in the face of a recent oil price crash caused by the coronavirus.
The London-based company said it currently plans to spend $ 12 billion this year, down from $ 15 billion.
This would include a $ 1 billion reduction in investment in its activities in the oil and shale gas sector known as BPX, where it could switch between stopping and resuming production at a relatively rapid pace.
BPX production will drop by about 70,000 barrels of oil equivalent per day in 2020.
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