BP is cutting 2020 capex to “around $12bn,” down 20-25% from the original plan to spend the “lower end of” $15-17bn. The major’s 1 April announcement follows similar cuts from rivals Total, Shell and Chevron (MEES, 27 March). Of the majors, only ExxonMobil has yet to flesh out plans to “significantly reduce” 2020 capital spending (MEES, 20 March).
CEO Bernard Looney says BP is “acting quickly and decisively” to cope with “the most brutal environment for oil and gas businesses in decades.” (CONTINUED - 327 WORDS)
