for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Healthcare

FACTBOX-Global oil companies cut capex by 27%, or $62.5 bln, on crude price crash

 (Updates Chevron, crude price details)
    May 1 (Reuters) - Major oil producers with operations around the world have cut their 2020 capital spending by more than 27%, or $62.5
billion, data compiled by Reuters showed, following a slump in crude prices.
    Brent crude prices have tumbled by more than 42% to around $26 a barrel, while U.S. West Texas Intermediate (WTI) crude
has more than halved to less than $20 per barrel since Saudi Arabia and Russia launched a price war in March. WTI crashed into
unprecedented negative territory last month. 
    The world is also witnessing one of its biggest demand shocks, as travel curbs due to the coronavirus outbreak have crimped oil
consumption by millions of barrels per day.
    Chevron on Friday said it would further cut its spending by $2 billion to $14 billion, bringing total cuts to $6 billion or 30%
    Exxon Mobil last month cut its 2020 exploration expenditure by the same, while ConocoPhillips cut its spending for a second
time. 
    BP Plc, Saudi Aramco, Shell and Chevron have each slashed their spending by at least 20% for the
year. 
    A list of companies that have cut their spending since March 9:    
    
 Region/Company                   RIC          2020 revised capex      2020 previous capex     Absolute     % change  Date of    Link
                                               (midpoint; in millions  (midpoint; in millions  change                 capex      
                                               of  U.S. dollars)       of  U.S. dollars)                              revision Middle East Saudi Aramco                                              $27,500.00              $37,500.00  -$10,000.00    -26.7%   March 15  nL8N2B8051 UK Shell                                                     $20,000.00              $25,000.00   -$5,000.00    -20.0%   March 23  nL4N2BG29Y
 BP Plc`                                                   $12,000.00              $15,000.00   -$3,000.00    -20.0%    April 1  nL8N2BP2EP
 Energean                                                     $840.00                 $995.00     -$155.00    -15.6%   March 19  nRSS7618Ga
 Neptune Energy                                               $800.00               $1,050.00     -$250.00    -23.8%   March 31  nL8N2BO2YN
 Cairn Energy Plc``                                           $475.00                 $615.00     -$140.00    -22.8%   March 27  nL8N2BK35Q
 Premier Oil Plc                                              $370.00                 $470.00     -$100.00    -21.3%   March 13  nL4N2B62K5
 EnQuest**                                                    $150.00                 $230.00      -$80.00    -34.8%   March 19  nL8N2BC24T
 Genel Energy Plc***                                          $100.00                 $180.00      -$80.00    -44.4%   March 19  nL4N2BC2SF U.S. Exxon Mobil Corp                                          $23,000.00              $33,000.00  -$10,000.00    -30.3%    April 7  nBw94GzpVa
 Chevron Corp                                              $14,000.00              $20,000.00   -$6,000.00   -30.00%      May 1  nBw5Cc90Ja
 ConocoPhillips                                             $4,300.00               $6,600.00   -$2,300.00    -34.8%   April 16  nL4N2BB3Y0
 Occidental Petroleum Corp                                  $2,800.00               $5,300.00   -$2,500.00    -47.2%   March 25  nL1N2BI0GZ
 Hess Corp                                                  $2,200.00               $3,000.00     -$800.00    -26.7%  March 17   nL4N2BA3QS
 Marathon Oil Corp                                          $1,300.00               $2,400.00   -$1,100.00    -45.8%    April 1  nL4N2BW2YY
 Apache Corp                                                $1,100.00               $1,750.00     -$650.00    -37.1%   March 12  nL4N2B53RC
 Noble Energy Inc                                             $850.00               $1,700.00     -$850.00    -50.0%   April 15  nBw7WbMkSa
 Murphy Oil Corp                                              $780.00               $1,450.00     -$670.00    -46.2%    April 1  nBw8552dJa
 Kosmos Energy Ltd                                            $212.50                 $350.00     -$137.50    -39.3%   April 8   nBw31s7tHa France Total SA~                                                 $15,000.00              $18,000.00   -$3,000.00    -16.7%   March 23  nL8N2BG1T0 Brazil Petroleo Brasileiro SA                                     $8,500.00              $12,000.00   -$3,500.00    -29.2%  March 26   nL1N2BJ0GG Norway Equinor ASA                                                $8,500.00              $10,500.00   -$2,000.00    -19.0%   March 25  nL8N2BI0WF
 Aker BP                                                    $1,200.00               $1,500.00     -$300.00    -20.0%   March 23  nL8N2BG26C Italy Eni SpA~~                                                  $6,610.00               $8,810.00   -$2,200.00    -25.0%   March 25  nL8N2BI9IJ Spain Repsol SA~~~                                               $3,100.00               $4,190.00   -$1,090.00    -26.0%   March 25  nL8N2BI8AW Canada Suncor Energy Inc^                                         $2,920.00               $3,960.00   -$1,040.00    -26.3%   March 23  nGNX14k4Lj
 Canadian Natural Resources Ltd^                            $2,050.00               $2,800.00     -$750.00    -26.8%  March 18   nL4N2BB5BU
 Husky Energy Inc^                                          $1,740.00               $2,390.00     -$650.00    -27.2%   March 12  nL4N2B55OP
 Gran Tierra Energy Inc                                        $70.00                 $210.00     -$140.00    -66.7%   March 12  nGNX59bXW6
 GeoPark Ltd                                                   $75.00                 $190.00     -$115.00    -60.5%   March 19  nBw3KWn9ja Austria OMV AG^^                                                   $2,100.00               $2,650.00     -$550.00    -20.8%   March 26  nL8N2BJ35T Sweden Lundin Petroleum AB^^^                                     $1,140.00               $1,310.00     -$170.00    -13.0%   March 23  nL8N2BG9LA $0.00                                 
 Australia Santos Ltd                                                   $900.00               $1,450.00     -$550.00    -37.9%   March 23  nL4N2BF0P6
 Oil Search Ltd                                               $250.00                 $450.00     -$200.00    -44.4%   March 18  nL4N2BA5YN
 Woodside Petroleum Ltd                                     $1,800.00               $4,250.00   -$2,450.00    -57.6%   March 26  nL4N2BJ57L Total                                                    $168,732.50             $231,250.00  -$62,517.50    -27.0%                       
 
        
Notes:
` BP in February had guided to 2020 organic capex at the lower end of its $15-$17 billion range
`` As calculated by Reuters
** Enquest numbers are cash capital expenditure only
*** Genel says capex can be reduced to $60 mln in 2020, with expectation that it will be around $100 mln at current oil price
~ Total has provided total capital investment
~~ Eni expects to spend less than $8.81 bln a year; Converted from Euros to U.S. dollar
~~~ Repsol expects to cut capex by more than $1.1 bln; converted from euros to U.S. dollar    
^ Converted from Canadian dollar to U.S. dollar
^^ OMV provides organic capex
^^^ Lundin provided total spending, including capex, exploration expenditure, decommissioning as well as general and administrative
expenses

 (Compiled by Arathy S Nair and Shariq Khan in Bengaluru; Editing by Sriraj Kalluvila and Vinay Dwivedi)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up