March 17, 2020 / 9:16 AM / 16 days ago

Kosmos Energy scraps dividend, cuts spending on oil price plunge

March 17 (Reuters) - Oil and gas producer Kosmos Energy on Tuesday suspended its dividend and said it is aiming to reduce 2020 capital spending by 30%, as global oil majors grapple with a collapse in crude prices.

Oil and gas companies across the world are slashing spending after a plunge in oil prices caused by the spread of the coronavirus and a push by Saudi Arabia and Russia to flood an over-supplied market.

Kosmos is now targeting to reduce capital budget for the year to under $250 million from prior guided range of $325 million to $375 million, and said it would suspend dividend after the 2019 payout.

Oil giants including the world’s largest publicly traded oil company, Saudi Aramco, Chevron Corp and BP have outlined plans to cut spending. (Reporting by Shanima A in Bengaluru; Editing by Shailesh Kuber)

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