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

Nabors Industries eyes cuts capex, evaluates dividend and salary cuts

(Reuters) - Contract drilling company Nabors Industries on Tuesday said it would cut its 2020 capital spending by about 21%, the latest energy firm to slash spending as crude prices fall by more than half to around $23.6 a barrel.

The company will cut about $75 million from its 2020 budget and is evaluating shareholder dividend and salary reductions to save cash, Chief Financial Officer William Restrepo told investors on a webcast on Tuesday.

Reporting by Liz Hampton; Editing by Chizu Nomiyama

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