Global oil, gas producers slash spending after crude price rout

Global oil, gas producers slash spending after crude price rout

BPBP ( BP.L ) said it planned to reduce capital and operational spending, which was about $15 billion last year.. Norway's DNO ( DNO.OL ), which operates in Iraq's Kurdistan region, said it would cut its 2020 budget by 30% or $300 million and cut its dividend for the first half of the year.. Kosmos Energy ( KOS.N ) has suspended its dividend and said it aimed to reduce 2020 capital spending by 30% with a view to becoming cash-flow neutral with an oil price of $35.. Papua New Guinea-focussed Oil Search Ltd ( OSH.AX ) cut its 2020 investment by 38% and capital spending by 44%.. Premier Oil ( PMO.L ) said it had identified at least $100 million in potential savings on its 2020 capital spending plans.. Saudi Arabia's state-run oil company Saudi Aramco 2222.SE said it planned to cut capital spending for 2020 to between $25 billion and $30 billion, compared with $32.8 billion in 2019.. Tullow ( TLW.L ) said it would cut its investment budget by about a third to $350 million this year and reduce exploration spending, historically the group's focus, by