FACTBOX-Global oil companies cut capex by 23%, or $38 bln, on crude price crash

(Adds Repsol, Eni) March 26 (Reuters) - Major oil producers with operations around the world have cut their 2020 capital spending by about 23%, or nearly $38 billion, data compiled by Reuters showed, following a slump in crude prices. Brent crude prices have fallen more than 40.5% to about $26.87 a barrel, while U.S. crude has plunged 43% to $23.41 per barrel since Saudi Arabia and Russia launched a price war earlier this month. The world is also witnessing one of its biggest demand shocks, as travel curbs worldwide due to the outbreak of coronavirus have reduced oil consumption by millions of barrels per day. Companies including Saudi Aramco, Shell and Chevron have slashed budgets by at least 20%. Exxon Mobil said it would make "significant" cuts to spending, while BP said it planned to reduce its capital and operations budget. Neither company disclosed specific details. A list of companies that have cut their spending: % change Saudi Aramco $27,500.00 $37,500.00 -$10,000.00 -26.7% March 15 nL8N2B8051 Shell $20,000.00 $25,000.00 -$5,000.00 -20.0% March 23 nL4N2BG29Y Energean $840.00 $995.00 -$155.00 -15.6% March 19 nRSS7618Ga 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 Chevron Corp $16,000.00 $20,000.00 -$4,000.00 -20.0% March 24 nL1N2BH0MD ConocoPhillips $5,900.00 $6,600.00 -$700.00 -10.6% March 17 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 $1,900.00 $2,400.00 -$500.00 -20.8% March 10 nL4N2B32Z7 Noble Energy Inc $1,200.00 $1,700.00 -$500.00 -29.4% March 12 nBw7WbMkSa Apache Corp $1,100.00 $1,750.00 -$650.00 -37.1% March 12 nL4N2B53RC Murphy Oil Corp $950.00 $1,450.00 -$500.00 -34.5% March 12 nBw8552dJa Kosmos Energy Ltd $250.00 $350.00 -$100.00 -28.6% March 17 nBw7VcCWha Total SA~ $15,000.00 $18,000.00 -$3,000.00 -16.7% March 23 nL8N2BG1T0 Equinor ASA $8,500.00 $10,500.00 -$2,000.00 -19.0% March 25 nL8N2BI0WF Aker BP <AKERBP.O $1,200.00 $1,500.00 -$300.00 -20.0% March 23 nL8N2BG26C L> Eni SpA~~ $6,610.00 $8,810.00 -$2,200.00 -25.0% March 25 nL8N2BI9IJ Repsol SA~~~ $3,100.00 $4,190.00 -$1,090.00 -26.0% March 25 nL8N2BI8AW 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 Lundin Petroleum AB^^ $1,140.00 $1,310.00 -$170.00 -13.0% March 23 nL8N2BG9LA $0.00 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 -$37,870.00 -23.3% Notes: * Premier Oil says has potential for further reductions ** 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 dollars to U.S. dollars ^^ Lundin's has 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 Ramakrishnan M. and Uttaresh.V)

03/26/2020 16:49

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