BP slashed its 2020 spending plan by 25% and will reduce output from its U.S. shale oil and gas business in the face of the recent collapse in oil prices due to corononavirus, it said on Wednesday.
The London-based company said it now plans to spend $12 billion this year, down from $15 billion.
That will include a $1 billion reduction in investment in its shale business, known as BPX, where production can be switched on and off relatively fast.
BPX output will drop by around 70,000 barrels of oil equivalent per day in 2020.
BP’s overall oil and gas production is expected to fall also.