Oilers cut capex as market spirals

LARGE international oil and gas companies have announced big cuts to upstream capital expenditure this week, with Santos and BP joining a growing group of international businesses looking to rein in spending as the global economy falters on the back of the coronavirus pandemic.

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Santos CEO Kevin Gallagher told Reuters the company was considering its capex budget.

 

Santos told Reuters this morning in an emailed statement that it is in the process of reviewing capital spending plans and has stopped all new hiring.