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April 23, 2020

Over $85bn of 2020 forecast expenditure erased from oil and gas sector

By Agne Suipyte

To protect balance sheets, maintain shareholder pay-outs and preserve cash, oil and gas companies have gone into survival mode, reducing forecast expenditure where possible to weather the impact of Covid-19 and oil market volatility.

As a result, capital expenditure (CapEx) cuts of over $85bn from over 100 tracked companies across the industry have been announced so far.

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