BP cut its 2020 spending plan by 25% and will reduce output from its U.S. shale oil and gas business in the face of the collapse in oil prices triggered by the corononavirus outbreak, it said on Wednesday. “This may be the most brutal environment for oil and gas businesses in decades,” CEO Bernard Looney said in a statement. The London-based company said it plans to spend $12 billion this year, joining its peers that have announced cuts of around 20% in annual spending on average. …read more
Source:: Yahoo Finance
