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CM - Upstream companies make quick capex cut decisions - March 2020
Though more are certain to come as the industry adjusts to a new pricing climate, a number of companies have already announced changes to 2020 spending plans and strategies. By and large, the companies that have made early capex reduction announcements have high exposure to the Permian and other oil-weighted oil plays. Apache Corp. cut its 2020 capex to $1- 1.2 billion from $1.6-1.9 billion and is cutting its quarterly dividend by 90% to......
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