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Article: Majors investing to avoid past mistakes.
- Article from:
- Oil & Gas News
- Article date:
- February 9, 2009
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Byline: LONDON:
Many oil companies are slashing investment in the face of a $100/barrel collapse in crude prices but, keen to avoid past mistakes and emerge as winners from the downturn, the very biggest are holding spending steady.
ConocoPhillips, the US' third-largest oil company by market value said earlier this month it planned to slash its 2009 capital expenditure (capex) budget by 38 per cent. US No 4 Occidental Petroleum said, it was slashing capex by 25 per cent, while Russia's fourth-largest oil producer, Gazprom Neft, said it could cut by 45 per cent. In contrast, US number 2, Chevron Corp said it was holding capex steady and the world's ...