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BP to Spend $1.4 Billion in U.S. Shale
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BP has presented to investors its strategy and plans to the end of the decade and beyond for its Upstream oil and gas business.
"We will look very closely at every dollar of capital spend. This is relative to the group’s organic capital frame of $24-26 billion of capital expenditure per annum between 2015 and 2018 that we showed you in March – of which $20-22 billion relates to the Upstream. We will look to pare back or re-phase spend where we can do so without compromising safety or the future growth of the group. In October we told you this could make a difference of $1-2 billion in 2015 across the group. Of course, given the recent position taken by OPEC and with oil prices where they are today, we will continue to review this further and will update guidance for 2015 with our fourth…
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