Capital Markets | Capex Decrease | Capital Expenditure - 2020 | 2020 Guidance
Equinor Cuts 2020 Capex by 20%; Halts Onshore U.S. D&C Activity
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Equinor has reported an updated outlook for 2020 and a ~$3.0 billion action plan to strengthen the company's financial resilience.
Plan Details:Reducing organic capex for 2020 from $10-11 billion to around $8.5 billion, a reduction of around 20%
Reducing exploration activity for 2020 from around $1.4 billion to around $1 billion - a reduction of 29%
Reducing operating costs for 2020 by around $700 million compared to original estimates
Halting Onshore US D&CReductions in organic capex are driven by a strict process of prioritisation where flexibility of cost and schedule for sanctioned and non-sanctioned projects have been reviewed. Within US onshore activities, drilling and completion activities are being halted to produce the volumes at a later period, reducing investments…
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