ConocoPhillips announced 2020 operating plan capital expenditures will be reduced by $0.7 billion, representing about a 10 percent decrease from the previously announced guidance. The reduction will be sourced by slowing operated development activity in the Lower 48, expected decreases in non-operated activity in the Lower 48, and deferred drilling in Alaska. These reductions are expected to impact 2020 full-year production guidance by approximately 20 thousand barrels of oil equivalent per day (MBOED).

Panoro Energy's revised capital spending program for 2020 amounts to approximately USD 13 million net to Panoro, of which about USD 3 million was spent as at end of February. The downward revised program represents a 40% reduction to the Company’s previously announced net capital expenditure program of approximately USD 21 million for Dussafu in 2020. 

DNO ASA announced a 30 percent or USD 300 million reduction in its 2020 budget to shore up its balance sheet in the face of unprecedented market convulsions and plunging oil prices triggered by the coronavirus pandemic.

W&T Offshore has reduced its estimate of 2020 capital expenditures to $15 million to $25 million from its prior level of $50 million to $100 million.  It also reduced its planned asset retirement expenditures to $10 million to $20 million from $15 million to $25 million. The Company did not change its 2020 annual production guidance of 47,100 to 52,100 barrels of oil equivalent per day nor any of the other components of its guidance that it provided on March 4, 2020.

Hess Corporation has announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3.0 billion.

The reductions to the company’s 2020 capital budget will be primarily achieved by shifting from a six rig program to one rig in the Bakken, which is expected to be completed by the end of May. Most discretionary exploration and offshore drilling activities, excluding Guyana, will also be deferred. 

Concho Resources has reduced its 2020 capital program to approximately $2 billion from the $2.6 to $2.8 billion range previously announced. The revised capital range is approximately 25% lower than the Company’s prior capital spending expectations for the year. 

Callon Petroleum has reduced it's operational capital plan for full-year 2020 to $700 to $725 million from $975 million, significantly cutting average quarterly expenditures for the remainder of 2020 by approximately 50% from a previously budgeted first quarter level of over $275 million and resulting in relatively flat year-over-year production growth versus the predecessor companies' combined 2019 production volumes.

Kosmos are targeting to reduce our 2020 capital budget for the base business by around 30% to under $250 million whilst keeping 2020 production flat, in line with previous guidance and with minimal expected impact on 2021 production. The company also has significant flexibility in its 2021 capital program should current market conditions persist.  

Crescent Point Energy is revising its 2020 capital spending by approximately 35 percent in response to the recent decline in commodity prices. 

The company's revised expenditure of $700 to $800 million is expected to generate annual average production of 130,000 to 134,000 boe/d. This guidance reflects a high-graded, lower activity budget with fewer wells drilled. This program is expected to moderate the Company's corporate decline rate and reduce variable expenses while also protecting the long-term value of its drilling inventory.

ARC Resources has approved actions to right-size the Company's 2020 capital budget and dividend.

The 2020 capital budget has been reduced from $500 million to no more than $300 million, and ARC has reduced its monthly dividend from $0.05 per share to $0.02 per share. 

At Premier Oil, discussions are underway regarding the Group’s ability to reduce its 2020 capex programme. Initial analysis suggests that at least $100m of savings and deferrals is achievable with potential for further reductions. Assuming a $100m reduction in planned 2020 capex and $35/bbl oil price for the remainder of the year, the Group would expect to be broadly cash flow neutral in 2020.  This does not take into account positive cash flows from the proposed UK acquisitions or potential disposal proceeds.

Gran Tierra Energy has announced a reduction in its Capital Program from $200-220 Million to $60-80 Million.

The company have elected to shut-in 1,000 to 1,500 barrels of oil per day of higher cost production to focus on their core, low cost, higher netback production. While these decisions are expected to result in lower production than originally forecast, Gran Tierra is focused on protecting the Company’s balance sheet and preserving value over the long term. At current oil prices, over 95% of our production is generating positive netbacks.

As compared to its earlier announced guidance, Noble Energy is immediately acting to reduce its planned 2020 capital expenditures by approximately $500 million, or nearly 30%, to now range between $1.1 and $1.3 billion for the year. In addition, Noble Energy has also identified more than $50 million in reductions through operating and other cash costs.

Approximately 80% of the capital reduction will occur in the U.S. onshore business where the Company has significant flexibility in drilling and completion activity, with the majority of contractual arrangements on a well to well basis. More than half of these reductions will occur in the Delaware Basin. 

Internationally, the Company has identified approximately $100 million in capital reductions coming from major project execution, deferral of non-critical spend into future years and the exploration program. 

Murphy Oil’s revised 2020 budget is approximately $950 million. The reduction of approximately $500 million equates to a nearly 35 percent revision from the midpoint of the previously announced corporate budget of $1.4 billion to $1.5 billion.

The revised plan will be achieved through the following: 

• Delaying certain US Gulf of Mexico projects and development wells 
• Postponing spud timing of two operated exploration wells 
• Releasing operated rigs and frac crews in the Eagle Ford Shale, with no operated activity planned for the second half of 2020 
• Deferring well completions in the Tupper Montney 

Occidental Petroleum will reduce 2020 capital spending to between $3.5 billion and $3.7 billion from $5.2 billion to $5.4 billion and will implement additional operating and corporate cost reductions. 

Marathon Oil has announced an immediate capital spending reduction of at least $500 million relative to its previously communicated 2020 capital spending budget of $2.4 billion. The revised capital spending budget of $1.9 billion or less represents an approximate 30% reduction in comparison to actual 2019 capital spending.