BP cuts capex by $3 billion, to lower U.S. shale output
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LONDON (Reuters) - BP slashed its 2020 spending plan by 25% and will reduce output from its U.S. shale oil and gas business in the face of the recent collapse in oil prices due to corononavirus, it said on Wednesday.The London-based company said it now plans to spend $12 billion (9.68 billion pounds) this year, down from $15 billion. That will include a $1 billion reduction in investment in its shale business, known as BPX, where production can be switched on and off relatively fast.BPX output..