*The seven largest IOCs have cut their 2020 capex plans by between 20 and 35% from the originally-announced figures. Their current plan is to collectively spend just over $93bn this year, down 26% from their original plans and 25% below actual 2019 spending of $123.6bn (see chart).
*US majors have cut the most – Exxon and Chevron by 30% and Conoco by 35% – reflecting their heavy focus on relatively short-cycle US shale (MEES, 8 May). Cash-strapped mini-major Occidental now plans to spend just $2.5bn this year, 53% below its original plan and 61% down on 2019. (CONTINUED - 149 WORDS)