BP is to slash its capital expenditure in 2015 by at least 17% due to the lower price of crude oil, with exploration spending to be cut, projects in the upstream postponed and certain downstream projects canceled altogether, the company said Tuesday, February 3. CEO Bob Dudley in a fourth quarter results statement said that the focus was now on “resetting” BP. “We have now entered a new and challenging phase of low oil prices through the near and medium term,” Dudley said. “Our focus must now be on resetting BP: managing and rebalancing our capital program and cost base for the new reality of lower prices,” he said. BP said it was now taking action to respond to the likelihood of oil prices remaining low into the medium term and rebalance its sources and use of cash accordingly. Article continues below… Oilgram News […]