Cnooc Ltd. is likely to slash spending further after low oil prices led to a sharp drop in the Chinese state-controlled oil giant’s first-quarter revenue. The partial results released on Friday by the listed unit of state-owned China National Offshore Oil Corp. indicate further pain ahead for the Chinese oil industry as it grapples with a price slump that is challenging energy companies around the globe, as well as softer demand at home. Cnooc has pledged to cut spending by roughly one-third compared with a year ago, but its figures indicate it has more cutting to do to reach that goal. “Capital expenditure was reduced significantly,” said Neil […]