Schlumberger and Halliburton joined the ranks of oil companies on a spending-cutting spree amid the steep oil price drop. Schlumberger said it would slash its spending by 30 percent less than it spent in 2019 and cut the number of active drilling rigs in North America, possibly to as low as it was in 2016. The company noted it will direct most of its capital expenditure plans to locations outside its home market, pointing out that 80 percent of its free cash flow was generated outside the United States. Halliburton will also spend less this year. Reuters reported, citing its chief financial officer, that the spending reduction would be significant although he did not give an exact number. In some parts of its business, the company is eyeing cuts of up to 60-65 percent. Halliburton originally planned to spend $1.2 billion this year. “The industry is facing an unprecedented […]