Plans to ‘weather’ crisis with strong cash position Q1 upstream production down 4-6% from Q4 2019 Immediate cut seen in US shale output BP is cutting its planned capital expenditure this year by around 25% from previous guidance to $12 billion, targeting reductions in US shale activity as well as spending on exploration and major projects, with some output reduction expected, CEO Bernard Looney said Wednesday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now In a statement on the crisis surrounding the coronavirus and collapsing oil prices, Looney, who took up his post on February 5, warned of a likely impact on the company’s first-quarter results, which are published on April 28, including a probable $1-billion financial impairment. The spending-cut is roughly in line with announcements by Shell and other oil and gas majors in response to the coronavirus crisis and tensions over […]