North American oil and gas producers have cut their 2020 spending by nearly 34%, or about $41.6 billion, data compiled by Reuters showed, following a slump in crude prices.
Since Saudi Arabia and Russia launched an oil price war on March 9, U.S. crude has more than halved to under $20 per barrel. Last month, it crashed into unprecedented negative territory.
The world is also witnessing one of its biggest demand shocks, as global travel curbs to prevent the spread of coronavirus have reduced oil consumption by millions of barrels per day.
Chevron on Friday said it would further cut its spending by $2 billion to $14 billion, bringing total cuts to $6 billion or 30%.
Exxon Mobil last month cut its spending by 30%, while ConocoPhillips cut its spending for a second time.
A list of companies that have cut their 2020 budgets since March 9:
| Company | Revised Budget | Original Budget | Change | % Change |
| Exxon Mobil Corp | $23,000 | $33,000 | -$10,000 | -30.30% |
| Chevron Corp | $14,000 | $20,000 | -$6,000 | -30.00% |
| Occidental Petroleum Corp | $2,800 | $5,300 | -$2,500 | -47.17% |
| ConocoPhillips | $4,300 | $6,600 | -$2,300 | -34.85% |
| EOG Resources Inc | $4,500 | $6,500 | -$2,000 | -30.77% |
| Pioneer Natural Resources Co | $1,800 | $3,300 | -$1,500 | -45.45% |
| Continental Resources Inc | $1,200 | $2,650 | -$1,450 | -54.72% |
| Diamondback Energy Inc | $1,700 | $2,900 | -$1,200 | -41.38% |
| Marathon Oil Corp | $1,300 | $2,400 | -$1,100 | -45.83% |
| Suncor Energy Inc | $2,920 | $3,960 | -$1,040 | -26.26% |
| Noble Energy Inc | $850 | $1,700 | -$850 | -50.00% |
| Hess Corp | $2,200 | $3,000 | -$800 | -26.67% |
| Devon Energy Corp | $1,000 | $1,800 | -$800 | -44.44% |
| Canadian Natural Resources Ltd | $2,050 | $2,800 | -$750 | -26.79% |
| Cimarex Energy Co | $553 | $1,300 | -$748 | -57.50% |
| Concho Resources Inc | $2,000 | $2,700 | -$700 | -25.93% |
| Parsley Energy Inc | $1,000 | $1,700 | -$700 | -41.18% |
| Murphy Oil Corp | $780 | $1,450 | -$670 | -46.21% |
| Husky Energy Inc | $1,740 | $2,390 | -$650 | -27.20% |
| Apache Corp | $1,100 | $1,750 | -$650 | -37.14% |
| Cenovus Energy Inc | $567 | $1,020 | -$453 | -44.41% |
| WPX Energy Inc | $1,338 | $1,738 | -$400 | -23.02% |
| Imperial Oil Ltd | $808 | $1,160 | -$352 | -30.39% |
| Centennial Resource Development Inc | $320 | $640 | -$320 | -50.00% |
| Crescent Point Inc | $540 | $827 | -$288 | -34.78% |
| Callon Petrlouem Co | $713 | $975 | -$263 | -26.92% |
| PDC Energy Inc | $814 | $1,050 | -$236 | -22.48% |
| Frontera Energy Corp* | $140 | $350 | -$210 | -60.00% |
| Whiting Petroleum Corp | $418 | $603 | -$185 | -30.71% |
| Baytex Energy Corp | $190 | $372 | -$181 | -48.83% |
| Laredo Petroleum Inc | $290 | $450 | -$160 | -35.56% |
| Arc Resources Ltd | $217 | $361 | -$144 | -39.89% |
| Seven Generation Energy Ltd | $635 | $776 | -$141 | -18.17% |
| Talos Energy Inc | $393 | $533 | -$141 | -26.36% |
| Gran Tierra Energy Inc | $70 | $210 | -$140 | -66.67% |
| Kosmos Energy Ltd | $213 | $350 | -$138 | -39.30% |
| Bonanza Creek Energy Inc | $90 | $225 | -$135 | -60.00% |
| Paramount Resources Ltd | $150 | $277 | -$126 | -45.63% |
| Parex Resources Inc | $105 | $225 | -$120 | -53.33% |
| GeoPark Ltd | $75 | $190 | -$115 | -60.53% |
| Whitecap Resources Inc | $142 | $249 | -$107 | -43.06% |
| Range Resources Corp | $430 | $520 | -$90 | -17.31% |
| Jadestone Energy Inc | $88 | $175 | -$88 | -50.00% |
| Denbury Resources Inc | $100 | $180 | -$80 | -44.44% |
| EQT Corp | $1,125 | $1,200 | -$75 | -6.25% |
| Pipestone Energy Ltd | $43 | $108 | -$65 | -60.19% |
| Kelt Exploration Ltd | $99 | $154 | -$55 | -35.71% |
| W&T Offshore Inc | $20 | $75 | -$55 | -73.33% |
| Birchcliff Energy Ltd | $207 | $254 | -$47 | -18.50% |
| Montage Resources Corp | $155 | $200 | -$45 | -22.50% |
| Meg Energy Corp | $145 | $182 | -$37 | -20.33% |
| Peyto Exploration & Development Corp | $159 | $194 | -$35 | -18.18% |
| PetroShale Inc | $18 | $49 | -$31 | -62.86% |
| TransGlobe Energy Corp | $7 | $37 | -$30 | -80.86% |
| Athabasca Oil Corp | $60 | $87 | -$27 | -30.75% |
| Gear Energy Ltd | $9 | $35 | -$26 | -73.97% |
| Cardinal Energy Ltd | $21 | $46 | -$24 | -53.01% |
| Amplify Energy Corp | $29 | $46 | -$17 | -36.96% |
| Totals | $81,733 | $123,321 | -$41,588 | -33.72% |