Wintershall Dea cutbacks

摘要

WINTERSHALL Dea will reduce its full-year capital spending by 30% to between €1 billion and €1.2 billion ($1.01 billion and $1.3 billion) in 2020, having spent €333 million in the first quarter, compared with an earlier announced reduction of 20%. The move was in response to lower energy prices due to the Covid-19 pandemic as it sank to a loss in the first quarter. The German operator is also cutting exploration expenditure by 20% to between €150 million and €250 million and operating costs by 10%, having suspended its dividend payments to shareholders until further notice.