Maersk Oil Cuts $1 Billion From Capex Budget as Prices Fall
- Company has so far lowered unit costs by 33% since 2014
- New budget doesn't include takeovers which are still planned
This article is for subscribers only.
A.P. Moeller-Maersk A/S’s oil unit cut $1 billion off its annual budget for capital expenditure after petroleum prices plunged.
Maersk Oil plans long-term capex in the range of $2 billion to $4 billion a year compared with a previous range of $3 billion to $5 billion, according to an investor presentation in Copenhagen on Wednesday. The new forecast doesn’t include funds to be spent on acquisitions, which the company says it’s still pursuing.