Adapting to shrinking prices

ConocoPhillips Co plans to cut capital expenditure by 20 percent to $13.5 billion, cut spending on upstream exploration by 23 percent to $5 billion in 2015.

BP PLc plans to cut capital expenditure by $1 billion to $2 billion in 2015 and cut thousands of jobs worldwide.

Petroliam Nasional Berhad (Malaysian state oil company) plans to cut capital expenditure by 15 percent to 20 percent in 2015.

Continental Resources Inc plans to cut capital expenditure by 11.5 percent to $4.6 billion in 2015.

EOG Resources Inc will divest oil and gas assets in Canada and reduce staff.

Exxon Mobil Corp has said it can "survive the market" with an oil price as low as $40 a barrel.

Chevron Corp said that declining oil prices "will not affect its investments in Mexico, and the company plans to increase the number of drilling wells in Argentina".

China Petroleum & Chemical Corp (Sinopec) will maintain investment in shale gas drilling.

-Summarized from public information

(China Daily Africa Weekly 01/16/2015 page22)