(Adds Exxon, updates graphics)
* FACTBOX-Oil company spending cuts:
* GRAPHIC-Big Oil's 2020 capex cuts: https://reut.rs/39u1Dh3
* GRAPHIC-Big Oil's rising debt: https://tmsnrt.rs/2U73Jit
LONDON, April 7 (Reuters) - The world's biggest oil and gas
companies are cutting spending this year following a collapse in
oil prices driven by a slump in demand because of the
coronavirus crisis and a price war between top exporters Saudi
Arabia and Russia.
Cuts announced by nine major oil companies, including Saudi
Aramco, Exxon Mobil and Royal Dutch Shell
, come to a combined $38 billion, or a drop of 22% from
their initial spending plans of $175 billion.
Exxon on Tuesday cut its 2020 budget by $10 billion to $23
billion.
BP has cut its 2020 spending plan by 25% and will
reduce output from its U.S. shale oil and gas
business.
Oil prices have more than halved since January to around $34
a barrel.
Investors say if the current crisis is prolonged, the
spending cuts announced by major oil companies may not be enough
to let them maintain dividends without adding to their already
elevated levels of debt.
The combined debt of Chevron, Total, BP, Exxon and
Shell stood at $231 billion at the end of in 2019, just shy of
the $235 billion hit in 2016 when oil prices also tumbled below
$30 a barrel.
(Reporting by Ron Bousso; Editing by Elaine Hardcastle and Jane
Merriman)