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March 17 (Reuters) - Oil and gas producer Kosmos Energy
suspended its dividend on Tuesday and said it was aiming
to reduce 2020 capital spending by 30% to become cash flow
neutral at an oil price of $35 a barrel.
Oil giants including the world's largest publicly traded oil
company, Saudi Aramco, Chevron Corp and BP have
outlined plans to cut spending after a plunge in prices
sparked by a falling out between Saudi Arabia and Russia over
output and the coronavirus pandemic.
Kosmos said it now plans to reduce its capital budget for
the year to below $250 million from an earlier forecast range of
$325 million to $375 million.
The company said it would suspend its dividend after the
2019 payout, which it expects to result of savings of $75
million a year.
A combination of these steps and cutting general and
administrative costs by $60 million through job reductions and
scrapping cash bonuses this year, Kosmos said it hopes to shave
off $1 per barrel of oil equivalent produced.
Kosmos, which typically does not operate fields, expects its
2020 production to stay flat.
(Reporting by Shanima A in Bengaluru and Shadia Nasralla in
London; Editing by Shailesh Kuber and Alexander Smith)
