Barclays: Oil companies to cut North American spending up to 15 percent next year

Oil companies are planning to cut $12.6 billion to $18.9 billion in capital spending in North America next year on top of a $68.3 billion reduction this year amid falling oil prices, a Barclays survey found. Cutting spending by another 10 percent to 15 percent next year would bring North American oil investments down to as low as $106.9 billion. The same corporate budgets totaled $194.1 billion in 2014 and $125.8 billion this year, the British bank found in its breakdown of spending plans by about 175 oil companies this week...more