Equinor reveals plan to cut $3 billion from its spending

Norwegian oil and gas major Equinor has revealed an action plan to battle the impacts of the coronavirus and low commodity prices under which it will reduce its spending for 2020 by $3 billion.

Equinor said on Wednesday that it could be organic cash flow neutral before capital distribution in 2020 with an average oil price around $25 per barrel for the remaining part of the year.

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