Crisis forces Equinor to enact billion-dollar cost-saving measures

Norway's Equinor launches a billion-dollar action plan to strengthen "financial resilience" toward coronavirus and a plummeting oil price. Among other things, capex is reduced 20 percent.

Photo: Ntb Scanpix/Reuters/Ritzau Scanpix

The corona crisis and an oil price in free fall is now causing Norway's Equinor to launch an action plan in order to save USD 3 billion, writes the company in a notice to the stock exhange.

The cost-cutting measures will impact Equinor's capex, reducing it by 20 percent from hovering somewhere around USD 10-11 billion down to USD 8.5 billion.

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