By Sayer Devlin

(Bloomberg) The global oil and gas industry has slashed at least $31 billion from investment budgets after crude’s epic price crash this month, and more cuts are likely to come.Producers are quickly switching gears to survive a flood of oil coming into the market as Saudi Arabia and Russia open the spigots to fight for global market share. Meanwhile, the Covid-19 pandemic is having a devastating impact on demand.Shale explorers in the U.S. and oil-sands producers in Canada — which were already in dire straits before the price collapse — have been the quickest to announce belt-tightening efforts.But giants like Saudi Arabian Oil Co., France’s Total SA and Russia’s Lukoil PJSC have also joined in, while Exxon Mobil Corp. and BP Plc have hinted that reductions in capital expenditures are likely to come. In Asia, Latin America and other Middle East countries, where most oil companies are state-run, it’s not yet so clear how producers will adapt to cope with the downturn.Here’s a table with spending cuts that have been announced so far:

Company	Cut (US$ millions)
U.S.
Diamond	1,200
Hess	800
EOG	2,000
EQT	75
Earthstone Energy	110
Whiting	185
Goodrich	15
Marathon Oil	500
Occidental	1,700
Apache	650
Devon	500
Murphy	500
PDC	230
Penn Virginia	89
Ovintiv	300
Noble	550
QEP	300
Concho	700
Kosmos	150
Callon	263
Pioneer	1,400
W&T	55
Cimarex	585
Oneok	490
Parsely	700
Noble Midstream	73
EnLink Midstream	124
ConocoPhillips	700
WPX Energy	400
Continental Resources	1,450
Targa Resources	400
Canada
Canadian Natural Resources	753
MEG Energy	34
Crescent Point	276
Vermillion	41
ARC Resources	138
Enerplus	149
Seven Generations	137
Baytex	182
Whitecap	107
Birchcliff Energy	46
NuVista	52
Paramount	128
Kelt	57
Tamarack Valley	52
Pipestone Energy	62
Gran Tierra	98
Bonterra Energy	30
Cardinal Energy	24
Gear Energy	26
Pembina Pipeline	678
Inter Pipeline	58
Enerflex	82
Total Energy Services	9
Australia
Oil Search	116
Europe and Middle East
Saudi Aramco	5,300
Total	3,300
Lukoil	1,500
Wintershall DEA	337.5
Tullow	150
Grand Total	31,115
Note: Conversions from local currencies into U.S. dollars as of March 19

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