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Photo: CARINA JOHANSEN/NTB Scanpix/AFP via Getty Images

Equinor is the latest oil-and-gas giant to announce it will cut spending in response to coronavirus and the steep decline in oil prices.

Driving the news: The Norway-based multinational said Wednesday morning that its planned 2020 capital spending will now be around $8.5 billion this year, down from $10 billion to $11 billion.

  • The company's action plan includes cutbacks to exploration and operating costs.

Why it matters: It shows how companies are drastically overhauling their plans to cope with the new market landscape.

  • Equinor said its overall goal is to be cash-flow neutral for 2020 with Brent crude oil prices averaging around $25-per-barrel for the remainder of the year.
  • Brent is trading in the $26-per-barrel range on Wednesday morning.

What's next: U.S. activities are in the crosshairs. "Within U.S. onshore activities, drilling and completion activities are being halted to produce the volumes at a later period, reducing investments significantly for 2020," the company said.

  • Reuters has more on the plans here.

Meanwhile, the Wall Street Journal reviewed an internal email from the huge U.S.-based producer Occidental Petroleum which reveals plans to cut salaries for U.S. employees by up to 30% to save money.

  • "Chief Executive Vicki Hollub’s salary will be cut by 81% and the oil-and-chemical company’s top executives’ pay will be cut by an average of 68%, according to the email."

Go deeper

Ben Geman, author of Generate
3 hours ago - Energy & Environment

Key clean power provision likely won't survive in Dems' spending bill

A construction worker walks along a dirt road at the Avangrid Renewables La Joya wind farm in Encino, New Mexico, on Aug. 5, 2020. Photo: Cate Dingley/Bloomberg via Getty Images

A pillar of Democrats' plans to speed deployment of zero-carbon electricity is likely to be cut from major spending and tax legislation they are struggling to move on a party-line vote, per multiple reports and a Capitol Hill aide.

Driving the news: The New York Times, citing anonymous congressional aides and lobbyists, reports that West Virginia Sen. Joe Manchin (D) has told the White House he "strongly opposes" the Clean Electricity Performance Program.

Updated 5 hours ago - World

Fatal stabbing of British MP David Amess declared a terrorist incident

Police outside Belfairs Methodist Church in Leigh-on-Sea, England, on Oct. 15. Photo: John Keeble/Getty Images

Authorities have declared the death of David Amess a terrorist incident, hours after the Conservative Party lawmaker in the U.K. was fatally stabbed while meeting with local constituents in a church in eastern England on Friday.

The big picture: The Metropolitan Police has found "a potential motivation linked to Islamist extremism."

Biden: DOJ should prosecute those who defy Jan. 6 subpoenas

President Biden speaks with reporters at Bradley International Airport in Windsor Locks, Connecticut. Photo: Brendan Smialowski/AFP via Getty Images

President Biden said Friday that the Justice Department should prosecute those who defy subpoenas from the Jan. 6 select committee.

Why it matters: The president's remarks come one day after Donald Trump ally Steve Bannon failed to show up for a deposition before the committee.