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."

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Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 32,471,119 — Total deaths: 987,593 — Total recoveries: 22,374,557Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 7,032,524 — Total deaths: 203,657 — Total recoveries: 2,727,335 — Total tests: 99,483,712Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.
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