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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

Updated 6 hours ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

7 hours ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.