Yukos to cut capital expenditures, oil production

09/06/2004
OAO Yukos announced "stringent cash conservation measures" Aug. 23, including cutting capital expenditures and trimming its 2004 oil production target from 90 million tonnes to 86 million tonnes, the company said.Regarding legal battles with the Russian government over back taxes, Yukos CEO Steven Theede said, "Half of our monthly revenue is not available to us to meet our day-to-day operating costs. The management has considered all options open to it and concluded that there is no other choice than to effect, immediately, a reduction in our capital and operating expenditures and deferral of certain current tax payments."The Russian government has not allowed Yukos legal access to its ow...
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