Murphy Oil Corp. has cut its 2020 capital spending budget by $500 million to $950 million given current market conditions, a 35% reduction from the midpoint of the previous budget of $1.4-1.5 billion.

Noting that details would be provided at a later date, Murphy said it has plans to reduce operating activity, including: delaying certain US Gulf of Mexico projects and development wells; postponing spud timing of two operated exploration wells; releasing operated rigs and frac crews in the Eagle Ford Shale with no operated activity expected for the year’s second half; and deferring well completions in the Tupper Montney.

The company said its $1.6-billion senior unsecured credit facility due November 2023 remains undrawn and that it has no debt maturities until June 2022.