March 25, 2020 / 6:06 PM / 7 days ago

Spain's Repsol slashes spending to limit damage from price crash, coronavirus

MADRID, March 25 (Reuters) - Spanish oil and gas firm Repsol said on Wednesday it would slash investments by 26% this year to limit the damage caused by sliding oil and gas prices and the coronavirus epidemic.

Directors met on Wednesday and decided to cut capital expenditure by more than 1 billion euros ($1.09 billion), and operating expenditure by more than 350 million euros, the company said in a bourse filing.

Oil prices have slumped since January as demand collapsed because of the pandemic and as a battle for customers between Saudi Arabia and Russia threatened to flood the market.

$1 = 0.9205 euros Reporting by Isla Binnie, editing by Andrei Khalip

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