The decrease represents a 33% reduction in the company's upstream spending.
Drilling & production
The growth in US crude oil exports in 2019 has been attributed to increasing US crude oil production, expanding domestic infrastructure, and increasing global demand for light, low-sulfur crude oils.
The company has said it completing a series of "transformational" acquisitions in the Republic of the Congo, West Africa, Tunisia and Italy.
The move, beginning from April, is in response to the oil price war between Saudi Arabia and Russia.
Tailwind Energy will make a final investment decision on the Evelyn field, in the central North Sea, in 2020.
The Sole gas project has passed a critical milestone with the first flow of gas from the Sole gas field to the Orbost gas processing plant.
Production had been suspended at the Cliff Head Alpha Platform offshore Western Australia due to an electrical fault.
US natural gas production grew by 9.8 billion ft3/d in 2019, a 10% increase from 2018, according to the US Energy Information Administration.
The company anticipates West Barracouta gas flowing to the Australian domestic gas market by early 2021.