The reductions include a US$2 billion decrease in spending in upstream unconventionals, primarily in the Permian Basin.
The company has reduced its estimate of 2020 capital expenditures to US$15 million to US$25 million from its prior level of US$50 million to US$100 million.
The company has reduced its drilling, completion and facilities capital budget by approximately 45%.
The company is aiming to reduce spending as a result of market conditions caused by the Covid-19 pandemic and commodity price decreases.
The event, due to be held in May in Houston, Texas, has been postponed to the third quarter of 2020.
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.