Energy Transfer Slashes 2020 Capex, Dakota Access Expansion Could Face Delays
(Reuters) — Energy Transfer LP is slashing at least $400 million from its 2020 capital spending budget to $3.6 billion and will consider doubling the cuts after losses caused by oil prices driven lower by the coronavirus pandemic, company officials said on Monday. U.S. crude oil prices have fallen 60% this year as efforts to curb the spread of the novel coronavirus destroyed about a third of global fuel demand. “As everybody knows, we’re in kind of unprecedented times that nobody could ever predicted,” said Marshall McCrea, Energy Transfer’s chief commercial officer on a first-quarter earnings call. Among the projects facing delays from any further cuts is Energy Transfer’s plan to exp
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