Woodlands, Texas-based oil and gas E&P firm Anadarko Petroleum, said on Monday it is planning to cut its capital expenditure budget for 2017 by $300m, according to Reuters.
Anadarko has significant operations in the Gulf of Mexico.
The decision follows greater than anticipated losses for the second quarter and echoes a similar move by the company last year – faced with bigger losses back then, Anadarko slashed its 2016 capex by $2.8bn.
This time the reported quarterly loss is $415m, attributable largely to the slump in the price of oil this year.
By taking the decision now, Anadarko becomes the first notable US oil firm to cut back its capex for the year.
As recently as March, the firm had forecast a budget for the year of between $4.5bn and $4.7bn.