Woodlands, Texas-based Anadarko Petroleum is expecting to cut capital expenditure by half this year in response to the plunge in oil prices.
That would make Anadarko’s capex in 2016 $2.8 billion, 50% lower than in 2015.
It follows a big reported loss of $1.25bn in the last quarter of last year.
The company, which has been a significant player in offshore exploration and production, is also planning to sell about $1bn in assets.
In December last year a US District Court judge ordered Anadarko to pay $159.9m for its role in the Deepwater Horizon oil rig disaster in the Gulf of Mexico. Anadarko was a minor (25%) partner of BP in the project.