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China's Offshore Oil Giant CNOOC To Cut CapEx By Up To 35%... Here's What It Shows

On Tuesday, the Chinese oil companies started showing the impact of lower crude prices when CNOOC (NYSE:CEO), China's biggest offshore oil and gas producer, said that it is going to cut its 2015 capital expenditure budget by 26.1% to 35.4% from last year's estimate of 108.3 billion yuan to between 70 billion and 80 billion yuan, or $11.19 billion and $12.79 billion. The company more than doubled its capital spending during the four years ending 2014. The cut, which was significantly greater than market's expectation of around 8%, was largely due to more than 50% drop in crude oil prices over the last six…