BP is cutting 2020 organic CapEx to US$12 billion, which is 25% below its prior full-year guidance. The supermajor is cutting US$1 billion in the upstream sector, mainly in short-cycle onshore activity in the U.S. shale patch. BP expects to take a non-cash, non-operating charge of around $1 billion in Q1. While BP is responding to the new 'lower-for-longer' oil prices with CapEx and cost cuts, the company's response "will not include making any bp staff redundant over the next 3 months,'' chief executive Bernard Looney said in a LinkedIn post at the end of March.