Spanish major Repsol said on Wednesday it has adopted a modified business plan to cope with the oil-price drop and coronavirus that contemplates cutting capital spending by over €1 billion and operational spending by over €350 million.

The plan also may include "optimisations" of €800 million in working capital compared to the initial 2020 budget, the company said.

"The flexibility of our asset portfolio, which allows us to take swift investment decisions based on various business scenarios, is one of the most powerful levers to face this new and complex environment, key to achieving a 26% investment reduction on that initially planned for the year," Repsol said.