Houston-based Noble plans to spend about $1.5 billion in 2016, off by half compared to 2015, even when accounting for its $3.9 billion acquisition of US junior Rosetta Resources.
Despite the cut, Noble believes it can keep production flat from last year at around 390,000 barrels of oil equivalent per day.
In addition, Noble is trimming it dividend from 18 cents per common share to 10 cents per share to further maintain its cash reserves.
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