Unocal cut its oil exploration budget again.
Chairman Fred L. Hartley said falling oil prices have led the company to slash its capital budget from $2 billion to $1 billion over the last three months, including a $3-million cut in the last three weeks. The $2-billion plan assumed that oil would sell for $24.50 a barrel, Hartley said. Crude oil now costs $15 to $18. Until prices stabilize, he said, “strategic planning is a joke.”