Unocal put its capital spending cut at 20%.

Clarifying an earlier statement, the Los Angeles-based oil firm said declines in the price of oil have prompted it to reduce its 1986 spending on exploration and production to about $1.2 billion. Unocal spent $1.85 billion last year and until recently planned to spend $1.5 billion this year, Chairman Fred L. Hartley said.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World