Devon Energy Corp., Apache Corp. and Murphy Oil Corp. on March 12 became the latest to join a list of oil and gas producers to slash their spending.

On March 9, oil had its biggest one-day drop since 1991 with U.S. crude futures sinking as low as $27.34 a barrel. Oil and gas companies across North America have responded to the plunge in oil prices by pulling back on drilling plans despite already scaling back spending for the year.

North American oil and gas producers have slashed their capital spending by about 30% on average after crude prices crashed earlier this week, according to data compiled by Reuters on March 12.

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