(Adds details on drilling activity, rival plans, industry background)
March 12 (Reuters) - Apache Corp on Thursday cut its spending forecast for the year and slashed its quarterly dividend by 90% as oil drillers rush to shore up cash amid a plunge in oil prices.
A host of U.S. shale drillers including Occidental Corp , Devon Corp and Diamondback Energy Inc have announced measures like spending cuts, reduced drilling and lower dividends as oil prices crashed to around $30 per barrel at the start of this week.
Over the next few weeks, Apache will stop all drilling activity in the Permian basin and scale back some of its international operations in Egypt and the North Sea, the company said.
A source had earlier told Reuters that oil major Chevron could also look to curb its spending by dropping rigs in the Permian basin.
Apache now expects its 2020 capital investments between $1 billion and $1.2 billion, down from an earlier forecast of $1.6 billion to $1.9 billion.
The company cut its quarterly dividend to $0.025 per share from $0.25.
Occidental on Tuesday slashed its quarterly dividend by over 86%. (Reporting by Shariq Khan in Bengaluru; Editing by Shailesh Kuber and Maju Samuel)