The coronavirus pandemic crippled global oil demand, causing the price to collapse by more than 70% in April, with some futures going negative for the first time in history.
Most oil and gas giants have already slashed capital spending and dividends, laid off or furloughed staff, and changed their production targets.
Business Insider is tracking how 19 top companies are responding to the oil price shock and will update this story as news breaks.
Visit Markets Insider to view the latest on oil prices.
Oil markets are finally starting to stabilize after plunging to historic lows earlier this spring.
But the industry that built itself around this volatile commodity — which is still down in value about 37%, relative to the start of the year — continues to suffer.
In a remarkable move, supermajor Royal Dutch Shell cut its dividend for the first time since World War II in late April. Equinor did the same just days before.
Every major oil company has slashed its capital spending program — in some cases, by a staggering $10 billion. At least two major oil-and-gas companies have gone bankrupt including Chesapeake Energy.
Employees are feeling it, too.
London-based major BP is cutting 10,000 workers. Chevron is letting as many as 6,700 employees go. And as Business Insider previously reported, the oilfield services company Halliburton laid off almost 2,700 people across three states, citing the “most severe” downturn in a generation.
Read more: ‘I wish you the best of success’: A leaked document reveals that oil giant Schlumberger told some workers about wage cuts using a template for promotions
Altogether, more than a million oilfield service jobs are likely to be cut this year, according to the energy consulting firm Rystad Energy.
More layoffs are likely on the …read more
Source:: Business Insider