Chevron Corp will slash capital spending by $4 billion this year and suspend share buybacks, the latest oil company to cut costs in the face of an unprecedented slide in oil prices.Oil has crashed by more than 60% since January, hit by global…
Kvaerner, a Norwegian offshore engineering and construction company, has said its executive management will cut its salaries. The company has also placed 30 employees on temporary leave, with this number set to increase.This is a part of the…
Talos Energy, a U.S. oil company focused on the U.S. and the Mexican side of the Gulf of Mexico, has announced further cost cuts, inclusive of $170.0 million of reductions in capital, operating and G&A expenses. The company said Monday it would…
Norwegian offshore vessel operator Eidesvik Offshore will see its platform supply vessel Viking Princess return from a contract earlier than expected.The company said Sunday that it had received 'notice of early redelivery' from the charterer Ithaca Oil and Gas…
French energy group Total announced plans on Monday to step up cost cuts and suspend its share buyback programme in order to deal with a slump in oil prices and the economic fallout from the coronavirus outbreak.Total CEO Patrick Pouyanne said that with prices of $30 per barrel…
Oil major Shell lowered capital expenditure for 2020 by about $5 billion on Monday and suspended the next tranche of its share buyback plan, as the company tries to weather a hit from the recent oil price crash. The company said it would reduce…
Offshore oil driller Valaris PLC is exploring debt restructuring options as it grapples with a rig accident and a broader collapse in energy prices, people familiar with the matter said on Friday.Valaris has tapped debt restructuring attorneys…
Oil and gas companies around the world aim to slash spending as crude prices have plunged due to the impact of the coronavirus and a push by Saudi Arabia and Russia to ramp up output.Oil prices have more than halved in value since the start of the year…
More than 200 oilfield services companies might be forced to declare bankruptcy - most of them in Norway and the UK - due to the effects of the Covid-19 pandemic and its effect on oil prices.This is according to Norway-based energy intelligence firm Rystad Energy…
Colombia's majority state-owned oil company Ecopetrol has cut its planned investment for 2020 by $1.2 billion amid the outbreak of the novel coronavirus and an increase in global crude supply, the company said Tuesday.The oil and gas company now sees its 2020 investment at between $3…
Santos Ltd, Australia's No. 2 independent gas producer, said on Tuesday it is reviewing all its capital spending plans in light of the collapse in oil prices and would stop all new hiring.Santos had planned to spend $1.45 billion in 2020, including $500 million on major growth activities…
Oil and gas company Kosmos Energy is set to slash both capex and opex, and will suspend dividend payment citing the need to maintain balance sheet and preserve flexibility during the oil price volatility.'At the 4Q19 results, we guided to a…
Exxon Mobil on Monday said it will make 'significant' cuts to spending in the face of the unprecedented slide in oil prices due to the global coronavirus outbreak, which sent its shares to a 17-year low. It was a stunning reversal for the largest U…
UK oil producer Premier Oil on Friday said it had identified at least $100 million in potential savings on its 2020 capital spending plans as it and other rivals scramble to adjust to the plunge in global crude prices.Oil prices were set for their worst weekly drop since the 2008 financial crisis…
Canadian oil and gas company has cut its CAPEX and production guidance for 2020 amid the volatile oil market environment. The cuts will be made in its upstream business with projects put on hold in China, Indonesia, and Canada.The company has slashed its 2020 capital program reduced by $900 million…