He'd seen a couple of downturns in the industry before, but this is the first one since the birth of his twins last December. Oil giant Royal Dutch Shell said it plans to cut up to 9,000 jobs by the end of 2022 under a corporate restructuring as the company deals with a drop in demand for fuel. A handful filed for bankruptcy. 1125 N. Charles St, Baltimore, MD 21201. At six months old, the oil bust of 2020 is still threatening bankruptcies and layoffs. That includes Level III NDT Welding Inspector Jeff Lattea. This was on top of an already rough start to the year: Saudi Arabia and Russia were locked in a price dispute that threatened a global oversupply of cheap oil. 2020 InvestorPlace Media, LLC. Exxon, under Woods, won’t be taking this course. Donald Trump And Joe Biden Sparred Over Texas’ Energy Industry And Global Warming During Final Presidential Debate, Another Bad Week In The Energy Sector (Oct. 23, 2020), Weekly Oil Market Crash Update: Pioneer To Acquire Parsley Energy; Oilfield Service Giants Post Millions In Losses, Community Groups Criticize Use Of COVID-19 Relief Funds For Houston Police Overtime, Harris County Is Breaking Early Voting Records. Another Total-related article was popular among Rigzone’s downstream readership this past week. Then on April 20 oil prices plunged into negative territory for the first time ever. Kelly Ripa talks hubby Marc Consuelos' penis size after pic impresses fans, Adele’s transformation inspires fans to lose weight, 'Cuties' spells subscription doom for Netflix after intense backlash, Biden appears to confuse Trump with former President George W. Bush, The New York Post endorses President Donald J. Trump for re-election, US stocks drop as COVID-19 surges, stimulus doubts rattle Wall Street, The baseball card market is thriving thanks to COVID-19, Tesla reportedly exporting 7,000 Chinese-made cars to Europe, Reese Witherspoon’s daughter Ava gets new pup after death of dog Pepper, Wendy Williams addresses concerns over her behavior: ‘I’m not perfect’, ‘Southern Charm’ star Kathryn Dennis makes relationship with Chleb Ravenell Instagram official, © 2020 NYP Holdings, Inc. All Rights Reserved, Shell assets may take up to $22B hit due to coronavirus, From Airbus to Yves Saint Laurent: How coronavirus is changing business, Judge questions de Blasio's lawsuit against oil, gas companies, Shell clears major government hurdle for Arctic drilling, Builders hoping to get Flushing waterfront plan off the ground, Tasting menus gaining popularity at NYC eateries amid COVID-19, Where to buy the best yoga pants — a k a Gen Z's 'flared leggings' — in 2020, Le Creuset kettles and cookware up to 30 percent off for extended Amazon sale, Save up to 40% on these 25 Chromebook laptops from Samsung, Dell and more, Mask and you shall receive: Where to pick up the best face coverings, Lululemon offers up to 75 percent off apparel, accessories and more, Chris Cuomo socializes mask-free at private members' club. Schlumberger (NYSE:SLB) is planning massive layoffs as the oil company struggles with declining revenue in the second quarter of 2020. Further research confirmed the findings and, in fact, demonstrated that the “child” wells are 30% to 40% less productive than predicted by operators in 2018. Thousands of oil and gas jobs in Houston have vanished. Chesapeake issued a going concern warning. “It's hard not to think about the cost of babies and health insurance and things like that," Banerjee said in early April, "and not to worry, at least a little bit — not just about whether or not I can keep them safe from pandemics and the world around them, but whether or not I can stay employed and provide some degree of financial assurance that let's us protect ourselves.”. Each investment bank has its Top 10 list that usually contains Apache Corporation, EOG Resources and Noble Energy. Copyright © Shell expects the layoffs — which could affect more than 10 percent of its global workforce of 83,000 — to save as much as $2.5 billion in annual expenses when combined with other cost-cutting measures. In response, oil and gas companies slashed budgets, furloughed and laid off workers, and started to sell off assets. Do Not Sell My Personal Information. The Schlumberger layoffs shouldn’t come as any surprise. In this case, the company has predicted the days of demand growth for oil are numbered. UH Energy is the University of Houston’s hub for energy education, research and technology incubation, working to shape the energy future and forge new business approaches in the energy industry. Ed Hirs is BDO Fellow for Natural Resources and a UH Energy Fellow at the University of Houston, where he teaches energy economics. Photographer: Scott Eells/Bloomberg, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change. ExxonMobil Corp. While that matches Wall Street’s estimate for the period, its a 35% drop year-over-year and a 28% sequential decline. “Well, I can think of no higher purpose than helping people and communities around the world grow in prosperity and achieve their aspirations for a better life through affordable energy.”. Of the US oil production of 12+ million barrels per day, fully 4 million barrels are exported because US refineries are not configured to process the lighter grade of crude produced here. Larger companies with assets to survive the downturn, and the ability to store massive reserves of oil, are generally opposed to mandated production limits. Oil and gas thrive in the rest of the world. Strategy—Follow The Arbs And Fundamental Investors. Total acquired Anadarko’s Africa assets after Anadarko’s stumbles in US shale plays led to its acquisition by Occidental Petroleum. Tullow Gets Green Light for $575MM Total Deal, Total Awards Maersk Contract for Three Angola Wells, Israel and UAE Eye Pipeline Linking Red and Med Seas, Asia LNG Price Surge Spurs Interest in Vitol Trades, Deloitte Gives Bleak US Oil Job Prediction. That the Permian Basin flares more gas than many states consume is a problem for industry, consumer and environment.
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