The world’s biggest oil and gas companies are cutting jobs, slashing costs and scaling back investments at the fastest pace since the coronavirus market collapse, as executives brace for a prolonged period of lower crude prices.
Thousands of jobs have been cut across the industry at companies including Chevron and BP, with tens of billions of additional cost savings promised. Spending plans have been reined in, with some projects paused or put up for sale as groups seek to balance the books.
The US shale industry has been hit particularly hard, with ConocoPhillips last week becoming the latest to axe staff in response to the downturn.
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