Oil and gas company ExxonMobil said it is reducing its 2020 capital spending by 30 per cent and lowering cash operating expenses by 15 per cent in response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic
Oil industry company MOL Group has stated that the operational and capital expenditures will be reduced materially to preserve cash and to allow MOL to manage through challenging times even in the case of a longer lasting crisis
Rystad Energy said the US horizontal oil rig count is poised to drop by an estimated 65 per cent due to the combined global effect of the COVID-19 pandemic and the ongoing oil price war
Total oil and gas industry M&A deals in February 2020 worth US$5.6bn were announced globally, according to GlobalData’s deals database
Oilfield services firm Petrofac has announced that it will reduce overhead and project support costs by at least US$100mn in 2020 and by up to US$200mn in 2021 as part of its response to the COVID-19 outbreak
