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With The Drop In Oil Prices Associated With The Coronavirus Pandemic Forcing U.S. Oil And Gas Companies To Halt Projects And Put All Employees On Leave
With the latest events (sharp drop in oil prices and the coronavirus pandemic), U.S. oil and gas companies have adopted measures to try to mitigate the situation. Fear and uncertainty in the market are growing every day, and the future is uncertain.
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Companies in the sector are studying measures to minimize impacts, which in practice are spending cuts, including the possibility of mass layoffs.
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An American giant chose Brazil to open its first payment terminal factory outside Asia: the unit is located in Betim, MG, cost R$ 490 million, generated 400 jobs, and will produce up to 100,000 devices per year.
The coronavirus is advancing unabated through Europe and America, while Arabs and Russians do not reach a consensus on curbing oil production. This scenario appears perfect to trigger a new global crisis in the oil and gas market.
Halliburton announced that it will give forced leave to about 3,500 employees at its headquarters in Houston, USA. These employees will work one week on and one week off, without pay for a period of up to 60 days. The company’s leave will begin next Monday (23).
The President and CEO of ConocoPhillips, Ryan Lance, stated that the “industry is clearly undergoing an unprecedented event caused by simultaneous supply and demand shocks.” The company will reduce its investment plan by US$ 700 million, a 10% decrease from the initial forecast.
At BW Energy, the exploration and production arm of BW Offshore, the idea is not to touch the money raised from the Initial Public Offering (IPO) held last month.
Other companies are holding meetings to cut costs while clients are verifying contract cancellations, using the force majeure clause.
The price of WTI crude was quoted at approximately US$ 23 until yesterday. Meanwhile, Brent crude was trading at US$ 26.
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