EUA – Empresas de óleo e gás anunciam férias forçadas e paralisação de projetos por conta da crise

US – Oil And Gas Companies Announce Forced Layoffs And Project Halts Due To Crisis

Written by Roberta Souza

Published on 21/03/2020 at 13:21

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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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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.

US – Oil And Gas Companies Announce Forced Layoffs And Project Halts Due To Crisis

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

Check Also:

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

Bavarian archaeologists unearthed a medieval skeleton that had an articulated iron hand in place of its left arm, and the discovery reveals that doctors were already creating sophisticated prosthetics over 500 years ago.

The CEO of Honor in Spain says that smartphones will change with AI, foldables, and even robot phones; the component crisis is making cheap models more expensive in 2026 and shifting the focus to premium.

Brazil already has the largest electric buses in daily operation in the world: Goiânia has put 28-meter giants from Volvo on the streets to transform urban transport, placing the country at the center of a new showcase for urban mobility.

NASA announces the first interplanetary nuclear spacecraft in history destined for Mars and technology created to usher in a new era in deep space exploration: meet the SR-1 Freedom, equipped with a fission reactor and three helicopters inspired by Ingenuity to map Martian ice.

With 93 companies selling armored vehicles, aircraft, and monitoring systems to 148 countries, Brazil’s defense industry is doubling exports and is on track to break all records in 2026.

Brazil and Sweden finalize a military agreement to jointly train pilots, share experiences with the Gripen fighter, and allow Swedish crews of the KC-390 to train on Brazilian soil over the next two years.

Scientists warn that Earth’s oxygen has an expiration date and that the Sun itself will be responsible for ending the air we breathe by making photosynthesis impossible in about one billion years.

US – Oil And Gas Companies Announce Forced Layoffs And Project Halts Due To Crisis

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

Check Also:

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

Bavarian archaeologists unearthed a medieval skeleton that had an articulated iron hand in place of its left arm, and the discovery reveals that doctors were already creating sophisticated prosthetics over 500 years ago.

The CEO of Honor in Spain says that smartphones will change with AI, foldables, and even robot phones; the component crisis is making cheap models more expensive in 2026 and shifting the focus to premium.

With 93 companies selling armored vehicles, aircraft, and monitoring systems to 148 countries, Brazil’s defense industry is doubling exports and is on track to break all records in 2026.

Whoever earns R$ 7,000 in Brazil did not receive an exemption from income tax in 2026 and has become the preferred target of the financial system, living in the most dangerous trap of the middle class.

After the U.S. oil blockade, Cuba faces an unprecedented collapse and puts its $827 million cigar industry at risk with blackouts, mass exodus, and production at the lowest level in history.

Rocket Lab signs $190 million contract to provide hypersonic suborbital launches for U.S. defense testing.

Leila Pereira’s mansion, president of Palmeiras, draws attention for its luxury, sophisticated finishes, and tribute to the club, while the value of R$ 90 million surrounds the property with curiosity.

Brazil already has the largest electric buses in daily operation in the world: Goiânia has put 28-meter giants from Volvo on the streets to transform urban transport, placing the country at the center of a new showcase for urban mobility.

NASA announces the first interplanetary nuclear spacecraft in history destined for Mars and technology created to usher in a new era in deep space exploration: meet the SR-1 Freedom, equipped with a fission reactor and three helicopters inspired by Ingenuity to map Martian ice.

With 93 companies selling armored vehicles, aircraft, and monitoring systems to 148 countries, Brazil’s defense industry is doubling exports and is on track to break all records in 2026.

Brazil and Sweden finalize a military agreement to jointly train pilots, share experiences with the Gripen fighter, and allow Swedish crews of the KC-390 to train on Brazilian soil over the next two years.

Scientists warn that Earth’s oxygen has an expiration date and that the Sun itself will be responsible for ending the air we breathe by making photosynthesis impossible in about one billion years.