Occidental Petroleum Corp., the largest oil producer in the giant Permian Basin, has ceded to activist investor Carl Icahn’s demands and announced deep spending cuts in a bid to survive the steepest crude-price plunge in decades.
Occidental Petroleum reduced its capital spending and cut compensation for staff on Wednesday as the company attempts to shore up its balance sheet.
The U.S. plans to press Saudi Arabia to restrain its scheduled oil production boost by leveraging the kingdom’s status as head of the G-20, according to people familiar with the matter.
…’s economy, which has been battered in recent weeks by a fall in global oil prices after Moscow pulled out of the Opec+ producers deal to support them. The largely incremental moves included an increase in…
The U.S. made its most direct intervention yet in the oil price war between Saudi Arabia and Russia, urging Riyadh to “rise to the occasion and reassure” energy markets at a time of economic uncertainty.
Funding for President Donald Trump’s plan to fill up the nation’s emergency oil reserve to help struggling drillers cope with the price crash failed to make it into the latest stimulus legislation but could return in other forms.
Work in U.S. oil fields has plunged to the lowest in at least four years, according to the Federal Reserve Bank of Dallas.
The oil producer is cutting salaries for its U.S. employees by up to 30% in a bid to slash expenses, as it faces plunging oil prices and falling demand due to a halt in economic activity because of the new coronavirus.
From Canada and the Caribbean to the Baltic and Singapore, oil tanks around the world are filling fast, despite a 50-100 per cent jump in lease costs, as oil companies and traders scramble to park unwanted crude and refined products.
Before bailing out frackers, some sacrifices should be made.