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It would also assist Occidental in increasing its Permian Basin production, while oil and gas continued to boom in the region. Employment changes: Marathon is slashing 12% of its workforce, or 2,050 jobs, Reuters reported in late September.

Meet the 8 chief executives who earned the most. Employment changes: Exxon is cutting up to 1,600 workers across Europe, and initiated a voluntary redundancy program in Australia, as Business Insider previously reported. Exxon, which has long avoided talk of layoffs, said it would cut staff in Europe and is weighing cuts elsewhere, citing the market downturn. Spending cuts: The Ohio-based firm cut its capital spending by 30%, or $1.4 billion, down to $3 billion for 2020. "I truly don't have specific numbers or even a range I can provide. "The current world economic environment makes this commitment especially important. What it is: A Colorado-based oil and gas exploration and production company with large projects in North Dakota and Colorado. Other financial changes: Shell cut its dividend for the first time since World War II. Spending cuts: Earlier this year, the company said it was cutting capital spending for 2020 by 30%, or $10 billion, from $33 billion down to $23 billion, per a public statement. BY GEOFF FOLSOM Spending cuts: The company cut capital spending for 2020 in half, down to about $800 million, according to a public statement. Employment changes: Halliburton has laid off almost 2,700 employees across Texas, Oklahoma, and Colorado, Business Insider previously reported. Click here to view more of our reporting on Exxon. Other financial changes: In early August, BP announced it would cut its dividend in half as the company pivots to become an integrated energy company, shrinking its dependence on oil and gas. Other financial changes: On June 28, Chesapeake filed for Chapter 11 bankruptcy protection, becoming the largest oil and gas company to file amid the oil price downturn, Reuters reports. Other financial changes: ConocoPhillips said it would acquire US shale giant Concho Resources in an all-stock deal worth $9.7 billion.

Employment changes: No layoffs or furloughs have been reported. This story was originally published on March 27, 2020. Employment changes: No staff layoffs or furloughs have been reported so far. The deal closed in early October.

If they are willing to take less money than they made in the oilfields, people can still find jobs in the area. Send tips to this reporter at bjones@businessinsider.com or through Signal/text at +1-646-768-1657. Spending cuts: In late February, Chesapeake said it would reduce its 2020 capex by 30% down to between $1.3 billion and $1.6 billion, per a company press release.

Other financial changes: Marathon sold its Speedway gas stations to 7-Eleven in a $21 billion cash deal in early August. A Columbian energy company was approved by the U.S. federal government to form a joint venture with one of the Permian Basin’s top oil and gas producers. Oxy is focusing on core acreage in the Permian Basin.

Other financial changes: On April 1, the company filed for bankruptcy protection in Houston, "touting a proposed settlement with creditors to eliminate $2.2 billion in debt in return for a 97% equity stake," the Wall Street Journal reports. Workers in one country allege that Schlumberger is taking advantage of weak labor laws to stiff them of fair severance. What it is: An oil and gas exploration company headquartered in Oklahoma City, Oklahoma, known for its role in helping the US become a net natural gas exporter.

The company is also reducing its operating expenses by about $1 billion. OAG360 has multiple advertising opportunities. as well as other partner offers and accept our, Citizens of the Planet/Education Images/Universal Images Group via Getty Images, For more stories like this, sign up here for our weekly energy newsletter, said it would cut staff in Europe and is weighing cuts elsewhere, 4 leaked documents lay out how Exxon is cutting European workers, including which divisions are shrinking and where jobs are being moved, Click here to subscribe to Insider Energy, US shale CEOs took home millions as the industry lost billions. More >>, Every Sudoku has a unique solution that can be reached logically. Occidental closed on the deal to purchase Anadarko Petroleum on Aug. 8, with the transaction valued at $55 billion including Anadarko’s debt. Speedway is among the nation's largest convenience store chains. Most recently, we added job cuts at Marathon Petroleum and new details of job cuts at Chevron. What it is: Eni is one of the world's largest oil and gas companies, headquartered in Italy. Other financial changes: The company wrote down $2.5 billion worth of oil-and-gas assets, per the Houston Chronicle. Employment changes: Shell is cutting up to 9,000 jobs, or more than 10% of its workforce, by the end of 2022, the company said. Employment changes: Apache laid off at least 85 people in Midland, Texas earlier this year, state filings showed. "Oxy is committed to managing our worldwide business activities in the most efficient and cost-effective manner," the statement read. Subscriber Read more: Schlumberger is slashing its global workforce, but workers in 1 country say the company is taking advantage of weak labor laws to stiff them of fair severance.

Odessa American. "In February the company promised a dividend of 0.89 euros," or $1.06, per Reuters. The company will pay Occidental $750 million in cash and another $750 million in carried capital for a 49 percent stake in the venture, while Occidental will own a 51 percent interest. What it is: A spinout of the oil giant ConocoPhillips focused on midstream and downstream products, such as gasoline and petrochemicals, headquartered in Houston. Spending cuts: Oxy cut its 2020 capital spending program by more than 50% to between $2.4 billion and $2.6 billion, down from $5.3 billion, the company said in a public statement. It also said it would reduce operating expenses by 15%. The coronavirus pandemic crippled global oil demand, causing the price of crude to collapse in March.

"There's so many different ways to maneuver around WARN," Taylor said. The deal was announced in July and would see Ecopetrol develop 97,000 acres of Occidental’s Midland Basin properties on the Texas side of the basin which stretches across West Texas and southeast New Mexico. In addition, the 17-county organization's Fort Stockton office is reporting around 20 SandRidge Energy employees to have filed unemployment insurance claims in the past week, Taylor said. Employment changes: Devon Energy has reduced its workforce in the wake of poor market conditions, but the company has not revealed the scale of the cuts, according to KFOR-TV, an NBC affiliate. Yet big oil companies are still straining to stay afloat, with the price of oil down about 35% from the start of the year. Sorry!" Employment changes: Occidental, or Oxy, reduced executive compensation in the spring, but the company has since begun to restore salaries, Houston Business Journal reported. Employment changes: No layoffs or furloughs have been reported so far. Spending cuts: Earlier this year, EOG said it would shrink capital spending for 2020 by 46%, down to between $3.3 billion and $3.7 billion. On September 1, the company announced it emerged from bankruptcy and shrunk its debt by $3 billion. Some have filed for bankruptcy or merged with other companies. Posted in The Houston-based company is selling its North American fracking business. on "This is a difficult decision, and we do not make it lightly.". Other financial changes: Continental Resources suspended its quarterly dividend.

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