North American oil companies slash spending to cope with $30/bbl crude

) on Tuesday became the latest to join a growing list of hard-pressed North American oil producers slashing spending and drilling after crude prices slumped to their lowest levels in more than three years.Chevron Corp became the first global oil major to say it was also looking to cut spending that could lead to lower near-term oil production.

Occidental, with a $40 billion debt pile after it bought Anadarko last year, became the first oil producer to slash dividend, dropping it by 86% to 11 cents, and cut spending by about 32%. A number of energy finance sources said they expect numerous energy companies to be forced into restructuring agreements in coming months, as they will be unable to service debt with oil prices at these levels.

Should have happened long ago.

Boo freaking hoo for them.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business as usual at North American box office amid virusAccording to weekend box office numbers, North American audiences are not staying away from theaters amid coronavirus concerns. Because everyone knows you are all fake news. Take your gay cartoon and suck it. They never worry about dying.
Source: ABC - 🏆 471. / 51 Read more »