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Major oil companies start facing new cost-cutting round

API SmartBrief | Jul 30, 2015

Another series of cost-cutting efforts has begun for major oil companies, as BP and Chevron announced plans to reduce spending and cut jobs in the face of sustained low prices. Chevron on Tuesday said it hopes to see about $1 billion in spending cuts from layoffs, while BP cut its planned spending for the year from over $20 billion to less than $20 billion. "As long as we're going to have such a severe glut in terms of oil supply, additional cuts are inevitable. A lot of this really hadn't hit the E&P side of the business yet," said John Graves, founder and president at Graves & Co. Bloomberg (07/29)


Analysis: Oil price slump to drive more energy layoffs, assets sales

API SmartBrief | Jul 27, 2015

Experts: Long-term approach vital in energy talent management

API SmartBrief | Jul 27, 2015

Spill settlement makes BP a less attractive takeover target, exec says

API SmartBrief | Jul 29, 2015

Senate committee advances bill allowing crude exports

API SmartBrief | Jul 31, 2015

Report: Oil price slump prompts delay of $200B worth of upstream investments

API SmartBrief | Jul 28, 2015

API, AFPM urge feds to revisit draft ethanol mandate

API SmartBrief | Jul 28, 2015

Scientists to hunt for beneficial microbes in shale

API SmartBrief | Jul 29, 2015

Mont. judge asked to throw out state lawsuit against BP

API SmartBrief | Jul 27, 2015

Hoeven: Obama will deny permit for Keystone XL

API SmartBrief | Jul 29, 2015


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API Tanks, Valves, Piping Conference, call for presentations, Oct. 12-15, Las Vegas

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API RP 2D, an API global webcast

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