Coronavirus

ExxonMobil on Tuesday joined its oil and gas peers around the world, announcing it is reducing capital spending by 30% and trimming cash operating expenses by 15% in response to the dual challenges of an oversupplied market and demand weakness from the Covid-19 pandemic.

ExxonMobil on Tuesday joined its oil and gas peers around the world, announcing it is reducing capital spending by 30% and trimming cash operating expenses by 15% in response to the dual challenges of an oversupplied market and demand weakness from the Covid-19 pandemic.

The Energy Information Administration (EIA) said Tuesday domestic oil and natural gas production are likely to fall this year as the coronavirus takes a chunk out of demand at home and abroad, but the federal agency maintained the same gas price it forecast in March.

The Energy Information Administration (EIA) said Tuesday domestic oil and natural gas production are likely to fall this year as the coronavirus takes a chunk out of demand at home and abroad, but the federal agency maintained the same gas price it forecast in March.

Athabasca Oil Corp. has called the first halt to an entire Canadian bitumen production site in response to depressed prices and the economic contraction caused by the coronavirus pandemic.

Athabasca Oil Corp. has called the first halt to an entire Canadian bitumen production site in response to depressed prices and the economic contraction caused by the coronavirus pandemic.

Pressured by global oversupply wrought by the coronavirus and the price war, most North American producers have slashed their capital spending on average by 35-40% year/year versus original guidance, but revisions globally are playing out differently, according to Evercore ISI.

Pressured by global oversupply wrought by the coronavirus and the price war, most North American producers have slashed their capital spending on average by 35-40% year/year versus original guidance, but revisions globally are playing out differently, according to Evercore ISI.

Until people are traveling again, on the road or in the air, the economic benefits of cheap oil “remain largely theoretical,” as Covid-19’s hit to global demand is worse than the impact of the financial crisis, according to Raymond James & Associates Inc.