Oil Prices, Pandemic Crash Ending in Multi-Company Pile-Up Across North America’s Energy Sector

摘要

Covid-19 is continuing to cast its dark shadow across the energy sector, as more layofs are announced and further reduc- tions to capital spending marred the end to the frst quarter. Schlumberger Ltd., the world’s largest oilfeld services operator, plans to reduce capital expenditures (capex) by around 30% from 2019 and lay of an untold number of employees who work in North American land operations. CEO Olivier Le Peuch had signaled the capex reduction earlier in March. A “rapid reduction” in the rig count is forecast for 2Q2020, which could trough to 2016 levels, Le Peuch said.