French drilling pipe manufacturer Vallourec this week said it was cutting 900 jobs, or one third of its North American workforce, after activity collapsed in the oil and gas industry. ExxonMobil is undertaking a country-by-country review of its businesses, and is “very close” to completing its assessment of its U.S. and Canadian operations, Woods said. Woods also mounted an extensive defense of fossil fuels, calling them a "higher purpose" that aids global prosperity at a time when European peers are looking at renewables as the future. What it is: Eni is one of the world's largest oil and gas companies, headquartered in Italy. Copyright © 2020, Arkansas Democrat-Gazette, Inc. The AP will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing. Click through the gallery above to see how top oil and gas companies are responding to the price collapse. "We're doing this by deferring and canceling some projects," Greg Garland, Philipps 66's chairman and CEO, said on a call with investors. "Some of Occidental's US workers will have their pay cut by 30%," Reuters reports, while others will see smaller cuts. What it is: An oil and gas exploration and production company, and the largest leaseholder in the Bakken oilfield of North Dakota and Montana. "Occidental had already pared spending and cut its shareholder dividend by 86% earlier this month," per Reuters. Spending cuts: ConocoPhillips is cutting planned capital spending for 2020 by $2.3 billion, or about 35%, the company said in a public statement. Employment changes: None have been reported so far, though sources familiar with the matter told Business Insider that the company is starting to lay down rigs in the Permian Basin. Employment changes: The company said it would not lay off staff for pandemic-related issues for at least three months. Production cuts: The company estimates it will produce 183,000-193,000 barrels of oil per day in 2020, per a recent public statement, compared to the 195,000 barrels per day the company produced in the last three months of 2019. “But as we look closely at the facts and the various expert assessments, we conclude that the needs of society will drive more energy use in the years ahead – and an ongoing need for the products we produce.”, Like us on Facebook to see similar stories, Pediatricians say nearly 800K children have coronavirus, A New Website Tracks Broken McFlurry Machines, Because We've All Been Heartbroken Before. Employment changes: No staff layoffs or furloughs have been reported so far, but at least one oilfield service firm laid-off workers after losing its work with EOG Resources, the Los Angeles Times reported. Rivals such as BP Plc and Chevron Corp. have also announced large layoffs in recent weeks.

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