Oilfield segments with the greatest share of North American revenue will see the biggest hits, with hydraulic fracturing spending down 44% from last year and land contract drilling down 29%.
The collapse in prices has threatened the once-booming U.S. oil and gas industry, which has a relatively high cost of production, leading Washington to scramble for ways to protect the sector.
Guidance provides framework for detailing sustainability efforts as environmental, social and governance remains a key priority for many upstream oil and gas companies.
Whiting Petroleum had explored a wide variety of alternatives to address its balance sheet and looming note maturities in a “highly capital-constrained market environment,” CEO Bradley J. Holly says.
Oilfield services provider Schlumberger on March 31 said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil price collapse.