Halliburton's stock has fallen around 70% in the past four weeks, to $6.14. The oilfield services provider already took a series of aggressive cost-cutting measures last year.
Last month, oil and gas producers California Resources and Denbury Resources both filed for Chapter 11 bankruptcy. Together, those firms combined account for $7.7 billion in debt.
As interest in carbon capture, utilization, and sequestration (CCUS) grows, it also creates a significant opportunity for the upstream oil and gas industry.