

March 24, 2020 Updated: March 24, 2020 7:02 a.m.
Eleven energy companies over the past several days said they would cut a combined $18.6 billion dollars from their budgets as oil prices remain near 20-year lows, setting the stage for tens of thousands additional layoffs.
West Texas Intermediate crude closed at $23.36 per barrel Monday, a price not seen since March 2002 as Russia and Saudi Arabia flood global markets and the coronavirus pandemic crushes demand.
Energy companies big and small — including Conoco Phillips, Exxon Mobil, Marathon Oil, Hess and Halliburton — have responded by slashing spending for new projects and operations, halting stock buy back programs, putting deals on hold and selling assets. read more
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