This year will be another hard one for the oil majors as they cut spending.
Over the past several weeks, the world’s biggest oil companies have posted earnings that show just how brutal it is these days to be an oil major. The industry is going through the biggest downturn since the 1990’s.
Following a dramatic 60% plunge in oil prices over the past 18 months, oil companies are desperately slashing costs by cutting jobs, decommissioning rigs, halting the purchase of new oil gear, and pulling back from exploring new fields.
On Tuesday morning, BP BP -8.45% reported its worst annual loss in over 20 years. The company, which is the sixth largest in the world, says it will cut 7,000 jobs by 2017, or almost 9% of its workers.
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