Oil prices took a historic nosedive earlier this week, enduring their deepest plunge since 1991. That sell-off pushed the price of crude down into the low $30s, a roughly 50% haircut from where oil started the year.
Energy companies are scrambling to adjust to much lower oil prices brought about by dual shocks to both supply and demand. Several have already dramatically altered their 2020 financial plans by slashing their capital budgets and other expenses. These moves will help align spending levels with projected cash flow as the industry grapples with how to navigate a brutally challenging period in the market.
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Source: Motley Fool
(March 14, 2020 - 10:20 AM EDT)
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