Houston oilfield service company NexTier Oilfield Solutions is cutting its budget by more than half as work continues to evaporate amid record low crude prices.
In a Monday afternoon statement, NexTier announced that the company is cutting up to $110 million from its capital expenditure budget. The hydraulic fracturing company originally planned to spend $210 million this year but now believes it will spend between $100 and $120 million.
The company plans to idle more of its hydraulic fracturing fleet while reduce investments on innovation and new technology in order to focus projects that directly reduce capital expenditures or operating costs.
Not to change the topic here:
3 Marketing Lies Small-Business Owners Tell Themselves
Whip-smart brand positioning drives revenues for enterprises from Apple to Zappos. But for growing organizations, cutting-edge marketing can feel like a luxury. The Small Business Association suggests companies budget 7 to 8 percent of revenues for promotion, yet the average small business allocates just 1 percent .
Getting entrepreneurs to invest in marketing begins by knocking down common misconceptions around it. Here are the top three.
ITV Reduces Program Budget Due to Coronavirus – Variety
U.K. broadcaster ITV is reducing its program budget by £100 million ($116 million) in the wake of restrictions imposed by the coronavirus pandemic.
The company has taken steps to reduce discretionary spending by $23 million in 2020, in addition to a $11.6 million savings planned for the year. ITV has also identified $35 million of savings in capital expenditure.
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ITV has halted filming on popular shows “Coronation Street” and “Emmerdale.”
Coronavirus update for business: Harvey Norman's bumper coronavirus season, budget postponed, and
Prime Minister Scott Morrison has announced the government will be postponing the federal budget until October 6, 2020.
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At a press conference, Morrison said all other Aussie states and territories would likely also be working to "similar timetables".
"The idea that you can actually put together any forecasts around the economy at this time is simply not sensible," Morrison said.
As (most) Australians commit with gusto to social distancing, Netflix is a causing noticeable strain on internet services .
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Laredo Petroleum Announces 2020 Capital Budget Reduction of 36% and Provides Operational and
TULSA, OK, March 23, 2020 (GLOBE NEWSWIRE) -- Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or "the Company"), today provided an update to the Company's 2020 capital budget and operating plan.
"Fueled by an extremely strong hedge position, Laredo has the flexibility to substantially reduce activity to preserve the value of our assets until commodity prices normalize," stated Jason Pigott, President and Chief Executive Officer. "We are moving quickly to stop most of our drilling and completions operations for the remainder of 2020.
Shell, Total cut billions from their budgets as oil prices plummet - HoustonChronicle.com
European oil majors Shell and Total are cutting a combined $14 billion from their budgets as the oil industry is hammered by a price war and the coronavrius pandemic.
Both companies are slashing capital expenditure budgets, cutting operating expenses and suspending their stock buy-back programs.
Dutch oil major Shell is cutting $5 billion from its 2020 capital expenditure budget as well as another $3 billion to $4 billion of operating costs. The company also is suspending a $1 billion tranche of stock buy backs and is moving forward with plans to sell $10 billion of assets.
H&R Block, Macy’s fall; Avis Budget, PG&E rise | WTOP
The company’s molecular diagnostics unit gained emergency authorization for its test for the virus behind COVID-19.
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The department store operator faces a severe hit to sales as authorities order the shutdown of non-essential businesses.
The car rental company pulled its financial forecasts and said it will cut costs as business slumps because of the virus pandemic.
How to Develop a Marketing Budget for Your Startup
As a startup, you will have a number of expenses that need to be covered. You will likely need to purchase stock. A business website is a necessity these days. Then there's also rent, utilities, office supplies, employee wages, and so on.
With so many other expenses, it can be easy to overlook – or undervalue – your marketing budget. Yet your advertising strategy is arguably more important than any other facet of your business. This is particularly the case for a startup. You're an unknown in the world of established brands, and you need to make a big splash to get noticed.
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