Occidental Petroleum CEO Vicki Hollub. Houston exploration and production company is enacting across pay cuts after making a second round of budget cuts as crude oil prices remain stuck at record lows.
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Occidental plans to cut $2.5 billion from the its capital budget and $600 million from its operating budget. After the cuts, the company plans to spend between $2.7 billion and $2.9 billion on drilling and completion projects, a 47 percent reduction from its original budget of $5.2 billion to $5.4 billion.
This may worth something:
Layoffs, pay cuts loom as Schlumberger plans to cut up to 30 percent from budget - Houston
Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid crumbling oil prices and the economic effects of the coronavirus pandemic.
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The company also expects to layoff workers and reduce compensation as part of restructuring efforts in North America, CEO Olivier Le Peuch said at the Scotia Howard Weil Energy Conference in New Orleans.
The magnitude of the budget cuts depends on changes to customers' plans, Le Peuch said. A full 30 percent cut would leave the company with a $1.2 billion capital budget for the year. The company spent $1.7 billion on capital projects in 2019.
Avis Budget general counsel to exit company | Corporate Secretary
North Penn wins budget award - News - The Intelligencer - Doylestown, PA
For the fifth year in a row, the Association of School Business Officials International has awarded the North Penn School District its Meritorious Budget Award for excellence in budget presentation during the 2019-20 budget year.
NPSD is one of only 10 school districts in Pennsylvania to receive the MBA in the 2019-20 budget year. This is the fifth consecutive year that NPSD has earned this award.
The award promotes and recognizes best budget presentation practices in school districts. Participants submit their applications and budget documents to a panel of school financial professionals. Districts that successfully demonstrate they have met the necessary program requirements may earn either the MBA or Pathway to the MBA, an introductory program that allows districts to ease into full MBA compliance.
Not to change the topic here:
Retooling Your Budget For COVID-19? 5 Smart Steps To Take Now
As the coronavirus continues to spread around the world and across the U.S., staying physically healthy is a top priority. At the same time, you likely are juggling new challenges where your finances are concerned.
Though it ' s not an ideal situation, succeeding financially through this crisis may mean cutting back or cutting out certain expenses altogether to stay afloat. Reviewing your family budget should be a critical part of your coronavirus response strategy. Here are five steps you can take right now to manage your budget wisely while awaiting a return to something like normalcy.
15 companies that will benefit from the Covid-19 Resilience Budget, Money News - AsiaOne
The latest flash estimates project that the Singapore economy contracted by 2.2 per cent year-on-year in the first quarter of 2020, making it the worst contraction since the 2009 Global Financial Crisis.
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The second-quarter numbers could look even worse, as Singapore grapples with possibly its worst recession since independence in 1965.
To help and support businesses and individuals, the Government has announced a massive S$48 billion Resilience Budget yesterday.
Apache slashes again amid industry turmoil - HoustonChronicle.com
Houston oil company Apache Corp. is making deeper budget cuts, capping a week in which crude oil continued to sink, oil-field services companies slashed their budgets and the rig count, a barometer of the industry’s health, plummeted.
Apache said Friday it cut $1.3 billion from its 2020 capital spending budget, reduced its annual dividend by $340 million and cut $150 million in other expenses. The company had already announced a $700 million capital spending cut.
Phillips 66 suspends several projects, cuts budget as oil prices tighten - HoustonChronicle.com
Houston pipeline and refinery operator Phillips 66 is planning to cut more than $3 billion from the company's budget and suspend several projects as crude oil prices remain stuck at record lows.
Phillips 66 reported Monday that the company is cutting $700 million from its capital expenditure budget, eliminating $500 million of operating costs and suspending a stock repurchase program that still had $2.1 billion left on the books.
As part of the budget cuts, Phillips 66 is suspending the development of a new natural gas liquids processing at its Sweeny Refinery southwest of Houston and the Red Oak Pipeline, a project to move crude oil from the Permian Basin of West Texas and storage terminals in Cushing, Oklahoma to multiple locations along the Gulf Coast.
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