Oil prices have cratered more than 50% from their highs earlier this year following dual shocks to supply and demand. This sell-off has pushed the U.S. oil price benchmark (WTI) to around $30 a barrel, which is a far cry from the $50-a-barrel level that most U.S. producers used as their budget baseline. Because of that, they've had to adjust quickly to this new reality by slashing spending.
Several have made deep budget cuts, which will have a significant impact on their production. These moves, however, will help many to stay afloat during a brutally challenging period for the sector.
And here's another article:
SECP asks firms to divert CSR budget for COVID-19 | Business | thenews.com.pk | Karachi
'This Is Not A Mini-Budget, This Is A Joke': CEO Of Leading Maltese Travel Company
News of a €1.8 billion package for Maltese businesses to protect the economy ahead of an incoming recession in light of COVID-19 did not bode well with some of Malta's leading entrepreneurs who feel that these measures in no way help the current situation.
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"This is not a mini-budget, I call this a joke travestied as a 1.8 billion assistance plan (200 million in real substance) which would have been shot down by any board of directors in the first minutes of its reading," he said.
Airport expansion receives budget boost, 2026 completion date - Focus Taiwan
Taipei, March 20 (CNA) A project to build a third terminal at Taiwan Taoyuan International Airport has received a major budget boost of NT$16 billion (US$530 million), and is scheduled to be completed in 2026, the airport operator said Friday.
The company's board of directors agreed on a total budget of NT$95 billion for the project at a meeting on March 18, including NT$53.7 billion for the main terminal building, said Taiwan Taoyuan International Airport Co. (TIAC).
Quite a lot has been going on:
Enterprise Products Partners seeks to cut budget as oil war continues - HoustonChronicle.com
Houston pipeline operator Enterprise Products Partners is looking at ways to trim its multibillion dollar capital expenditure budget cuts as the ongoing oil price war takes its toll on the company's customers.
In a Wednesday afternoon statement, Enterprise reported that the company is reviewing its 2020 capital expenditure budget due to the potential impacts of record low crude oil prices and expected lower demand from its customers.
"While substantially all of our major growth capital projects are supported by long-term, bilateral agreements, we are in discussions with our customers and evaluating opportunities to reduce or defer capital expenditures, as well as continuing to explore joint venture opportunities with strategic partners," Enterprise Co-CEO Jim Teague said in a statement.
American Oil Drillers Were Hanging On by a Thread. Then Came the Virus. - The New York Times
Wall Street supercharged America's energy boom of the past decade by making it easy for oil companies to finance growth with cheap, borrowed money. Now, that partnership is in tatters as the coronavirus pandemic has driven the fastest collapse of oil prices in more than a generation.
The energy sector has buckled in recent weeks as the global demand for oil suddenly shriveled and oil prices plunged, setting off a price war between Saudi Arabia and Russia. Oil prices are now one-third their most recent high, trading as low as $24 a barrel, and could fall further.
How Business Owners Are Working to Maintain Sales and Avoid Layoffs as the Economy Grinds to a
Editor's note: In early March, Inc. reported on how small companies across the U.S. were preparing for disruptions related to the coronavirus outbreak . Here's an update on the steps they're taking to respond to the rapidly changing business environment.
The 33-employee data and analytics company, based in Oak Brook, Illinois, has moved almost entirely online. The transition, managing partner Dustin Adkison says, has been relatively easy--especially after he wrote personalized notes explaining the situation to his clients, who are used to onsite visits from PMsquare staffers. In addition:
Government outlines business support measures during COVID-19 outbreak
The 2020 Budget has set out measures to support businesses and self-employed individuals through the disruption resulting from COVID-19
It is encouraging that the Chancellor has indicated that the business rates system will be reviewed to make the tax fairer for bricks and mortar businesses.
OT endeavours to keep the most up-to-date news on our website and this information was correct when published. However, the situation regarding COVID-19 is rapidly evolving. Please check OT’s rolling optics-specific coverage for the latest news and guidance on COVID-19.
Happening on Twitter
Seven of the most prolific Texas shale drillers cut $7.6 billion from budgets as oil prices collapse… https://t.co/dh7wE1AvEJ anasalhajji (from Dallas, USA) Sun Mar 22 03:09:20 +0000 2020
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