How Many US Oil Jobs Were Lost in 2020? Although the oil and gas sector is used to the highs and lows of economic and price cycles, this downturn seems unlike any other. The oil and gas industry has taken a pounding from the coronavirus pandemic. © 2021 NYP Holdings, Inc. All Rights Reserved, US workers file 779,000 new jobless claims as COVID slams labor market recovery, ByteDance slashes jobs in India amid ongoing TikTok ban, Instacart axes 1,900 employees, including its only unionized workers, NYC-area news reporter Katherine Creag dies suddenly at 47, Glue and improved: 'Gorilla Glue girl' gets hair unstuck after surgery, Copy/paste: Gorilla Glue challenge sends this fool to the ER, Boys donate five years of hair to charity. Layoffs, dividend cuts and budget reductions: How 18 oil giants from Shell to Exxon are responding to the historic oil price meltdown Benji Jones 4/30/2020 SHARE Your Ad Choices ... And wave after wave of layoffs. Ever. ... June 17, 2020. 3M to cut 2,900 jobs globally in restructuring. The larger, more integrated oil companies may be positioned better to weather the war/virus for a bit longer but ultimately, all oil and gas companies--the giants such as … By Published: Thursday, October 22, 2020 Separately, Denver’s Extraction Oil & Gas Inc. reported plans to lay off 20 … Oil Gas Recent oil and gas layoffs may be indicator of things to come in 2020 A UH energy expert says the new year may be challenging as companies adjust to changing market. We've received your submission. “We all recognize the consequences of these difficult decisions and the impacts they have …”. The global pandemic, which plunged demand for crude and petroleum products such as gasoline and jet fuel, has led to the fastest layoffs in the oil and gas industry’s history. Privacy Notice Oil industry braces for pain Mike Lee, Carlos Anchondo and Lesley Clark, E&E News reporters Published: Monday, March 16, 2020. The company is known for being a big developer of Canada’s oil sands, with an structure on innovation and safety. Chairman and CEO Darren Woods told the company that there would be cuts in an employee forum on October 21. Layoffs multiply as coronavirus and price war take their toll RJ Sangosti, The Denver Post Chris Golding, who previously was employed primarily in oil and gas as a … US O&G companies laid off about 14% of permanent employees in 2020, and our research shows that 70% of jobs lost during the pandemic may not come back by the end of 2021. Biden caused widespread layoffs — and potentially tens of thousands of lost future job opportunities — when he revoked the Keystone XL pipeline permit, and suspended oil and gas leasing on federal lands, on his first day in the Oval Office.. Thu, Dec 17th 2020. Your California Privacy Rights This story has been shared 334,820 times. Editorials. The reductions follow two cuts to its 2020 capital budget and an 86% reduction in its shareholder payout. Catherine Wendlandt More than 40% of Midland’s workforce is in high-risk industries, mostly oil and gas, the highest of any region in the U.S., it said. It was already on shaky ground last spring due to OPEC clashes and oversupply during the shutdown when the price per barrel of oil plunged below zero for the first time ever on April 20. Glory daze: Bruce Springsteen busted for DWI in New Jersey, ‘Gorilla Glue girl’ undergoes surgery to get out of sticky situation, Rosie O'Donnell still can't sell her $6M NJ home after 5 years, Tom Brady throws Lombardi Trophy to another boat during Super Bowl parade, North West's oil painting verified by TikTok user, Equipment at a fracking well at Capitan Energy in Culberson County, Texas. It always comes back eventually, but getting through the tough times is never a pleasant experience. While we don’t know how long the impacts of the coronavirus will last, we know that we’re probably in it for a long haul. Oil … Last summer, Whiting Petroleum (NYSE: WLL) laid off 254 people to reduce costs . Do Not Sell My Personal Information. Coca-Cola to use buyouts and layoffs to cut U.S. workforce by 12 percent: Dow Jones. A new analysis reveals that more than 1 million oilfield service jobs are likely to be cut in 2020 as the novel coronavirus craters demand for oil. January 23, 2020 News. Read more: Alberta premier worried about layoffs as oil and gas sector struggles with coronavirus The Calgary-based company had 12,889 staff at …