Corporate financials suffer as drilling activity weakens amid the coronavirus pandemic
Hydrocarbon producers have experienced tremendous market volatility over the past several years on account of the COVID-19 (coronavirus) pandemic and associated socioeconomic shutdowns. As global activity slowed to amid government restrictions, aggregate hydrocarbon demand has collapsed. In response, oil and gas producers have slowed production and limited purchases of new oilfield products and services. This led total company revenue to fall 13.1% to $20.7 billion in 2020 and resulted in the company recognizing $14.8 billion in impairment charges for the year.
COVID|Balance Sheet|New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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