This cut announcement is on top of a $200 million reduction the oil giant announced last month.
North Slope
Update: Why does a barrel of Alaska oil cost less than a pizza…and a cheap six-pack?
Economists at the state’s Department of Revenue were working to identify what drove the price down and what they could expect going forward.
BP’s sale of its Alaska business is in jeopardy, The Wall Street Journal reports
As oil prices crater, banks are hesitant to finance the $5.6 billion deal, according to the Wall Street Journal.
ConocoPhillips shuts down North Slope drilling over coronavirus concerns
Oil giant ConocoPhillips announced Wednesday that it’s shutting down its drill rigs on the remote North Slope oil fields, and placing them into long-term storage, to protect its employees and contractors during the coronavirus pandemic.
Update: Alaska AG says North Slope Borough can’t ‘commandeer’ Ravn’s North Slope assets
In an emergency order signed Sunday by Mayor Harry Brower, the borough says that under its authority during a disaster declaration, it is “commandeering” all of Ravn’s “hangars, equipment, operations manuals, parts, supplies, vehicles, (and) airplanes.”
ASRC, Alaska’s largest private employer, cuts jobs after coronavirus causes oil price collapse
Alaska’s largest private-sector employer, Arctic Slope Regional Corp., has laid off employees and cut charitable giving due to the collapse in oil prices and the economic shutdown caused by the global coronavirus pandemic.