They won't be the last
All the capital spending plans from Nov-Jan are out the window with WTI at $46 and natural gas at $1.82.
Senior VP Neil Chapman just announced that the company will cut Permian basin rigs by 20% this year and will cut 2020 spending on North American dry gas.
Earlier today, Canadian Natural Resources also cut its 2020 capex view.
OPEC is trying to bully Russia into a production cut but even if they do, it's not going to be enough. What needs to happen is that big companies like XOM and CNQ need to cut, because there's just too much oil out there.
In the bigger picture, I expect US shale producers are going to be in big trouble this year. We've almost certainly seen the high water mark for US production at around 13 million barrels per day.
WTI is hanging around the lows of the day. Tomorrow's OPEC+ meeting will be pivotal.
