Exxon Mobil Corp. is ripping up its debt-fueled, $30 billion-a-year plan to rebuild an aging worldwide portfolio after cash flow evaporated and threatened the company’s vaunted dividend.

Occidental Petroleum Corp. has restored employee pay cuts imposed after oil prices tumbled and doubled the salary cap for executives to $500,000 a year.

North Sea oil workers are staying offshore for as long as three weeks at a time, potentially increasing the risks of an already dangerous operating environment, according to unions.

Oil edged below $40 a barrel as OPEC+ producers started supplying more crude to a global market where many countries are still struggling to contain the coronavirus.

From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus.

Last year, shale driller Apache Corp. (NYSE: APA) made waves after it sacked one of the most iconic CEOs in the shale patch, Steven Keenan. Keenan was reportedly shown the door after disappointing early results at Apache’s Suriname offshore field adjacent to Exxon Mobil Corp.’s (NYSE: XOM) historic discovery.

Noble Corp., the offshore drilling contractor, filed for bankruptcy after the crash in crude prices made subsea wells too expensive to compete.

U.S. oil giant Chevron posted its worst quarterly loss in at least three decades and warned that the global pandemic wreaking havoc upon energy markets may continue to drag on earnings.

Oil is set to end July with a gain in New York ahead of OPEC+ plans to return supply to the market after the group’s historic output cuts, while the coronavirus pandemic continued to spread across many major economies.

After decades of dominance, America’s largest energy company Exxon Mobil Corp. (NYSE: XOM), has finally ceded its position as the world’s second most valuable energy company to India’s Reliance Industries (NSE: RELIANCE).