By Oct. 11, 2020 at 1:54 p.m. GMT+1
Covid-19 may do for Big Oil what the Chicxulub asteroid did for the dinosaurs when it struck Earth 66 million years ago.
BP Plc plans to cut 10,000 jobs, equivalent to 14% of its workforce; Shell will shed 9,000 workers, or 11%; and Chevron will reduce its payroll by 6,000, a 13% reduction.
Much like the “terrible lizards,” Big Oil was already in decline before the novel coronavirus hit. The world in which they thrived is changing around them and they face multiple threats to their future health. But the outbreak’s impact has accelerated the process.
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