Oil prices have cratered more than 50% from their highs earlier this year following dual shocks to supply and demand. This sell-off has pushed the U.S. oil price benchmark (WTI) to around $30 a barrel, which is a far cry from the $50-a-barrel level that most U.S. producers used as their budget baseline. Because of that, they've had to adjust quickly to this new reality by slashing spending.
Several have made deep budget cuts, which will have a significant impact on their production. These moves, however, will help many to stay afloat during a brutally challenging period for the sector.
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