Norway's Equinor will not drill any more wells in the U.S. shale patch this year as it adjusts to a lower-for-longer oil price environment, a spokesperson for the company said as quoted by Hart Energy.

The company stopped drilling in the Bakken and the Marcellus shale plays where it has acreage in March this year as it slashed billions in spending in response to the oil price collapse. Now, Equinor will also be cutting jobs in the shale patch, although it has yet to specify how many.

On the silver lining side, however, the company has no asset sale plans, which means it could still have long-term plans for its shale oil and gas operations in the United States.

"There is no change in our acreage portfolio. The action that we are taking now is to ensure that our business is profitable in a lower price scenario," the spokesperson said.

"Equinor is in a strong financial position to handle market volatility and uncertainty," outgoing CEO Eldar S?tre said in March. "Our strategy remains firm, and we are now taking actions to further strengthen our resilience in this situation with the spread of the corona virus and low commodity prices."

Meanwhile, like the rest of the European majors, Equinor is pursuing its transition strategy from an oil company to a broader energy company.