Bad news already started to flow this week: Halliburton affirmed that it plans to cut 1,000 positions due to the depressed oil market, and BP announced an unspecified number of layoffs as part of a $1 billion restructuring plan. On Monday, ConocoPhillips became the first major U.S. oil company to reveal that it is slashing spending for 2015, a decision the CEO asserted was "prudent given the current environment."