I remember $140 oil and if the oil billionaires were very very careful they may still have some cash reserves left over.
The catch is those in the oil business where spending those dollars drilling for future production.
That is why the profit margins don’t skyrocket with high prices, the “extra” money is spent buying pipe, valves, pumps, motors, controllers, cables, actuators, structural steel, etc. They higher drillers, hydro fract crews, buy more leases, etc.
When the price drops like this, they cut spending, layoff any they can afford to do without and hope to survive while the wells slowly decline in production rate.
The suppliers and contractors have the biggest decline in real business.