Is the Oil Industry Myopic?

Now that the Oil prices are below 50USD per barrel and the uncertain future of the oil prices, most of the Oil comapnies are talking about cost cuttings in Capital expenditure as well as other areas like ICT expenditure.

I wonder if the Oil comapnies are myopic, in terms of cutting costs and stopping recuritment when ever the oil prices drop. It is a known fact that most of these Captial expenditures will in future have to be done anyway to bring new reserves online or extend the life of existing assets. Would the cost of production and marketing be more than 40 USD per barrel for many of the new developments and the modifications being carried out currently, which have been put on hold or will be soon?

If we look at what happened in the last decade when the oil price dropped to 10 USD, most of the recruitment was stopped. What did it lead to; critical shortage of experienced young engineers to replace the retiring workforce. Is this not but Myopic?

It will be intresting to see what happens with recuirtment now with know facts of skills shortage and appx 40 USD price.