ABA - it isn't as simple as low price = total collapse
there are a lot of fields where the Finding and development cost (F&D) and the CAPEX is long paid for so you are only looking at the Operatign costs (OPEX) - and even then you can run at a notional loss for while as you don't want to pay the Abandonment costs
The problem for the UKCS is that development cost have gone through the roof at the same time as the size of fields being found has gone the other way - these days 20 mm bbl recoverable is a good find whereas 15 years ago people were sniffy about 100 mm bbl
regretfully the oil business fires people to show that they are still managing the situation even tho people costs are insignificant really
So you lay off people, you stop investing in new projects, you shelve projects that aren't too far along. You really sweat the production you have, you pressure the contractors and suppliers to cut their costs
You try and stave off any re-financing, you sell "non-core" assets at a discount for the cash. You don't hire, you don't move into large smart offices, you make everyone travel economy
So it isn't total melt-down - just a large blow to cash flow, quite a few people out of jobs and expectations for expansion shoved in the bin for 2-4 years
