U.S. stocks slid to start another potentially volatile week as investors continued to try to gauge the extent of the economic damage from the coronavirus pandemic.
Shale driller Tapstone Energy has completed a financial restructuring, despite a historic plunge in U.S. oil prices, trimming about $450 million in debt from its balance sheet.
President Trump helped engineer a historic deal to curb global output, but it isn’t enough to forestall unprecedented pain for the domestic industry, as U.S. oil prices collapsed over the weekend.
When natural gas became as cheap as coal in the U.S., it spawned an energy transformation that drove many companies out of business while generating opportunities for others. East Asia’s biggest economies are now going through the same upheaval.
The world’s largest oil driller is restructuring businesses, cutting jobs and closing facilities as it expects an acute downturn in oil-field activity.
U.S. crude prices slid to a new 18-year low, recording another big weekly drop with the coronavirus pandemic erasing demand for fuel and pressuring energy producers.
Royal Dutch Shell agreed Thursday to set bolder carbon-emissions goals after engaging with a group of investors representing $40 trillion in assets under management.
Companies of all stripes have had to adapt their financial operations during the coronavirus pandemic. Oil and gas businesses such as Williams Cos. have been contending with the additional hurdle of a sharp decline in energy prices, which is pushing down stock prices.
Murray Energy, the nation’s largest private coal producer, said it is negotiating to resolve lenders’ allegations that it breached its $450 million chapter 11 financing package.
Crude prices fell, dropping back toward an 18-year low with inventories set to continue rising despite recent supply cuts.
As people stay home to avoid the new coronavirus, storage tanks fill and rigs stop pumping, leaving the petroleum business “experiencing a shock like no other in its history.”
The deal resolves a costly battle between Saudi Arabia and Russia that sank prices, delivering a win for the U.S. oil industry.
The company has engaged restructuring advisers to help navigate the threat to its balance sheet caused by the slump in commodity prices amid the coronavirus pandemic.
Donald Trump’s legendary deal-making ability during his years as a real-estate mogul is more fantasy than reality, but the president outdid himself in this weekend’s high-stakes oil diplomacy.
Matt Gallagher, the 37-year-old leader of Parsley Energy, wants fellow Texas oil producers to support a mandated production cut, as an industry where wildcatters frown at government intervention deals with a steep drop in crude prices amid the coronavirus pandemic.
A virtual summit of Group of 20 energy ministers failed to produce a detailed plan to help resolve an unprecedented oil glut partly triggered by the coronavirus pandemic.
The leaders of Russia, Saudi Arabia and the U.S. each badly miscalculated the pain caused by the collapse in oil prices. Now they are trying to rescue their economies and stave off any political damage at crucial moments for each.
Mexico’s president said the country will reduce its crude oil production as part of an agreement with OPEC and other producers to stabilize oil markets.
Oil prices ticked higher as traders cautiously welcomed a potential deal among major exporters to cut production, offering relief to energy markets that have been laid low by the coronavirus pandemic.
BP’s sale of its Alaskan business is in jeopardy after a group of banks balked at financing the $5.6 billion deal to buyer Hilcorp Energy amid a historic rout of oil and gas prices, according to people familiar with the deal.