News

Energy

AP News | Equities.com |

President Donald Trump took sweeping digs at “crazy left radical Democrats” on a trip Wednesday to the fracking fields of West Texas, launching unsubstantiated claims that a Democratic administration would destroy everything from the country’s suburbs to the U.S. energy industry.

Trump, speaking in front of stacked oil barrels, also played down the financial difficulties of the oil and gas industry in Texas and elsewhere, which is still struggling with the pandemic economic downturn and global oversupply that briefly drove oil prices into negative territory this spring. Prices have rebounded to around $40 a barrel, still below what some producers here need to break even.


Reuters | Equities.com |

Oil prices fell on Wednesday as industry data showed a bigger-than-expected inventory build in the United States, where climbing coronavirus cases may further dent fuel demand in the world’s biggest oil consumer.

In his first press briefing in months on the pandemic, U.S. President Donald Trump said the outbreak would probably get worse before it gets better, one of his first recent acknowledgements of the spread of the pro...


Reuters | Equities.com |

Oilfield services giant Halliburton Co posted its third straight quarterly loss on Monday as it took a $2.1 billion impairment charge amid a slump in oil prices and the resulting collapse in drilling by North American customers.

Demand for drilling services and oilfield equipment offered by Halliburton and rivals Schlumberger and Baker Hughes sank after oil prices collapsed in March. U.S. crude futures were trading around $40 per ba...


Reuters | Equities.com |

Sunrun Inc said on Monday it will buy Blackstone-backed peer Vivint Solar for about $1.46 billion in an all-stock deal, as the top U.S. residential solar installers look to solidify their market position.

The deal will also help Sunrun compete better with Tesla Inc’s SolarCity in a residential solar market, which, according to the companies, has reached only 3% penetration in the United States.


AP News | Equities.com |

LONDON (AP) — Energy producer Royal Dutch Shell warned Tuesday it will slash the value of its assets by $22 billion to account for lower oil and gas prices amid the COVID-19 pandemic.With the virus outbreak hurting the long-term prospects of the global economy, the company said it continues “to adapt to ensure the business remains resilient” in challenging times. Earlier this month, its competitor BP, also cut the value of its own assets by up to $17.5 billion.The pandemic has hit the wide...


Reuters | Equities.com |

NEW YORK (Reuters) - Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets. The filing marks an end of an era for the Oklahoma City-based shale pioneer, and comes after months of negotiations with creditors. Reuters first reported in March the company had retained debt advisers. C...


Reuters | Equities.com |

LONDON (Reuters) - Investors managing £1.8 trillion ($2.2 trillion) in assets are widening a campaign pressing oil majors to better reflect climate risks in their accounting, and will soon target other businesses with heavy fossil fuel exposure, the group said on Monday.The investors believe their campaign is working, noting the “hugely important” news of BP joining other oil majors in lowering the value of its assets amid a global transition to cleaner energy,...


Reuters | Equities.com |

NEW YORK (Reuters) - Chesapeake Energy Corp is preparing to file for bankruptcy as soon as this week, said three people familiar with the matter, becoming the largest oil and gas producer to unravel after an energy market rout caused by the coronavirus outbreak. The Oklahoma City-based company, co-founded by the late wildcatter Aubrey McClendon, is in the final stages of negotiating a roughly $900 million debtor-in-possession loan to support its operations while under Chapter 11 bankruptcy-court protection, two of the sources said.


Reuters | Equities.com |

By Ron BoussoLONDON (Reuters) - BP will write off up to $17.5 billion from the value of its assets after cutting its long-term oil and gas price forecasts, betting the COVID-19 crisis will cast a lasting chill on energy demand and accelerate a shift away from fossil fuels.Like its rivals, the British oil major is set to take a big hit to revenue from an unprecedented collapse in oil demand due to the pandemic. The impairments are set to raise its debt burden sharply and increase pressure to redu...


Reuters | Equities.com |

NEW YORK/CHICAGO (Reuters) - When the novel coronavirus first appeared in the United States, North Dakota was in the envious position of having more money in its state coffers than it had budgeted. Now, it is making sweeping cuts to state agencies in a bid to stem the financial bleeding from a historic oil price collapse sparked by the coronavirus pandemic, and a battered farm economy still struggling with the fallout from the U.S.-China trade war. Governor Doug Burgum has asked state agencies to begin slashing upcoming budgets between 5% and 15% to weather what he has described as an economic Armageddon as energy-related revenues plummet.