CNBC It may seem like ancient market history already, but last Friday the S&P 500 energy sector surged by more than 10%. By Monday the unprecedented drop in oil futures had sent a barrel of crude into negative territory, which had people thinking they would be paid to fill up at the gas pump and left investors in one popular oil ETF in for
Oil and Gas 360 KATY, Texas, April 24, 2020 /PRNewswire/ — U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced temporary pay reductions for its top executives and board in response to the COVID-19 pandemic and expected lower oilfield well completion activity. The CEO, Bryan Shinn, members of the board of directors and company officers have volunteered to take up to a 20% temporary
Oil and Gas 360 DENVER Company intends to convert over $2.3 Billion of its Unsecured Notes and Certain Other Claims into a 97% ownership interest in the newly reorganized Company and exit Chapter 11 within the next 5 months Whiting Petroleum Corporation (NYSE: WLL) and certain subsidiaries (collectively, “Whiting” or the “Company”) today announced that they have entered into a restructuring support
Reuters MILAN – Italian energy group Eni lowered its forecast for production and investments on Friday and braced for “a complicated 2020” as the coronavirus crisis destroys oil and gas demand and hammers prices. Across the industry, producers are being forced to retrench as travel restrictions to curb the novel coronavirus have had a particularly severe impact on oil and
Oil and Gas 360 This week’s Baker Hughes rig count shows that U.S. had a decrease of 64 over last week, resulting in a total count of 465 rigs. Canada had a decrease of 4 over last week, resulting in a total Canadian count of 26 rigs. Breakdown by region Of the regions tracked by Baker Hughes, no regions saw
CNBC Oil prices moved between gains and losses on Friday, following a two-day winning streak that saw West Texas Intermediate gain more than 40%. The turn lower game despite some producers like Kuwait said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels caused by the coronavirus pandemic. U.S. oil rose 5
Reuters LONDON – Global oil supplies may be 6% less than expected by 2030 because of delays to investments by energy companies in response to falling crude prices due to the coronavirus crisis, data from energy analysts at Rystad showed. Oil and gas companies across the world have slashed investment budgets, exiting projects or delaying bringing them onstream to counter
CNBC The historic plunge in oil prices earlier this week has left some major exporters of the commodity scrambling to shore up their economies. The U.S. West Texas Intermediate (WTI) crude contract for May delivery fell by more than 100% to settle at negative $37.63 per barrel on Monday and expired on Tuesday at $10.01 a barrel. Futures contracts trade by the
Reuters Oilfield service firm Patterson-UTI Energy Inc (PTEN.O) on Thursday warned investors it would see a 60% decline in activity this year as shale companies slash spending and halt activity amid an unprecedented decline in oil prices. The company said it expects to exit the current quarter with about 70 rigs in operation, down from an average of 123 rigs
CNBC The widow-making collapse in oil prices came to a pause in Asia trade on Thursday, but analysts aren’t convinced that the worst sell-off in oil market history is over yet. “We think that this is the inflection phase,” Goldman Sachs oil analyst Damien Courvalin told CNBC’s “Squawk Box Asia.” “Even though demand may not recover quickly, the production shut-ins
Reuters NEW YORK – U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads and a dual supply/demand shock in the worst crisis the oil industry has faced. Fuel demand has tumbled roughly 30% worldwide due to the coronavirus pandemic, and just as the health crisis worsened a
CNBC Oil jumped more than 30% on Thursday, accelerating the recent rally as the Street eyed continued production cuts and rising U.S.-Iranian tensions. West Texas Intermediate, the U.S. benchmark, rose 30%, or $4.18, to trade at $17.96 per barrel. Brent crude, the international benchmark, traded 11.8% higher at $22.79 per barrel. On Wednesday, WTI jumped 19.1% — one of its best days on
