oil and gas industry
Exxon Posts $610M Loss Amid Oil Price Dive
“COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins."
Exxon Shares Drop 3.7% on Another Profit Miss
In the first quarter, the benefits of higher oil prices were offset by weakness in Exxon's chemicals and refining businesses.
KPMG Settles Charges of Improper Energy Audit
The firm’s client, Miller Energy Resources, inflated $5 million in oil and gas assets to nearly $500 million, according to the SEC.
Oil Prices Fall as Crude Stocks Hit New Record
The price of the benchmark crude dropped to the lowest level since OPEC countries agreed to cut output by 1.8 million bpd in the first half of 2017.
Transocean Sells Rigs for $1.3B to Borr Drilling
The deal will allow Transocean to focus on deepwater exploration as it adjusts to the slump in oil prices.
Stone Energy Files Chapter 11 to Reduce Debt
The oil-and-gas producer's restructuring plan calls for bondholders to forgive $850 million in debt in exchange for control of the reorganized company.
Shell, BP Profits Beat Estimates in 3rd Quarter
The two companies' performance boosts hopes that the industry is adapting to an environment of low oil prices.
Devon Energy to Sell $1B in Upstream Assets
The divestitures are part of the energy producer's program to sell from $2 billion to $3 billion in assets this year.
Fed Survey Shows Wages Picking up in U.S.
Wage growth and signs that the oil industry may be emerging from its decline were two of the bright spots in the Fed's latest “Beige Book.”
U.S. Sues to Block Halliburton-Baker Hughes Deal
"I have never seen [a merger] that poses so many antitrust problems in so many markets," a top Justice Department official says.
Venoco Files Chapter 11 Due to Oil Price Slump
The Denver company says the declining price of oil and the closure of a key pipeline "continue to be serious problems."