The "high-grading" of Exxon's asset base will enable it to "manage future commodity price cycles while working to maintain a reliable dividend."
The company disclosed that further capital spending cuts and possible writedowns of assets are ahead as it battles the pandemic-induced oil bust.
The $405 million deal “will expand our offerings to one of the broadest product lines in the well service industry."
It is the second bankruptcy filing for the oil and gas producer in four years.
The energy giant was forced to write down the value of exploration assets by $6.5 billion due in part to the decline in oil and gas prices.
With its Chapter 11 filing, Templar is “joining a growing list of distressed operators amid the sharpest oil market downturn in recent memory.”
Exxon's cut in 2020 capital spending is the largest any oil major has made in response to the coronavirus-driven slowdown.
The shale oil startup cited "a historically challenging commodity price environment and a capital market that is highly constrained for energy companies."
Lance Loeffler, vice president of investor relations, was named the oilfield services company's new finance chief.
Christopher Faulkner agrees to disgorge the $23.8 million he allegedly misappropriated from investors to pay for a lifestyle of “decadence and debauchery.”
The SEC says David Laurance used misleading marketing materials to try to raise $5 million by selling "Tomahawkcoins."
“A strong global economy ... is helping manufacturers like Caterpillar book more orders and deliver higher profits despite growing cost pressures."
