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Energy Up As BP Strikes Petrochemical Deal, Natural Gas Rallies -- Energy Roundup

06/29/2020 | 04:37 pm

Shares of energy companies rose amid deal activity.

British oil major BP agreed to sell its petrochemicals business to local chemicals company Ineos for $5 billion, marking the largest deal by an oil major since the new coronavirus was declared a pandemic. BP's move could cut costs and move it towards a goal of a more carbon neutral business model.

Natural gas prices notched their biggest one-day percentage gain in 17 months, closing the session 11% higher at $1.71-a-million British thermal units, rebounding from a 25-year-low last week, partly because of expectations of hotter weather in many parts of the U.S.

One of the pioneers of the "fracking" revolution that restored the U.S. to the role of the world's largest oil-and-gas producer, Chesapeake Energy, filed for bankruptcy protection Sunday as an oil- and gas-price rout stoked by the coronavirus pandemic proved to be the final blow for the heavily indebted company.

 

Write to Rob Curran at rob.curran@dowjones.com

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