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News Highlights : Top Energy News of the Day

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11/08/2019 | 10:15 pm


Crude Rally Fades on Chinese Oil Import Record



Oil prices declined after Chinese customs data showed the country imported more crude in October than ever before, despite the ongoing trade friction with the U.S.




U.S. Oil Rig Count Falls by 7 From Last Week, Third Consecutive Weekly Decline -- Baker Hughes



The number of rigs drilling for oil in the U.S. fell by seven in the past week to 684, the lowest level since April 2017, according to oil-field services company Baker Hughes.




PG&E Plan to Pay Insurance Claims in Cash Hurts Bankruptcy Talks



An $11 billion settlement of insurance claims tied to PG&E Corp.'s alleged responsibility for California wildfires is emerging as an impediment to a potentially broader deal to end the utility's bankruptcy, according to people familiar with the matter.




Gas Producer Arsenal Energy Files for Second Bankruptcy This Year



For the second time this year, natural gas producer Arsenal Energy Holdings LLC has filed for bankruptcy, blaming falling prices, tightening lending standards and high transportation costs.




Energy & Utilities Roundup: Market Talk



The latest Market Talks covering Energy and Utilities




New York Attorney General Drops Part of Exxon Case



The New York attorney general's office Thursday dropped part of its securities-fraud case against Exxon Mobil on the final day of a rare climate-change-related trial that has pushed the oil giant's accounting practices into public view.




Brazil Oil Auction Ends in Disappointment



Brazil's second oil auction in two days ended in disappointment, just like the first, with no U.S. or European major oil companies even bidding and only one of the five blocks on offer being sold.




Bankrupt Sheridan Gets $328 Million Offer for Oil and Gas Assets



After initially planning to hand itself over to creditors, bankrupt oil-and-gas producer Sheridan Holding Company II LLC now wants to sell most of its assets to private investors for $328 million.




PG&E Reports $1.6 Billion Loss as Fires, Blackouts Raise Costs



PG&E Corp. reported a $1.6 billion third-quarter loss as the costs of wildfires, bankruptcy and blackouts weighed on the beleaguered California utility.




Iran Calls Red Sea Oil-Shipping Routes Unsafe



Iran has issued a warning to international shipping authorities that commercial routes in the Red Sea are unsafe, saying three of its tankers have been attacked off Saudi Arabia's coast in the past six months.






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