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News Highlights: Top Energy News of the Day

06/30/2020 | 12:16 am
Chesapeake Energy to Start Tapping $925 Million Bankruptcy Loan 
 

The oil-and-gas producer has been cleared to begin drawing on a $925 million bankruptcy loan, a crucial first step in its plan to eliminate billions of dollars of debt from its balance sheet in chapter 11.

 
Oil Ends Higher on Global Demand Recovery 
 

U.S. oil prices settled 3.1% higher as investors set aside worries about a coronavirus resurgence in the U.S. to focus on a general shift toward recovery in global oil demand.

 
BP Exits Petrochemicals Business in $5 Billion Deal 
 

Energy giant BP has agreed to sell its petrochemicals business to British chemicals company Ineos for $5 billion, marking the largest deal by an oil major since the new coronavirus was declared a pandemic.

 
Energy & Utilities Roundup: Market Talk 
 

The latest Market Talks covering Energy and Utilities.

 
Russia Reinforces Foothold in Libya as Militia Leader Retreats 
 

Moscow is sending reinforcements to Libyan military leader Khalifa Haftar while shopping for new allies in the divided country, as Moscow seeks to shape the fate of the nation and its oil reserves.

 
Rio Tinto, Mongolia Reach Agreement on Domestic Power Supply for Oyu Tolgoi 
 

Rio Tinto said it has reached agreement with Mongolia's government on domestic power supply to the Oyu Tolgoi copper mine.

 
Frac-Sand Supplier Hi-Crush Negotiating Chapter 11 Bankruptcy 
 

Hi-Crush Inc., which supplies oil and gas companies with sand used in fracking, is negotiating the terms of a chapter 11 bankruptcy with lenders following a sudden decline in business stemming from plunging crude prices and disruption from the coronavirus pandemic.

 
U.S. Oil-Rig Count Falls by 1 in Latest Week, Baker Hughes Says 
 

The number of rigs drilling for oil in the U.S. fell by 1 in the past week to 188, according to oil-field services company Baker Hughes.

 
Sable Permian Files for Bankruptcy Amid Restructuring Talks 
 

Out-of-court restructurings kept the oil-and-gas operator afloat for years, but 2020 proved too much.

 
Owners of Ailing Energy Trader Hit Back at Critical Report 
 

The family owners of distressed energy trader Hin Leong Trading claimed unfair treatment after a report alleged serious irregularities, including a $3 billion-plus overstatement of its assets.

 
 

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