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News Highlights: Top Energy News of the Day

07/01/2020 | 12:16 am
Oil Falls on U.S. Virus Resurgence 

U.S. oil prices ended 1.1% lower at $39.27 a barrel on fears the U.S. economy's recovery from coronavirus could be stumbling given a renewed surge of positive cases.

U.S. Crude-Oil Inventories Likely to Decline in DOE Data, Analysts Say 

U.S. crude-oil stockpiles are expected to decrease slightly in data due Wednesday from the Energy Department, according to a survey of analysts and traders by The Wall Street Journal.

Exxon Mobil Resists Write-Downs as Oil, Gas Prices Plummet 

As its peers write down U.S. shale assets by billions of dollars amid lower energy prices, Exxon Mobil stands increasingly alone in not adjusting the value of its holdings, and some accountants are questioning why.

Coronavirus Sends Oil Prices on Wild, Six-Month Ride 

U.S. crude's 92% advance marks oil's largest quarterly percentage gain in 30 years.

Shell Takes $22 Billion Write-Down, Expecting Lower Oil and Gas Prices 

Royal Dutch Shell is writing down the value of its assets by up to $22 billion because of lower energy prices following the demand-sapping coronavirus pandemic.

Energy & Utilities Roundup: Market Talk 

The latest Market Talks covering Energy and Utilities.

Frac-Sand Supplier Covia Files for Bankruptcy 

The Ohio company has filed for bankruptcy as part of a plan to cut more than $1 billion in debt and shed its railcar leases after taking a beating from the disruption sparked by the coronavirus pandemic and lower energy prices.

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.

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.

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.


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