Reuters WASHINGTON – The Trump administration is seeking to ease a severe cash crunch in the drilling industry by raising loan limits available under a coronavirus stimulus package and by barring lenders from discriminating against drillers, according to Energy Secretary Dan Brouillette. The measures come as oil and gas companies working in shale basins from Texas to Wyoming struggle to
Reuters WASHINGTON/NEW YORK – U.S. lender Capital One Financial Corp got a waiver from the Commodity Futures Trading Commission (CFTC) after plunging oil prices increased the bank’s derivatives exposure above a key regulatory threshold, according to two sources with knowledge of the matter. On Friday, the CFTC said it would temporarily exempt a U.S. bank from a requirement to register
Reuters HOUSTON – A court-ordered sale of one-time shale high-flyer Alta Mesa Resources Inc fell through due to a lack of financing on Monday, according to court filings, a day when oil prices and shares of U.S. oil producers plummeted. Investors and banks have pulled back on financing shale after poor returns, and this year’s drop of about 40% in
Houston Chronicle Rumors that Houston oilfield service company McDermott International is engaged in bankruptcy talks with lenders sent the company’s stock price plummeting by as much as two-thirds of its value after the close of market on Monday. In a Monday afternoon post, the Wall Street Journal reported that McDermott is preparing to file for Chapter 11 over the next few weeks
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