coronavirus – Page 12 – Oil & Gas 360

SilverBow Resources announces actions taken in response to current market conditions

April 13, 2020

Oil and Gas 360 HOUSTON–(BUSINESS WIRE)–SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) today provided an update on actions taken in response to the unprecedented global health and safety events impacting the oil and gas market. Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “The safety of our employees, contractors, and partners in the communities in which we operate remains

Coronavirus-earnings season: What to expect as companies begin to report Tuesday

April 13, 2020

CNBC JPMorgan Chase kicks off earnings season on Tuesday. The bad news: Short-term guidance will be very ugly. But there’s some good news: 1) The Securities and Exchange Commission has told corporations that this earnings season is not routine and has encouraged companies to provide forward-looking guidance, and not be concerned that the information may change rapidly. This will make

Baker Hughes taking $1.5 billion earnings hit on drop in oil services

April 13, 2020

Reuters Oilfield services provider Baker Hughes Co said on Monday it will take a $1.5 billion charge to its first-quarter earnings, write down the value of its oilfield business and slash this year’s capital spending by 20%. Oil and gas producers have cut 2020 spending by about 30%, according to data compiled by Reuters, as oil prices have tumbled

Canada supports ‘concerted approach’ to end global oil glut: PM Trudeau

April 10, 2020

Reuters OTTAWA – Canadian Prime Minister Justin Trudeau on Friday said that efforts to ease the global oil glut should be done in a “concerted” way, without indicating whether the country would limit its own output. “We recognize that this is a global challenge for many, many different countries and having a concerted approach is extremely important,” Trudeau said of

ProPetro plans up to 20% cut to executive pay as oil slumps

April 9, 2020

Reuters ProPetro Holding Corp said on Thursday it will reduce compensation at different levels by up to 20%, the latest oilfield services provider looking to rein in costs to weather a steep drop in oil prices. The Midland, Texas-based company said earlier this month it was experiencing a “severe, negative” impact on pricing for well-fracking services as customers clamor

Is it “Too Little, Too Late” in the Oil Patch for President Trump?

April 8, 2020

Oil and Gas 360 The employment impact of President Trumps inaction on immediately placing punitive tariffs on Russian, Saudi and OPEC oil imports has already hit the US oil and gas industry. Granted, these “Price War” employment impacts are a continuation of layoff, first associated with massive market-responsive 2020 capex budget cuts, then additional layoffs related to the energy demand

Fed will keep rates near zero until economy has ‘weathered’ coronavirus impact, minutes show

April 8, 2020

CNBC The Federal Open Market Committee released minutes Wednesday of its March 15 meeting, during which it lowered its benchmark interest rate to near zero. The meeting summary indicated that not only did members believe it was important to use all their rate power now, but also that they intend to keep rates anchored at the bottom for the foreseeable

Is it “Too Little, Too Late” in the Oil Patch for President Trump?

April 7, 2020

Market bounce is an ‘aftershock’ with ‘pretty horrific’ earnings to come, Citi analyst says

April 7, 2020

CNBC Global stock markets have started this week with a bounce, as hopes that the coronavirus pandemic may be peaking drove investors back into risk assets following a historic downturn. However, Citi strategists have suggested that the rally is nothing more than an “aftershock” and is not underpinned by volume or any guarantees of an end to the outbreak. Jimmy

EIA expects the United States will return to being a net importer of crude oil and petroleum products

April 7, 2020

EIA FOR IMMEDIATE RELEASE April 7, 2020 In the April Short-Term Energy Outlook (STEO), EIA forecasts that the United States will again become a net importer of crude oil and petroleum products in the third quarter of 2020 and remain a net importer in most months through the end of 2021. Fewer barrels are available for export as U.S. crude

Continental Resources suspends dividend amid coronavirus woes

April 7, 2020

Reuters Continental Resources Inc said on Tuesday it would suspend its quarterly dividend and cut its production for April and May 2020 by about 30%, as it grapples with a plunge in oil prices and demand amid the novel coronavirus pandemic. This follows the oil and gas producer’s decision to slash its budget by about 55% to $1.2 billion last

JAMIE DIMON WARNS: We’re getting a ‘bad recession’ plus ‘financial stress’ like the 2008 crisis

April 6, 2020

CNBC JPMorgan Chase chief Jamie Dimon said Monday he expects the coronavirus crisis to include a “bad recession” and elements of financial strain similar to the 2008 downturn. The chairman and CEO of the biggest U.S. bank said that while JPMorgan entered the crisis from a position of strength and that lenders have prepared for this, the pandemic is playing out in

Premium Content