Losses

Banks warn of ‘significant losses’ as they exit positions with large U.S. hedge fund

March 29, 2021

CNBC LONDON — Credit Suisse and Nomura warned Monday of “significant” hits to first-quarter results, after they began exiting positions with a large U.S. hedge fund that defaulted on margin calls last week. While neither Credit Suisse nor Nomura named the fund, it’s been widely reported that Archegos Capital Management is the firm connected to the fire sale. In a trading update before the

Oil majors wipe $80 billion off books as epidemic, energy transition bite

December 1, 2020

Reuters LONDON – The world’s top energy companies have slashed the value of their oil and gas assets by around $80 billion (60.05 billion pounds) in recent months after revising lower the long-term outlook for fuel prices in the wake of the coronavirus epidemic and the energy transition. Exxon Mobil, the largest U.S. oil company, announced on Monday it would

Dow extends losses as tech and energy lead drop, oil hits $37 per barrel level

October 28, 2020

Fox Business Stocks extended losses on Wednesday as COVID-19 lockdown fears gripped investors across the globe. Oil slipped nearly 6% to the $37 per barrel level. The Dow Jones Industrial Average dropped over 900 points or 3%, before bouncing off that low, while the Nasdaq Composite and S&P 500 declined more than 3%. Both the S&P 500 and Nasdaq are now negative for the

Shale industry will be rocked by $300 billion in losses and a wave of bankruptcies, Deloitte says

June 22, 2020

CNBC The U.S. shale industry is about to enter a period of “great compression” as low oil prices hammer the sector, according to a Deloitte study released Monday. The firm believes that exploration and production companies could write down the value of their assets by as much as $300 billion as they struggle to breakeven in a lower-for-longer oil price environment.

Oil Dives Nearly 5% to Seven-Month Low on Surprise U.S. Stock Build, Trade War

August 7, 2019

From Reuters Oil prices tumbled more than 4.5% on Wednesday to a seven-month low, extending recent heavy losses following a surprise build in U.S. crude stockpiles and fears that demand will shrink due to Washington’s escalating trade war with Beijing. Brent crude futures LCOc1 settled down $2.71, or 4.6%, at $56.23 a barrel, the lowest close since early January. Prices

Weatherford International (WFT) Targets $1 Billion Cost Savings in 18-24 Months

November 2, 2017

How? Treat the $1 billion as a thousand $1 million decisions – McCollum Swiss-based oilfield service giant Weatherford International plc (ticker: WFT) reported a net loss of $256 million, or ($0.26) per share on revenues of $1.46 billion for the third quarter of 2017. Weatherford reported segment operating income of $34 million. Weatherford President and CEO Mark A. McCollum said, “Our highest priority is free