PetroChina, Sinopec to Sell Assets to State-Owned Company for $55 Billion
PetroChina Co. and China Petroleum & Chemical Corp. have agreed to sell some of their assets to China's state-owned pipeline company in return for a total of $55 billion in equity and cash.
Coal Miner Rhino Files for Chapter 11 Bankruptcy
Rhino Resource Partners, which got a $10 million loan under the Paycheck Protection Program, has filed for bankruptcy amid declining coal prices and disruption to mining operations caused by the coronavirus pandemic.
Oil Ends Lower on U.S. Equities, OPEC
U.S. benchmark oil prices ended the session sharply lower following a bumpy trading session that saw crude pushed higher by a weak dollar, only to get pulled back down when U.S. stock markets tumbled and coronavirus worries re-emerged.
Natural Gas Ends 6.2% Higher After Storage Data
Natural gas prices rose 6.2%, following a weekly storage report that was in-line with the five-year-average and close to forecasts.
Energy's Winning Wagers: Against Natural-Gas Prices, for Producers
Speculators who have bet on natural-gas prices falling have been rewarded, and so have shareholders of the companies that have flooded the market with the dismally priced fuel.
Energy & Utilities Roundup: Market Talk
The latest Market Talks covering Energy and Utilities
U.S. Crude-Oil Inventories Rise as Refineries Slow Down
Crude-oil stockpiles unexpectedly climbed by 4.9 million barrels in the latest week, taking inventories about 19% above the five-year average, U.S. government data showed. Meanwhile, the refining capacity utilization rate surprisingly declined.
Riverstone Retains Enviva in $1.1 Billion Recapitalization
Goldman Sachs Group Inc., Mubadala Investment Co. and Neuberger Berman Group all invested in a new capital pool that Riverstone formed to take the wood-pellet producer out of a previous fund and provide cash-out opportunities to earlier investors.
Kuwait's Emir to Travel to U.S. for Medical Care; Saudi King Remains in Riyadh Hospital
Kuwait's 91-year-old ruler will travel to the U.S. for medical care following an unspecified surgery, while Saudi Arabia's octogenarian King Salman spent his third day at a Riyadh hospital for treatment of an inflamed gallbladder.
Warburg Pincus Dials Back Investing in Oil and Gas
"Warburg Pincus will begin a transition away from investing in companies that are dependent on hydrocarbon pricing in the core global fund," said a person familiar with the firm's plans.
