Oil Struggles for Direction as China-U.S. Tensions Rise
Oil futures bounced on either side of unchanged Friday, as investors weigh some signs of economic improvement against tensions between the world's biggest economic superpowers.
China Pushes Energy Reform With Pipeline Deals
China is moving to wean its economy off coal and boost use of cleaner natural gas, with two of the country's energy giants set to pump nearly $56 billion of assets into a new national pipeline firm.
Schlumberger Cuts 21,000 Jobs Amid Historic Oil Downturn
Schlumberger, the world's largest oil-field services company, is cutting about 21,000 jobs as oil producers make steep spending reductions in response to a historic drop in prices amid the coronavirus pandemic.
Equinor Swings to Net Loss Amid Lower Oil and Gas Prices
Equinor swung to second-quarter net loss as cost cuts weren't enough to offset lower oil and gas prices.
Energy & Utilities Roundup: Market Talk
The latest Market Talks covering Energy and Utilities
China Oil Majors Agree to Sell Assets in Deals Worth $55 Billion Amid Energy Sector
Reforms
Two of China's energy giants have agreed to sell some of their assets in cash and share deals worth around $55 billion to a newly created state juggernaut that China hopes will reform and unify its national energy-transmission network.
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.
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.
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.
