Chesapeake Energy Corp said it would prepay a total of $25 million in incentive compensation to 21 top executives to ensure they are motivated, even as it prepares to file for bankruptcy protection to tackle its nearly $9 billion debt pile. The move comes as investors are closely monitoring executive pay at struggling energy firms after Whiting Petroleum Corp and Diamond Offshore Drilling changed incentive programs for their senior management teams in the days before filing for Chapter 11 last month to award them cash sums. "The board and compensation committee, with the advice of their independent compensation consultant and legal advisors, determined that the historic compensation structure and performance metrics would not be effective in motivating and incentivizing the company's workforce," Chesapeake said in a regulatory filing published on Friday....
(Bloomberg) -- Oil eased after posting its first back-to-back weekly gain since February as investors weighed nascent signs of recovery against a huge global glut that’s testing storage capacity limits.Futures fell 1.2% in New York after advancing 25% last week. China’s oil stockpiles have shrunk in recent weeks after swelling to a record, while bets that the market is recovering from its crash are gaining traction. U.S. output cuts are accelerating with active drill rigs falling to a level not seen since before the shale revolution kicked off at the beginning of the last decade.Oil is still down about 60% this year after global demand collapsed following lockdowns to curb the spread of the coronavirus pandemic. Restrictions are slowly being eased in some places around the world, offering some hope that fuel consumption may rebound as people travel again, but low prices are still having an impact.Qatar Petroleum reduced its official...
Posted by OFX AUD - Australian Dollar The Australian Dollar rallied on Friday by 0.55% as commodity currencies were driven higher by a recovery in risk sentiment to close the week. Opening just below 65 US cents following a strong surge on Thursday from lows of 0.6378, the local currency reached intraday … Continue reading "Australian dollar holding gains above 65 US cents"The post Australian dollar holding gains above 65 US cents appeared first on ....
(Bloomberg) -- Avianca Holdings SA, one of the biggest carriers in Latin America, filed for Chapter 11 bankruptcy after travel bans across the region forced the Colombian airline to ground its fleet.Avianca, which counts United Airlines Holdings Inc. and Kingsland Holdings as stakeholders, filed for protection from its creditors in the Southern District of New York, according to court papers. It listed as much as $10 billion in liabilities and the same amount in assets. The company said it will not make bond payments due Monday.The carrier grounded planes in late March after governments across Latin America sealed borders to curb the spread of the Covid-19 pandemic. Avianca had just emerged from a tumultuous year in which it restructured debt and embarked on a business turnaround plan aimed at restoring profitability by focusing on flights through its Bogota hub. It cited the impact of the pandemic in a statement Sunday, adding...
Tesla (NASDAQ: TSLA) CEO Elon Musk opened up to Joe Rogan in a podcast last week, about the Cybertruck smash-up last year.When Musk presented the Cybertruck, a much-anticipated all-electric pickup, it didn't quite go as planned.Musk showed off the strength of the new Cybertruck by having its door beaten with a sledgehammer and the window glass struck with heavy metal balls -- and the glass cracked. 'I Was Not Expecting That,' Musk Says "What was it like when the dude threw the steel balls at the window and it broke?" Rogan asked Musk. "You know our demos are authentic!" the CEO replied."I was not expecting that and I mumbled under my breath 'holy sh--' -- I swore and didn't think the mic would pick it. We practiced this behind the scenes ... at Tesla we don't do tons of practice with our car demos because we are working on the cars...
