Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a barrel. "As we were sitting around the board room watching what was happening with prices, it was like watching a train wreck," said Kent, vice president of engineering and operations at Resource Energy, backed by private equity giant Apollo Global Management. The Resource Energy team's discussion turned to the remote Bakken shale region in North Dakota where the company, a relatively small producer, operates....
Big central banks are buying from an expanding menu of government bonds, corporate debt and consumer loans to help businesses and households through the coronavirus pandemic -- and no one knows whether they can stop. In the extreme case that a recurring virus requires further damaging lockdowns, the U.S. Federal Reserve and its peers float the whole boat -- government debt, corporate debt, perhaps even financing for mortgages and paychecks. The social, political and economic implications of taking economies offline for an extended period, underwritten by governments and struggling to return to normal, could run deep....
'I wouldn’t normally talk about it, but I think it requires an explanation, and it requires an explanation that means we were not disappointed at all in the businesses that were being run and the management, but we did come to a different opinion on it,' Buffett said on Saturday....
