(Bloomberg) -- One of the biggest Texas shale explorers warned it will halt all drilling if the state imposes OPEC-style production caps, raising the stakes in a debate over a contentious proposal to arrest free-falling oil prices.The stark pronouncement from Diamondback Energy Inc.’s finance chief stunned observers of Tuesday’s virtual hearing by the Texas Railroad Commission, which oversees oil output in the Lone Star state. At issue was whether the state should restrict crude output for the first time in roughly 50 years.The proposal has deeply divided an industry already grappling with a global oversupply, escalating financial losses and the demand-killing Covid-19 outbreak.Diamondback Chief Financial Officer Kaes Van’t Hof said the company already is in the process of shutting down 30% of its drilling and would take it to zero if the state clamps down on production. Such a move would have dire consequences in the form of lost jobs and...
While COVID-19 related demand boosted freight volume and spot freight in the first part of March, the latter part of the month saw a reversal, and April is looking ugly. ...
The number of people infected by the coronavirus crept closer to 2 million on Tuesday, led by surging number of confirmed cases in the United States....
(Bloomberg) -- U.S. airlines reached preliminary agreements with the Treasury Department to access billions of dollars in aid as the government attempts to shore up one of the industries hardest hit by the coronavirus pandemic.The deal covers all major carriers, the Treasury said in a statement. American Airlines Group Inc., for example, said it would get $5.8 billion in total support while Southwest Airlines Co. said it would receive $3.2 billion. The government is doling out $25 billion in payroll assistance allocated for passenger carriers in the $2.2 trillion stimulus package signed into law March 27.“We welcome the news that a number of major airlines intend to participate in the Payroll Support Program,” Treasury Secretary Steven Mnuchin said in the statement. The program “will support American workers and help preserve the strategic importance of the airline industry while allowing for appropriate compensation to the taxpayers.”The aid represents a temporary lifeline for...
J.C. Penney Co Inc is exploring filing for bankruptcy protection after the coronavirus pandemic forced the U.S. retailer to temporarily shut its 850 department stores, upending its turnaround plans, according to people familiar with the matter. The Plano, Texas-based company has access to enough cash to survive in the months ahead, even as revenue dries up because of the store closures, the sources said....
Stock futures were roughly flat Tuesday evening as investors considered ongoing signs that coronavirus cases were leveling off in some hot spots in the U.S., helping brighten the prospects that social distancing measures would be lifted and business activity would eventually resume....
