BP cut its 2020 spending plan by 25% and will reduce output from its U.S. shale oil and gas business in the face of the collapse in oil prices triggered by the corononavirus outbreak, it said on Wednesday. "This may be the most brutal environment for oil and gas businesses in decades," CEO Bernard Looney said in a statement. The London-based company said it plans to spend $12 billion this year, joining its peers that have announced cuts of around 20% in annual spending on average....
Shares in Carnival Corp (CCL) took a further hit on Tuesday after the company announced that it is seeking about $6 billion in debt and equity to cope with the Covid-19 fallout. The world’s largest leisure travel company also announced the suspension of both its dividend payouts and the repurchase of its common stock.Despite these measures, the cruise operator revealed that it is still anticipating a net loss for its fiscal year ending Nov. 30. In addition, Carnival continues to receive lawsuits from passengers who traveled on the coronavirus-stricken Grand Princess and Diamond Princess cruise ships. Following the news, Wells Fargo’s Tim Conder reiterated his sell rating on the stock without a price target. He commented that he would have preferred that the raise had skewed more towards equity, allowing the company to keep some remaining "dry powder" in the form of debt. According to a statement released on March 31,...
(Bloomberg) -- President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of staunching an historic plunge in oil prices.Trump, speaking at the White House Tuesday, said he’s raised the issue in conversations with Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman. “They’re going to get together and we’re all going to get together and we’re going to see what we can do,” he said. “The two countries are discussing it. And I am joining at the appropriate time, if need be.”If it happens, it would be the first meeting between Saudi Arabia and Russia since the collapse of the OPEC+ coalition in early March. Since then, both countries have vowed to flood the market with millions of excess barrels of oil in an acrimonious battle over market share. Despite the president’s remarks, neither nation has backed down from their price war,...
