OPEC agreed on Thursday to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak, but made its action conditional on Russia and others joining in.
Russia is prepared for a possible drop in oil prices should OPEC and its allies fail to reach an agreement over cutting supply at meetings in Vienna this week, Finance Minister Anton Siluanov said on Thursday.
(Bloomberg) — Exxon Mobil Corp. is slowing the pace of its flagship shale project in the Permian Basin, one of the first signs that the oil majors are throttling back on production in response to the recent slump in prices.The U.S, energy giant said Thursday in a slide presentation that it will operate at a “reduced pace” this year and next compared with its prior outlook. The company sees output from the basin in West Texas and New Mexico at about 360,000 barrels of oil equivalent a day in 2020, but stuck to its long-term plan to almost triple production …read more […]
Recession risk is high, Jim Bianco warns. And that could send stock much lower. …read more […]
After getting fired as co-CEO at Canopy Growth, Bruce Linton is back with Collective Growth for a cannabis showdown. …read more […]
Headlines moving the stock market in real time. …read more […]
Two years into an ambitious growth plan to revive earnings at the largest U.S. oil company, Exxon Mobil said on Tuesday it would stick to its spending plans even as its rivals trim costs.
Oil prices are down over 20% this year and natural gas prices have touched their lowest in decades, as fears of the economic impact of the coronavirus dent short-term demand. Exxon’s Chief Executive Officer Darren Woods said the company would spend between $30 billion and $35 billion a year through 2025 and forecast $33 billion in capital expenditure this year. On Tuesday, Exxon’s closest U.S.-rival Chevron showed off its own war chest by highlighting it has up to $80 billion that it could use for shareholder returns over the next five years regardless of the price that oil …read more […]
The new chairman of British retailer John Lewis warned on Thursday it could take up to five years to revive the employee-owned group hit by sliding profits.
The coronavirus epidemic could rob passenger airlines of up to $113 billion in revenue this year, an industry body warned on Thursday, more than three times a projection it made just two weeks ago as the virus continues to spread around the world.
Southwest Airlines Co on Thursday warned its first-quarter operating revenue would take a hit of up to $300 million from the coronavirus outbreak, prompting it to cut its quarterly revenue outlook.
OPEC agreed on Thursday to cut output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices amid an outbreak of coronavirus but made it conditional on Russia joining in, two OPEC sources said.
HP Inc on Thursday rejected Xerox Holdings Corp’s raised takeover bid of about $35 billion, saying that the offer still undervalued the personal computer maker.
(Bloomberg) — HP Inc. said it has rejected an unsolicited takeover offer from Xerox Holdings Corp. and has asked shareholders not to tender their shares.The $34 billion offer “meaningfully undervalues HP and disproportionately benefits Xerox shareholders,” the Palo Alto, California-based company said in a statement on Thursday. Xerox’s “urgency” in launching the offer shows its “desperation to acquire HP to address its continued business decline.”Xerox has pitched HP investors on a cash-and-stock offer worth $24 a share. For each HP share, a holder would receive $18.40 in cash and 0.149 Xerox shares. The offer is set to expire April 21, …read more […]
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