Capital One got CFTC waiver after oil price plunge increased swap exposure
On Friday, the CFTC said it would temporarily exempt a U.S. bank from a requirement to register as a “Major Swap Participant” even though its growing energy swaps exposure...
China to resume U.S. LPG imports as Beijing waives trade-war tariff
Importers have rushed to apply for waivers for the 25% tariff to buy the fuel, a by-product from U.S. shale gas production, after Beijing started granting exemptions this month...
Oil jumps 3% towards $28 on Fed steps to support economy
The Fed on Monday rolled out an array of programs including backing for the first time corporate bond purchases. U.S. Treasury Secretary Steven Mnuchin voiced confidence that a deal...
Shell cuts 2020 spending by $5 billion, suspends share buyback
The Anlgo-Dutch oil major said it would reduce capital expenditure to $20 billion or below from a planned level of about $25 billion while seeking to reduce operating costs...
U.S. power industry may ask key employees to live at work if coronavirus worsens
The contingency plans, if enacted, would mark an unprecedented step by power providers to keep their highly-skilled workers healthy as both private industry and governments scramble to minimize the...
How a Texas oil CEO’s luxury land deals cost him his job
The indulgence fit the lifestyle of a Texas oil tycoon, but the way Redman secured the deal was among a series of missteps that cost him his job. The...
ConocoPhillips to reduce capex, output and share repurchase program
Conoco cut its 2020 budget by $700 million, or 10%, and said that would hit production by 20,000 barrels of oil equivalent per day (boepd) from 1.3 million boepd...
Oil collapse could lop 20% off exploration budgets in Brazil, consultancy says
Before oil prices collapsed in the wake of failed OPEC talks earlier this month, the consultancy had forecast that some $3 billion would be invested in exploration in Brazil,...
China’s Sinochem shies away from Rosneft’s oil on looming U.S. sanctions-sources
In February, Washington ramped up pressure on Venezuela, by sanctioning Rosneft Trading SA, the Geneva-based trading unit of Rosneft, that President Donald Trump’s administration said provides a financial lifeline...
U.S. shale urges service firms offer ‘at least’ 25% price cuts – executives, letter
Oil companies that recently delivered 2020 spending plans based on $55 to $65 a barrel oil were confronted on Monday with sub-$35 prices after OPEC launched a price war...