Houston-based Diamond Offshore Drilling Inc. (NYSE: DO) and 14 affiliates filed for Chapter 11 bankruptcy protection in Houston on April 26. In court documents, the company listed total assets of more than $5.8 billion, total debts of more than $2.6 billion and between 5,000 and 10,000 creditors. Diamond noted in the court documents that it […]
US oil prices crashed into negative territory for the first time in history as the evaporation of demand caused by the coronavirus pandemic has left the world awash with oil and not enough storage capacity — meaning producers are paying buyers to take it off their hands. West Texas Intermediate, the US benchmark, lost more […]
HOUSTON — Oil-producing nations on Sunday agreed to the largest production cut ever negotiated, in an unprecedented coordinated effort by Russia, Saudi Arabia and the United States to stabilize oil prices and, indirectly, global financial markets. Saudi Arabia and Russia typically take the lead in setting global production goals. But President Donald Trump, facing a […]