News Roundups

Millions in federal COVID-19 aid went to companies with pollution violations, Pelosi projects optimism on stimulus deal, and more

Daily news headlines about the stimulus and recovery from October 5, 2020.

Millions In Federal COVID-19 Aid Went To Companies With Pollution Violations

At least five companies with histories of violating environmental rules secured emergency government loans totaling as much as $32 million to retain employees during the early months of the coronavirus pandemic.

Those companies, most in the energy sector, have collectively paid more than $52 million in penalties for violations of clean air and other environmental regulations, according to an analysis by the watchdog group Accountable.US and HuffPost.

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Noble Energy shareholders approve $4.1 billion sale to Chevron

Noble Energy shareholders on Friday approved a deal to sell the oil and gas producer to Chevron Corp, making Chevron the No. 2 U.S. shale oil producer and giving it international natural gas reserves close to growing markets.

The all-stock deal values Noble Energy at around $4.1 billion, excluding $8 billion in debt, and the vote cements the first big energy deal since the coronavirus crushed global fuel demand.

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Oil, Natural Gas Industry Said ‘Exploiting’ Federal Relief through Historic Borrowing Spree

The oil and natural gas industry has embarked on a lavish borrowing spree this year, underpinned by a federal bailout of corporate debt markets in response to Covid-19, a new analysis has found.

Oil and gas companies, already in dire financial straits before the pandemic, have issued $99.3 billion in debt in U.S. markets since March 23, said the report authored by nonprofit organizations Friends of the Earth, Public Citizen and BailoutWatch.

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OPINION: Oil Prices Are Waiting To Rise, But Stimulus Will Not Be The Cure

Oil prices continue to linger around $40 per barrel. They have been fairly stable since June, after swinging wildly in the spring. As of this writing, both major oil benchmarks, WTI and Brent, are trading just below $40. Oil prices are sitting around this mark, because oil traders don’t know what is happening with the economy.

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