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.

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

Big Oil's $110 billion asset sale target could prove big ask

Leading energy companies are hoping to sell dozens of oil and gas fields and refineries worth more than $110 billion to curb both their ballooning debt and their carbon footprints.

But with the outlook for oil and gas prices uncertain because of the coronavirus pandemic and a shift to cleaner energy, finding buyers and striking deals might prove tricky.

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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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