Hess, Occidental Petroleum were bankrupt Diamond Offshore's biggest customers in 2019 [MarketWatch]
Hess Corporation (HES)
Last hess corporation earnings: 1/29 07:30 am
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Source: MarketWatch
Shares of Hess Corp. slumped 5.7% and Occidental Petroleum Corp. dropped 3.6% in premarket trading Monday, as crude oil prices took another dive and oil driller Diamond Offshore Drilling Inc. declared bankruptcy. Continuous crude oil futures tumbled 22.6% in early trading amid continued demand and supply concerns, putting them on course to snap a three-day win streak in which they soared 31%. Meanwhile, Diamond had disclosed that Hess was its biggest customer in 2019, accounting for 28.9% of its annual revenue, while Occidental was its second-biggest customer at 20.6%. Among it's other biggest customers, the U.S.-listed shares of Petroleo Brasileiro S.A. rose 3.4% and BP PLC gained 0.4%. Diamond Offshore said it had sufficient capital to fund operations during its bankruptcy reorganization. Diamond's stock plummeted 61% before being halted for news. Futures for the S&P 500 rose 1.2%.
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HES
News
- Hess Co. (NYSE: HES) is now covered by analysts at StockNews.com. They set a "sell" rating on the stock.MarketBeat
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HES
Earnings
- 4/25/24 - Beat
HES
Sec Filings
- 5/2/24 - Form 425
- 5/2/24 - Form 8-K
- 4/29/24 - Form 425
- HES's page on the SEC website