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Stock impact report

Bankruptcy looms over U.S. energy industry, from oil fields to pipelines [Reuters]

Occidental Petroleum Corporation (OXY) 
Last occidental petroleum corporation earnings: 2/27 04:13 pm Check Earnings Report
US:NYSE Investor Relations: oxy.com/investors/pages/default.aspx
Company Research Source: Reuters
Bankruptcy looms over U.S. energy industry, from oil fields to pipelines NEW YORK (Reuters) - U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads and a dual supply/demand shock in the worst crisis the oil industry has faced. Fuel demand has tumbled roughly 30% worldwide due to the coronavirus pandemic, and just as the health crisis worsened a price war between Russia and Saudi Arabia flooded markets with crude. The industry was already struggling to satisfy investors unhappy with weak returns, even as the United States surged to become the world’s largest oil producer in the last few years. That perilous position was before U.S. prices crashed deep into negative territory on Monday, as much as $38 per barrel in the red. This sudden rout came despite substantial spending and output cuts having already been announced by U.S. producers, and reflected a price environment well below levels that Show less Read more
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