Energy

The private-equity-backed oil-and-gas company filed for bankruptcy and said it expects Bank of America and other top-ranking lenders to recover at most 21 cents on the dollar of the $426 million they are owed.

Americans are starting to capitalize on low prices at the gas pump as states loosen travel restrictions, a boon for the battered energy industry and a hopeful signal for the U.S. economic recovery.

An alliance of oil-producing nations led by Saudi Arabia and Russia is close to a deal that would extend their collective production cuts through Sept. 1, as the world emerges from pandemic-induced lockdowns, delegates said.

Investment in the U.S. shale sector will drop by half this year, the International Energy Agency said, predicting a period of pain for producers, even as oil prices rally.

In battleground states such as Pennsylvania, Republicans are portraying the presumptive Democratic nominee as a threat to the oil-and-gas industry.

American shale drillers helped turn the U.S. into the world’s top oil producer, topping 13 million barrels a day earlier this year. It could be years, if ever, before they reach such heights again.

In a sign that oil markets are returning to relative normality, the once yawning gap between the price of an actual physical barrel of oil and futures prices has narrowed sharply.

The coal producer said it has defaulted on its $440 million bankruptcy financing package, setting up a pivotal month as it aims to leave chapter 11 amid a market downturn exacerbated by the coronavirus pandemic.

The founder of oil giant Continental Resources revolutionized the industry and helped usher in the U.S. energy boom. Now he’s slashing production and ripping up delivery contracts to try to survive the price collapse from coronavirus shutdowns.

A central Michigan dam failure requiring mass evacuations left the state and residents struggling to juggle a natural disaster amid a global pandemic.

The Trump administration announced a deal with California to jump start the cleanup of a Cold War-era nuclear test site northwest of Los Angeles that has become the focus of celebrity activists.

Hornbeck Offshore Services, an operator of oil supply and support vessels with more than $1 billion in long-term debt, filed for bankruptcy to implement a prepackaged chapter 11 plan that will cut its debt.

Some employers, including utility National Grid, are sequestering workers on their premises to keep critical operations running and limit the risk of infection from the new coronavirus.

Some fund managers think it is safer, and will prove more lucrative, to invest in refined-oil products or in Brent, a blend of crudes produced in the North Sea. The hottest trade right now: gasoline.

Gavilan Resources, an oil and gas company formed by buyout firm Blackstone Group, has filed for bankruptcy protection, a victim of the collapse in energy prices and a long-running commercial dispute with a rival Texas shale driller.

Fieldwood Energy, an offshore oil driller that operates in the Gulf of Mexico, is preparing for its second stint in bankruptcy in two years after succumbing to plunging energy demand due to the coronavirus pandemic.

One of the largest oil and natural-gas drillers in Wyoming filed for bankruptcy after struggling with nearly $2 billion of debt left on its books after its previous restructuring amid a historic slump in energy prices.

As global airlines reel from the huge drop-off in business caused by the coronavirus, some face a second hit from this year’s historic plunge in oil prices.

Oil prices climbed, a sign that production cutbacks and easing pressure on storage facilities are lifting traders’ hopes for battered energy markets.