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Anonymous ID: 2b9d84 April 26, 2020, 7:37 p.m. No.8933079   🗄️.is 🔗kun   >>3096

Diamond Offshore files for Chapter 11 bankruptcy amid historic oil price crash

 

Diamond Offshore Drilling Inc., the rig contractor controlled by Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration at sea. The company listed $5.8 billion of assets and $2.6 billion of debt in a Chapter 11 petition filed in Houston, citing year-end 2019 data. It has about $434.9 million of cash on hand, according to the document.

 

Diamond owns rigs that can drill in water more than two miles deep. But offshore oil is among the most expensive to produce, putting the company at a disadvantage when prices plunged to less than $30 a barrel.

 

While newer deepwater projects are less expensive, they still take longer to develop than shale wells and they still can’t compete on costs. What’s more, a global glut of offshore vessels has squeezed profit margins. Conditions worsened “precipitously in recent months,” the company said, citing a price war between OPEC and Russia and the Covid-19 pandemic. With cash running short, the Houston-based company led by Chief Executive Officer Marc Edwards skipped a semiannual interest payment due April 15 on some of its senior notes.

 

Diamond Offshore adds to the more than 200 oilpatch bankruptcies dating from 2015, according to a tally by the Haynes & Boone law firm. About 2,500 jobs could be at stake at Diamond.

 

The case is Diamond Offshore Drilling Inc., 20-32307, U.S. Bankruptcy Court for the Southern District of Texas (Houston).

https://www.energyvoice.com/coronavirus/237493/diamond-offshore-files-for-chapter-11-bankruptcy-amid-historic-oil-price-crash/

Anonymous ID: 2b9d84 April 26, 2020, 8:37 p.m. No.8933530   🗄️.is 🔗kun   >>3640

Economic Schedule for Week of April 26, 2020

 

Futures look-Cap#2 up modestly.

 

This coming week is the busiest of this quarter's corporate earnings season, with Alphabet, Amazon, Apple, Intel and Tesla set to release their reports, along with Dow components such as Boeing and Exxon Mobile.

 

The key report scheduled for this week is Q1 GDP.

 

Other key reports include Case-Shiller house prices, ISM Manufacturing survey, Vehicle Sales and Personal Income and Outlays for March.

 

For manufacturing, the April Dallas and Richmond manufacturing surveys will be released.

 

The FOMC meets this week, and no change to policy is expected at this meeting.

 

—– Monday, Apr 27th —–

10:30 AM: Dallas Fed Survey of Manufacturing Activity for April.

 

—– Tuesday, Apr 28th —–

9:00 AM: S&P/Case-Shiller House Price Index for February.

The consensus is for a 3.1% year-over-year increase in the Comp 20 index for February.

10:00 AM: Richmond Fed Survey of Manufacturing Activity for April. This is the last of regional manufacturing surveys for April.

10:00 AM: the Q1 2020 Housing Vacancies and Home ownership from the Census Bureau.

 

—– Wednesday, Apr 29th —–

7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

8:30 AM: Gross Domestic Product, 1st quarter 2020 (Advance estimate). The consensus is that real GDP decreased 4.0% annualized in Q1, down from 2.1% in Q4.

10:00 AM: Pending Home Sales Index for March. The consensus is for a 10.0% decrease in the index.

2:00 PM: FOMC Meeting Announcement. No change to policy is expected at this meeting.

2:30 PM: Fed Chair Jerome Powell holds a press briefing following the FOMC announcement.

 

—– Thursday, Apr 30th —–

8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for a 3.500 million initial claims, down from 4.427 million the previous week.

8:30 AM ET: Personal Income and Outlays, March 2020. The consensus is for a 1.4% decrease in personal income, and for a 5.0% decrease in personal spending. And for the Core PCE price index to decrease 0.1%.

9:45 AM: Chicago Purchasing Managers Index for April.

 

—– Friday, May 1st —–

10:00 AM: ISM Manufacturing Index for April. The consensus is for the ISM to be at 36.7, down from 49.1 in March.

The PMI was at 49.1% in March, down from 50.1% in February. The employment index was at 43.8% and the new orders index was at 42.2%.

10:00 AM: Construction Spending for March. The consensus is for a 3.9% decrease in construction spending.

All day: Light vehicle sales for April. The consensus is for light vehicle sales to be 6.5 million SAAR in April, down from 11.4 million in March (Seasonally Adjusted Annual Rate).

https://www.calculatedriskblog.com/2020/04/schedule-for-week-of-april-26-2020.html

https://www.bloomberg.com/markets/stocks/futures