Occidental Petroleum posted its fourth straight quarterly loss on Aug. 10 as it recorded a $6.6 billion impairment charge, largely to write down the value of its properties following a crash in oil prices.
“M&A has started to pick up. You saw a deal announced with Chevron buying Noble. We would expect to see more of those,” James West, senior managing director of Evercore ISI, says.
U.S. shale producer Continental Resources Inc. on Aug. 3 posted a bigger-than-expected second-quarter loss as the coronavirus crisis and related lockdowns pummeled demand.