Bloomberg Sasol Ltd reported an annual loss after $6.5 billion in asset writedowns and the scheduling of a rights issue as its struggles continued amid the coronavirus pandemic. The shares slumped as much as 9.6%. Lower demand and prices for its products due to the virus, compounded by problems at its US Lake Charles chemical project, is making a bad ...

Bloomberg Chaparral Energy’s filed for bankruptcy protection for the second time in four years, paving the way for bondholders to take control of the Oklahoma driller in the aftermath of sluggish oil prices. The company filed for Chapter 11 in US Bankruptcy Court in Delaware as it seeks to restructure its balance sheet and raise new money. Almost 80% of ...

Bloomberg Whiting Petroleum’s Chief Executive Officer Brad Holly will leave the company just five months after receiving a $6.4 million payout to see the company through bankruptcy proceedings. The Bakken oil producer expects to emerge from bankruptcy protection on September 1, when Holly will resign and be replaced by Lynn Peterson, who previously led SRC Energy. Holly and fellow executives ...