Oil

Oil prices have doubled as production cuts kick in and demand is slowly coming back.

Marathon Petroleum Corp. reported a more than $9 billion loss in the first quarter as the company logged over $12 billion in noncash impairments.

Oil prices rallied Monday as production cuts took hold and states pressed ahead with reopening their economies.

With businesses locked down and billions of people staying at home, demand for oil to fuel cars, planes and industry has dropped around 30 percent worldwide.

The bank hiked its estimate for U.S. West Texas Intermediate crude to $51.38

The month of May begins what can be a ho-hum period for stocks.

The oil giant entered the downturn with a strong balance sheet, CEO Michael Wirth told Maria Bartiromo.

Exxon is slashing capital expenditures by 30 percent and cutting operating expenses by 15 percent in order to protect its 87-cent per share dividend. 

Chevron is cutting capital expenditures and lowering operating costs in order to keep its dividend.

Output cuts, if all sides live up to the agreement, will end the price war between Russia and Saudi Arabia and eliminate 20 million crude barrels a day from a market that has been overwhelmed with supply.

The world's largest independent oil and gas producer plans to curtail output by a further 40,000 barrels per day in May and bring its total cuts to 460,000 barrels per day by June.

Shell said it would reduce its quarterly dividend by two-thirds to 16 cents per share

Chesapeake Energy Corp is preparing for the possibility of bankruptcy after the Saudi-Russian energy price war earlier this year upended its plans and the wider crude market. It was dealt another blow by the coronavirus outbreak, which caused energy demand to dwindle.