Shares of Hess Corp. (HES) slumped 5.7% and Occidental Petroleum Corp. (OXY) dropped 3.6% in premarket trading Monday, as crude oil prices took another dive and oil driller Diamond Offshore Drilling Inc. (DO)declared bankruptcy ( ). Continuous crude oil futures tumbled 22.6% in early trading amid continued demand and supply concerns, putting them on course to snap a three-day win streak ( ) in which they soared 31%. Meanwhile, Diamond had disclosed that Hess was its biggest customer in 2019, accounting for 28.9% of its annual revenue, while Occidental was its second-biggest customer at 20.6%. Among it's other biggest customers, the U.S.-listed shares of Petroleo Brasileiro S.A. (PETR4.BR) rose 3.4% and BP PLC (BP.LN) gained 0.4%. Diamond Offshore said it had sufficient capital to fund operations during its bankruptcy reorganization. Diamond's stock plummeted 61% before being halted for news. Futures for the S&P 500 rose 1.2%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 27, 2020 08:42 ET (12:42 GMT)
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