United Airlines Holdings Inc.
Stormy skies lie ahead for airlines. United Airlines on Tuesday said it would trim more flying this quarter in response to stalling demand while cost-cutting efforts will reduce how much cash it burns moving into the fall as Covid-19 cases surge in many parts of the country. In the spring, United cut more flights than rivals such as Delta Air Lines Inc. and American Airlines Group Inc. as the pandemic sapped travel demand. United shares fell 4.2% Wednesday.
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Chevron has agreed to a $5 billion takeover of Noble Energy Inc. The deal, announced Monday, is a sign of life in energy-sector deal-making since oil prices plummeted in March due to widespread shutdowns and travel bans. Chevron Chief Executive Mike Wirth said that Noble’s assets have low operating costs and require little near-term investment, preserving Chevron’s ability to navigate economic uncertainty. Noble is Chevron’s first big strategic move after walking away from a high-profile bidding war for Anadarko Petroleum Corp. last year, after being outbid by Occidental Petroleum Corp. Chevron shares fell 2.2% Monday.
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