U.S. oil drillers, reeling from an 18-month price rout, have cautiously begun hedging future production this week, fearing this may be their best chance yet to lock in a $45 a barrel lifeline for 2017 and beyond.
As oil markets rebounded from 12-year lows this week, U.S. shale companies — for the first time in months — started inquiring and placing new hedges for the next few years, Reuters reported according to three market sources familiar with money flows.
ATI Begins GOES Layoffs
Allegheny Technologies, Inc., will begin laying off 241 workers at its Gilpin and Harrison operations in Pennsylvania April 3 as the Pittsburgh-based specialty steel producer exits the business of making grain-oriented electrical steel.
The company detailed the layoffs in a notice to state officials required under the federal Worker Adjustment and Retraining Notification (WARN) Act.