Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a barrel. Sitting six feet apart because of the coronavirus, they knew the pandemic was not only a personal matter. It was also a business concern. “As we were sitting around the board room watching what was happening with prices, it was like watching a train wreck,” said Kent, vice president of engineering and operations at Resource Energy, backed by private equity giant Apollo Global Management. With businesses locked down and billions of people staying at home, demand for oil to fuel cars, planes and industry has dropped around 30% worldwide. The resulting supply glut has pushed U.S. crude prices well below production costs, forcing companies to start winding down operations. Producers are shutting down the […]