Coronavirus stimulus loans go to oil and gas companies that have previously bought back shares: report

At least two oil and gas companies that boosted their stock values by buying back shares last year have received aid through the coronavirus relief Paycheck Protection Program (PPP), The Washington Post reported on Tuesday. Independence Contract Drilling, a drilling rig operator, reportedly received $10 million in PPP loans, and Amplify Energy Corp., an oil and gas producer, received $5.5 million. The Post reported that last year, Independence…