Schlumberger's profits buoyed by rising oil, gas activity
Oilfield services giant Schlumberger earned $907 million in the third quarter, its highest profit in...
Oilfield services giant Schlumberger earned $907 million in the third quarter, its highest profit in seven years and a 65% increase compared to a year ago, while revenues climbed 29% to $7.5 billion compared with the third quarter of 2021, as growing international oil and natural gas activity fueled drilling equipment demand. The company today unveiled a new name -- SLB -- and new visual identity to reflect its low-carbon focus.
US petroleum demand eased in Sept. as exports surged
US petroleum demand declined by 1.2% month over month to 20 million barrels per day in September, while...
US petroleum demand declined by 1.2% month over month to 20 million barrels per day in September, while domestic crude oil production fell slightly to 11.9 million bpd during the month, according to the American Petroleum Institute's latest monthly statistical report. The US was a net petroleum exporter in September as volumes shipped overseas climbed to 10.4 million barrels per day, the highest on records going back to 1947, the report reveals.
S&P and Dow adding to gains from winningest stock-market week since June
U.S. stocks opened higher on Monday after a volatile night of trading for futures as investors continued...
U.S. stocks opened higher on Monday after a volatile night of trading for futures as investors continued to react to shifting expectations about the future pace of Federal Reserve rate hikes. The S&P 500 SPX, 0.67% rose 12 points, or 0.3%, to 3,763. The Dow Jones Industrial Average DJIA, 1.08% gained 184 points, or 0.6%, to 31,277. The Nasdaq Composite COMP, -0.03% fell 44 points, or 0.4%, to 10,812.
The race to replace UK Prime Minister Liz Truss gets underway today,...
The race to replace UK Prime Minister Liz Truss gets underway today, a process that will conclude this week and possibly as early as this afternoon. The Conservative Party vote follows Truss' resignation Friday, capping a stint that was the shortest premiership in British history.
Chinese President Xi Jinping secured a third term as the Communist Party's general secretary, the party's top job, as the weeklong 20th Party Congress came to a close. Xi is expected to receive a third term as president in March as well (see power breakdown).
The widely expected extension of Xi's tenure breaks from a trend in recent decades where party leaders have stepped down from the role after two terms (see party background). In 2018, the country's legislature—made up mostly of Communist Party members—removed presidential term limits shortly after adding Xi's political doctrines to its constitution. With at least five more years of leadership, Xi will become the longest-serving leader in modern Chinese history since Mao Zedong.
The formal proceedings were interrupted by the unexplained removal of Xi's predecessor Hu Jintao, provoking international speculation. See the video here.
