Chesapeake Energy Corp. was one of the biggest stars of the fracking boom, riding high for years on its ability to tap vast...
By: Hart Energy – The U.S. Energy Information Administration (EIA) slashed its 2023 estimate for the benchmark WTI average price by 10.6%...
By: Hobbs News-Sun – Keeping the No. 1 spot among the nation’s counties, Lea County hit the record books again, logging almost...
Story from Hart Energy, via Yahoo News. The roots of oil and gas’ looming talent challenge began with the end of the...
Bloomberg. Russian President Vladimir Putin’s plans to squeeze Europe by weaponizing energy look to be fizzling at least for now. Mild weather,...
MEXICO CITY (Reuters) – The leaders of the United States, Canada and Mexico are due to hold a summit next week, where...
RigZone.com. BP plans to invest $7 billion in its Gulf of Mexico business by 2025, according to a new report published by...
From Barron’s. Shell, Europe’s largest oil and gas company, said it will have to pay about $2 billion in additional taxes in the...
From Reuters: OPEC will likely take steps to boost oil prices, which started the year in free-fall, the chief executive of top shale producer Pioneer...
Story By Andrew Baker, NaturalGasIntel. An increasingly small percentage of oil and natural gas wells is supplying the majority of U.S. production,...
U.S. stocks extended a new year’s downturn Wednesday as investors continued to take profits following last year's rally and minutes from the Federal Reserve's policy meeting last month that suggested the central bank may not lower interest rates as much as the market expects. Technology remained under pressure, sending the Nasdaq Composite® (COMP) to its fourth-straight daily drop and a three-week low.
Minutes from the Federal Open Market Committee's (FOMC) December 12 – 13 meeting, released earlier Wednesday afternoon, echoed the Fed's inflation-fighting messaging oft heard over the past year. While the Fed's benchmark short-term rate is "likely at or near its peak" for the recent tightening cycle, the actual path of rates "will depend on how the economy evolves," according to the minutes.
Almost all FOMC members indicated that based on an improved inflation outlook "a lower target range for the federal funds rate would be appropriate by the end of 2024," the minutes said. However, FOMC members noted an "unusually elevated" degree of uncertainty and that it was possible "the economy could evolve in a manner that would make further increases in the target range appropriate."
Here's where the major benchmarks ended:
Former President Donald Trump to appeal Maine GOP primary ballot ban; secretary of state's decision accused Trump of violating the 14th Amendment for his role in the events of Jan. 6, 2021 (More)
Trump will also skip Wednesday's GOP primary debate, while only Gov. Ron DeSantis (FL) and former Gov. Nikki Haley (SC) will participate.
Israel kills top Hamas official in Beirut. Saleh al-Arouri, Hamas’s deputy political leader and a co-founder of its military wing, was killed in a suspected Israeli drone strike in Lebanon’s capital yesterday, Hamas confirmed. Israel has pledged to take out the Hamas leaders responsible for the Oct. 7 attack wherever they reside, and the assassination of al-Arouri (who was placed under a $5 million bounty from the US in 2015) was the first targeted strike against a Hamas official outside of Palestinian territories since the war broke out, per the Financial Times. Al-Arouri’s killing could intensify military activity along the Israel–Lebanon border, where the Israel Defense Forces and the militant group Hezbollah have been trading fire.
Two planes collided at Tokyo’s airport. A passenger plane hit a Japanese Coast Guard plane and burst into flames while landing at Tokyo’s Haneda Airport yesterday. All 367 passengers and 12 crew members were safely evacuated from the fiery Japan Airlines plane, but five crew members died on the Coast Guard aircraft, which was scheduled to deliver supplies to the area affected by a recent earthquake. Aviation accidents are rare, but the New York Times recently found that this type of collision, known as a runway incursion, is often only narrowly averted. The newspaper reviewed FAA data that showed such near misses increased by almost 25% in the last decade, although since 2018, the rate has been improving.
X’s value has plunged 71.5% since Elon Musk bought it, Fidelity says. It’s a good thing that Musk still owns several other successful companies, because Fidelity believes that the social media platform is worth a lot less than when the billionaire bought it for $44 billion in October 2022, Axios reports. That includes a decision by Fidelity, which owns a stake in X, to cut its estimate of X’s value by 10.7% in November after Musk publicly suggested that advertisers fleeing the platform over concerns about antisemitic postings “go f**k” themselves. The investment firm’s most recent valuation would put X’s value at ~$12.5 billion.
U.S. stocks started the year on a weak note as a sharp drop in Apple(AAPL) stock weighed on the technology sector and investors booked profits following an unexpectedly strong 2023. The S&P 500® index (SPX) closed at its lowest level in nearly two weeks.
Apple tumbled 3.6% to its lowest close since mid-November after Barclays downgraded the stock from "equal weight" to "underweight," citing "lackluster" iPhone 15 sales. Weakness in Apple and a slump in semiconductor shares helped send the Nasdaq Composite® (COMP) to a three-week low.
Nathan Peterson, director of derivatives analysis at the Schwab Center for Financial Research, said Tuesday's declines broadly reflected a combination of profit-taking and investor "rotation" into last year's underperforming sectors, specifically energy, health care, and utilities. Considering the S&P 500's 24% gain in 2023, a soft start to the new year wasn't necessarily a surprise.
Here's where the major benchmarks ended:
Presidio Petroleum is preparing to enter the public markets through a strategic merger with...
By Adam Smeltz | UNIVERSITY PARK, Pa. – Oil produced from shale reservoirs drove...
Trying to catch up in oil and gas production is difficult enough. It becomes...
Hart Energy, via Yahoo News | Occidental Petroleum [OXY • NYSE] is selling off...
Author Mark Davidson, Washington|Editor–Everett Wheeler|Energy Intelligence Group| The number of active US gas rigs...
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The race to lower costs and accelerate production timelines in the Permian Basin has...
Mexico’s energy story has turned again. After years of political resistance to hydraulic fracturing,...
by Bloomberg, via RigZone.com|Weilun Soon, Rakesh Sharma, Reporting| At least four tankers discharged millions...
By Andreas Exarheas | RigZone.com |The U.S. Energy Information Administration (EIA) cut its West...
˃ Financing from the six largest Wall Street banks for oil, gas, and coal...
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