US drillers cut oil and gas rigs for second time in three weeks
U.S. energy firms cut oil and natural gas rigs for the second time in...
U.S. energy firms cut oil and natural gas rigs for the second time in three weeks, according to Baker Hughes' report on Friday. The total rig count fell by two to 586 in the week ending August 16, leaving it 56 rigs, or 8.7%, below the count from the same time last year.
Specifically, the number of oil rigs decreased by two to 483, while gas rigs increased by one to 98. The overall rig count dropped by about 20% in 2023, following a 33% increase in 2022 and a 67% rise in 2021. This decline was driven by lower oil and gas prices, higher costs due to inflation, and a focus on debt reduction and shareholder returns over production increases.
As of 2024, U.S. oil futures have risen by about 7.1% after an 11% decline in 2023, while U.S. gas futures have fallen by around 14% following a 44% drop in 2023.
U.S. shale firms continue to grow production using fewer rigs by focusing on improved drilling and fracking efficiency. Producers are extending wells to as much as three miles, squeezing more wells onto a single drilling pad and fracking several wells at once.
U.S. crude oil futures fell more than 1% on Friday amid reports that...
U.S. crude oil futures fell more than 1% on Friday amid reports that Qatar told Iran not to attack Israel while Gaza cease-fire talks are ongoing.
Qatar’s prime minister told Iran’s leaders in a phone call after the first day of Gaza cease-fire talks in Doha Thursday that they should de-escalate, warning of the consequences of attacking Israel when progress is being made in the negotiations, two diplomats told The Washington Post.
Here are Friday’s closing energy prices:
West Texas Intermediate September contract: $76.65 per barrel, down $1.51, or 1.93%. Year to date, U.S. crude oil has gained 6.98%.
Brent September contract: $79.68 per barrel, down $1.36, or 1.68%. Year to date, the global benchmark is ahead 3.43%.
RBOB Gasoline September contract: $2.31 per gallon, down more than 4 cents, or 2.03%. Year to date, gasoline is up 9.87%.
Natural Gas September contract: $2.12 per thousand cubic feet, down 7 cents, or 3.37%. Year to date, gas is down 15.5%.
Dow ends higher Friday as U.S. stocks log best week since November
U.S. stocks closed higher Friday to book their best weekly...
U.S. stocks closed higher Friday to book their best weekly advance since November.
Strong retail sales data Thursday helped offset concerns about pockets of potential weakness in the U.S. economy. The rally had stocks back on the doorstep of record territory and investors eager to hear more from Federal Reserve Chair Jerome Powell at next week's economic summit in Jackson Hole, Wyo.
The Dow Jones Industrial Average added 96.70 points, or 0.2%, ending at 40,659.76, while the S&P 500 gained 11.03 points, or 0.2%, closing at 5,554.25. The Nasdaq Composite gained 37.22 points, or 0.2%, finishing at 17,631.75
Here's the weekly recap:
According to Dow Jones Market Data, the Dow gained 2.9%, the S&P 500 rose 3.9%, and the Nasdaq climbed 5.3%. Each logged its biggest weekly advance since November.
The Dow and S&P 500 finished less than 2% from their previous record closes.
CrownRock Offloads Oxy Shares Two Weeks After Closing $12B Deal
Fresh off a $12 billion cash-and-stock deal...
Fresh off a $12 billion cash-and-stock deal with Occidental Petroleum, CrownRock LP owners are taking their shares to the market quickly.
Occidental reported that about 29.56 million shares of its common stock were offered for sale and that the offering closed on Aug. 14. The shares being sold are held directly by CrownRock Holdings LP and Midland, Texas-based general partner CrownRock Holdings GP LLC.
Jonathan Farber, J. McLane, Timothy M. Dunn and Robert W. Floyd are the directors of CrownRock Holdings GP.
Fury Resources Lowers Offer for Permian E&P Battalion by 29%
Permian producer Battalion Oil is reviewing...
Permian producer Battalion Oil is reviewing an amendment to Fury Resources' planned acquisition that would lower the deal’s purchase price by nearly 29% per share.
Battalion said Fury’s amendment to the original merger agreement, announced in December, would reduce the amount of merger consideration payable to Battalion’s stockholders from $9.80 per share to $7 per share, the company reported in second-quarter earnings on Aug. 14.
“The modified offer is contingent on the existing holders of the company's Series A through Series A-4 preferred equity rolling 100% of their preferred equity into new preferred equity in the surviving company following the merger in order to help support the transaction,” Battalion wrote in a filing.
