Crescent Energy Sells $83MM in Permian Assets to Reduce Debt
Crescent Energy Co. has closed on its divestment of non-operated Permian...
Crescent Energy Co. has closed on its divestment of non-operated Permian Basin assets for $83 million as part of the company’s plans to sell $250 million of non-core divestures, Crescent CEO David Rockecharlie said April 22.
The assets, going to an undisclosed private buyer, are in Reeves County, Texas, with 3,000 boe/d (~35% oil) in expected production in 2025.
The oil and gas industry was rattled by President Donald Trump’s early April tariff announcements, prompting a sharp pause in market activity as commodity prices dropped, equity markets faltered, and investor confidence waned. WTI crude prices plummeted 15% in just a few days, and major publicly traded companies, such as Diamondback Energy and Occidental Petroleum, saw their shares decline by approximately 20%. With uncertainty clouding economic and policy outlooks, operators began forecasting a contraction in U.S. production, particularly if oil prices remain below $60/bbl. The LNG sector also felt the pinch, with liquefaction costs rising due to tariff-driven spikes in materials such as steel and aluminum, which increased construction costs and forced developers to reconsider EPC contracts. Industry experts warned that the tariffs could dampen demand, reduce investment, and delay reinvestment cycles, which are crucial for maintaining the global oil supply.
Dow ends up 1,000 points as stocks bounce on hopes of easing U.S.-China tensions
U.S. stocks finished sharply higher on Tuesday on rising...
U.S. stocks finished sharply higher on Tuesday on rising optimism that trade tensions between the U.S. and China could soon ease.
The Dow Jones Industrial Average rose 1,016.57 points, or nearly 2.7%, to end at 39,186.98, snapping a four-day losing streak, according to Dow Jones Market Data.
The S&P 500 surged 129.56 points, or 2.5%, to finish at 5,287.76.
The Nasdaq Composite soared 429.52 points, or 2.7%, ending at 16,300.42.
The three major stock indexes on Tuesday finished higher to score their best day since April 9, after Bloomberg reported that Treasury Secretary Scott Bessent said the trade war with China was unsustainable, and he expects the situation to de-escalate in the very near future.
Utah's Bureau of Land Management recently conducted a lease sale for...
Utah's Bureau of Land Management recently conducted a lease sale for geothermal development, raising over $5.6 million for 14 parcels. The FORGE project in Utah, led by the University of Utah, has successfully demonstrated advanced drilling techniques and enhanced geothermal systems by injecting water into deep wells to produce steam.
China vows retaliation if countries make US trade deals that harm it
Amid the escalating trade war, China ...
Amid the escalating trade war, China warned other countries not to enter agreements with the US “at the expense of China’s interests.” The country’s commerce ministry said that if they do, China “will resolutely reciprocally take countermeasures.” The statement comes as many countries are scrambling to make concessions to avoid President Trump’s tariffs. While no deals have been struck yet, Treasury Secretary Scott Bessent has suggested that other countries should negotiate with the US and then collectively approach China.
