Dow rises 200 points after May inflation data underscores expectations for Fed pause
U.S. stocks rose Tuesday after inflation data reinforced expectations the Federal Reserve will refrain...
U.S. stocks rose Tuesday after inflation data reinforced expectations the Federal Reserve will refrain from raising interest rates on Wednesday, while China’s central bank eased its monetary policy.
The Dow Jones Industrial AverageDJIA, +0.43% rose 192 points, or 0.6%, to 34,258.
The S&P 500 SPX, +0.69% was up 31 points, or 0.7%, at 4,370.
The Nasdaq CompositeCOMP, +0.83% advanced 101 points, or 0.8%, to 13,567.
July to bring new highs for US shale oil, gas production
Gains in the Permian Basin and the Bakken Shale are expected to push US oil production from shale formations...
Gains in the Permian Basin and the Bakken Shale are expected to push US oil production from shale formations to an all-time high of 9.38 million barrels per day in July, marking a month-over-month increase of just about 0.1%, the Energy Information Administration has forecast. Additionally, US natural gas production from shale basins is seen rising by around 0.1 Bcf/d to a record 97.3 Bcf/d in July.
NexTier, Patterson-UTI exploring merger, sources say
Oilfield service companies NexTier Oilfield Solutions and Patterson-UTI Energy are reportedly engaged...
Oilfield service companies NexTier Oilfield Solutions and Patterson-UTI Energy are reportedly engaged in discussions regarding a potential merger. Although the outcome of the talks remains uncertain, a merger would fit with the oilfield services sector's ongoing consolidation trend and enable Patterson-UTI to expand its fracking business.
Shale producers innovate to overcome drilling challenges
Leading US shale producers are pursuing technological solutions such as refracking and enhanced oil recovery...
Leading US shale producers are pursuing technological solutions such as refracking and enhanced oil recovery to boost resource extraction and counter declines in drilling inventories and well productivity. Devon Energy, for example, is using an Energy Department grant to run a pilot project focused on developing new ways to improve recovery rates and efficiency in its operations, particularly in the Eagle Ford Shale.
Ovintiv completes $4.2 billion acquisition of holdings in Permian Basin
Ovintiv Inc. announced this week the completion of its $4.2 billion acquisition of core ...
Ovintiv Inc. announced this week the completion of its $4.2 billion acquisition of core Midland Basinassets in West Texas.
The Permian deal involved its purchase of assets of Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources. The acquisition was formally closed on June 12 and added more than 1,000 well locations and nearly 65,000 net acres of largely undeveloped land adjacent to Ovintiv’s existing Permian operations.
Ovintiv also closed on the previously announced all-cash sale of its Bakkenassets located in the Williston Basin of North Dakota to Grayson Mill Bakken, LLC, a portfolio company of funds managed by EnCap for $825 million. The sale means Ovintiv no longer has any Bakken holdings.
