Oil service firms expected to produce strong earnings reports
As the number of international rigs and hydraulic fracturing spreads continues to rebound, third-quarter...
As the number of international rigs and hydraulic fracturing spreads continues to rebound, third-quarter results from service firms Schlumberger, Halliburton and Baker Hughes are expected to come in high. Oil prices are near an eight-year high, spurring demand for production equipment.
Analysts will seek evidence that oilfield companies are restaffing "especially the frac side," said Matt Hagerty, senior energy strategist at FactSet's BTU Analytics. Firms have been slow to add new equipment after years of oversupply and investor demands for higher returns.
The Philadelphia Oil Service Index (.OSX) this summer hit its highest level since March 2020, trading around $90, but has dropped to about $68.50 on fears of a recession. In 2014, the index was $311.
Feedgas deliveries to US liquefied natural gas facilities climbed to an average of about 11.21 Bcf/d...
Feedgas deliveries to US liquefied natural gas facilities climbed to an average of about 11.21 Bcf/d in the past week, with Cheniere Energy's Sabine Pass in Louisiana taking a record 5.18 Bcf/d on Tuesday, per S&P Global Commodity Insights data. Meanwhile, the Freeport LNG plant in Texas was moving closer to restart after a months-long outage, while Cove Point Liquefaction in Maryland is expected to complete its scheduled maintenance around Nov. 1.
U.S. stocks snap two-day winning streak with positive earnings news offset by rising bond yields
U.S. stocks ended a choppy session lower on Wednesday as another...
U.S. stocks ended a choppy session lower on Wednesday as another batch of mostly positive corporate earnings was offset by an ongoing rise in Treasury yields.
The Dow Jones Industrial Average DJIA, -0.33% was down 99.99 points, or 0.3%, to finish at 30,423.81.
The S&P 500 SPX, -0.67% was off 24.82 points, or 0.7%, ending at 3,695.16.
The Nasdaq Composite COMP, -8.76% finished 91.89 points lower, or 0.9%, at 10,680.51.
On Tuesday, the Dow rose 551 points, or 1.9%, while the S&P 500 rose 2.7% and the Nasdaq Composite gained 3.4%. The S&P 500 was up 4% from its 2022 closing low through Tuesday but remained down 22% for the year to date.
Benchmark U.S. crude oil for November delivery rose $2.73 to $85.55 a barrel Wednesday. Brent crude for December delivery rose $2.38 to $92.41 a barrel.
Wholesale gasoline for November delivery rose 10 cents to $2.65 a gallon. November heating oil fell 9 cents to $3.90 a gallon. November natural gas fell 29 cents to $5.46 per 1,000 cubic feet.
Continental Resources Agrees to Harold Hamm’s Boosted Take-private Offer
Continental Resources Inc. agreed to be acquired by its founder,...
Continental Resources Inc. agreed to be acquired by its founder, Harold G. Hamm, in a $4.3 billion cash acquisition that would take the U.S. shale giant private.
The Oklahoma City-based company said on Oct. 17 it entered a merger agreement to be acquired by Omega Acquisition Inc., an entity owned by Hamm, for $74.28 per share. The offer price represents a 15% premium to the closing price on June 13—the day before Hamm’s family disclosed their initial $70 per share proposal.
