Excelerate Energy Soars in First Big US Market Debut Since Ukraine Invasion
(Reuters) Excelerate Energy Inc (EE) jumped 17.5% in its market debut on Wednesday, riding on investor demand for companies with exposure to liquefied natural gas (LNG) amid the Russia-Ukraine conflict and ending a lull in U.S. capital markets since the invasion. By the close of the market Thursday, it was up $1.15 closing at $28.00 per share.
The company is a provider of floating LNG terminals and owned by Oklahoma-based energy tycoon George Kaiser. Excelerate is also the first LNG-related IPO in the United States since 2019, indicating a reversal in fortunes for fossil fuel companies as crude oil and natural gas prices bounced back from pandemic lows.
WASHINGTON â The Biden administration announced on Friday that it...
WASHINGTON â The Biden administration announced on Friday that it would resume selling leases for new oil and gas drilling on public lands, but would also raise the federal royalties that companies must pay to drill, which would be the first increase in those fees in more than a century.
The Interior Department said in a statement that it planned to open up 145,000 acres of public lands in nine states to oil and gas leasing next week, the first new fossil fuel permits to be offered on public lands since President Biden took office.
MarketWatch: What Good Friday and the Easter holiday mean for markets in the U.S. and abroad
Itâs a shorter week for markets heading into Easter weekend, with U.S. stock exchanges...
Itâs a shorter week for markets heading into Easter weekend, with U.S. stock exchanges closed. The beginning of Passover, a roughly weeklong holiday, also coincides this year with Good Friday. In Europe, stock exchanges will be closed on Good Friday, April 15, through Easter Monday, April 18, and reopening on Tuesday.
This Easter holiday comes during a difficult stretch for both Wall Street and Main Street, with the S&P 500 index SPX, Dow Jones Industrial Average DJIA and Nasdaq Composite Index COMP each down in a range of around 6% to 13% so far in 2022, according to FactSet.
After the Easter pause, investors will turn their focus back to quarterly earnings to gauge the effects of high inflation on companies and their customers. They also will be gearing up for the Fedâs two-day meeting from May 3 to 4, when the fed funds rate may be raised by a half-point, instead of the more typical quarter-point move. The start of significant Fed balance sheet reduction also could kick-off when the meeting concludes.
New regulations adopted this week by the New Mexico Environmental Improvement Board require oil and natural...
New regulations adopted this week by the New Mexico Environmental Improvement Board require oil and natural gas operators to calculate and certify their emissions, upgrade control devices and other equipment, and conduct more frequent inspections to detect and fix leaks. The tougher requirements are designed to curb ozone pollution in the oil and gas industry.
The oil and gas rig count, an early indicator of future output, rose four to 693 in the week to April 14, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Thursday.
U.S. oil rigsrose two to 548 this week, their highest since April 2020, while gas rigsrose two to 143, their highest since October 2019.
Even though the rig count has climbed for a record 20 months in a row through March, weekly increases have mostly been in single digits and oil production is still far below pre-pandemic record levels as many companies focus more on returning money to investors and paying down debt rather than boosting output.
Analysts said the industry must drill new wells going forward because the number of DUCs available was dropping fast.
