U.S Drillers Cut Oil and Gas Rigs for Fourth Week in a Row
According to Baker Hughes ' report on Friday, U.S. energy firms cut...
According to Baker Hughes ' report on Friday, U.S. energy firms cut the number of operating oil and natural gas rigs for the fourth consecutive week, marking the first time this has happened since late June. The total rig count fell by one to 582 in the week ending September 6, the lowest since June. Oil rigs remained steady at 483, while gas rigs decreased by one to 94, the lowest since April 2021.
Oklahoma’s count went from 39 a week ago to 38 in the past week. A year ago, the state’s number of oil and gas rigs actively drilling for new energy sources totaled 39.
One rig was cut in the Denver-Julesburg (DJ) Niobrara Basin, which spans Colorado, Wyoming, Nebraska, and Kansas. This reduced the total to eight, the lowest since June 2021. Meanwhile, two rigs were cut in Pennsylvania, bringing the total down to 16, also the lowest since June 2021.
The total number of oil and gas rigsdropped by about 20% in 2023, following increases of 33% in 2022 and 67% in 2021. This decline is due to lower oil and gas prices, higher inflation costs, and a focus on debt reduction and shareholder returns rather than increased output.
U.S. stocks end down as S&P 500 books worst week since March 2023
Major U.S. stock indexes closed lower Friday after the...
Major U.S. stock indexes closed lower Friday after the August jobs report rattled markets, with the S&P 500 booking its biggest weekly drop in about a year and a half.
The Dow Jones Industrial Average fell 410.34 points, or 1%, to close at 40,345.41.
The S&P 500dropped 94.99 points, or 1.7%, to finish at 5,408.42.
The Nasdaq Composite slumped 436.83 points, or 2.6%, to end at 16,690.83.
Unemployment Rate Falls to 4.2% as U.S. Economy Adds 142,000 Jobs
Employers added an estimated 142,000 jobs last month, marking stronger...
Employers added an estimated 142,000 jobs last month, marking stronger growth than July's worrisome low number that was revised down by 25,000 to 89,000, according to data released Friday by the Bureau of Labor Statistics. The unemployment rate dropped to 4.2% from 4.3%.
Mach Units Fall 12% After Announcing Offering to Finance M&A Deals
MLP Mach Natural Resources (MNR)...
MLP Mach Natural Resources (MNR) units fell after the company announced plans to sell more shares to finance $136 million in Midcontinent M&A.
Oklahoma City-based E&P Mach unveiled plans this week to sell 7.85 million common units to finance two pending acquisitions in Oklahoma and Kansas.
Investors reacted by sending Mach's unit price down by 12.5% since the offering was first announced on Sept. 4. MNR units fell more than 4% to close at $16.71 on Sept. 5.
Addressing corporate leaders in New York yesterday, Trump said he will:...
Addressing corporate leaders in New York yesterday, Trump said he will:
Cut the corporate tax rate to 15% from 21% for companies that keep their production in America. The current rate expires after next year and has been in place since Trump slashed it from 35% as part of his 2017 tax plan.
Impose tariffs on all $3 trillion worth of goods imported to the US each year—60% on products from China and 10% for every other country—which Trump suggested could create a sovereign wealth fund.
Declare a national emergency on energy to fast-track more oil and gas projects and lower fuel costs.
France named a new prime minister, a former Brexit negotiator, ending two months of a political stalemate that left the country without a government.
Allan Lichtman, the controversial historian who has accurately predicted nine out of the last 10 presidential elections, picked Kamala Harris to win in November.
Ford sales increased 13.4% last month, bolstered by strong demand for SUVs and pickup trucks.
Alex Morgan, the GOAT of women’s soccer, announced she’ll retire at the end of the NWSL season.
Trump Media has lost 75% of its market value since the company went public in March, costing Trump himself billions in net worth.
Hunter Biden pleaded guilty to nine federal tax charges, avoiding a trial. His sentencing is scheduled for December.
