The oil company says it plans to fire 15% to 20% of its global workforce, or about 9,000 people, by the end of next year as it looks to cut $2 billion to $3 billion in costs. It’s not the only large energy company slashing its headcount as oil prices dip: Britain’s BP recently announced plans to cut 5%. Meanwhile, the status of Chevron’s deal to buy Hess for $53 billion, which would give it access to Guyana’s oil field, is uncertain amid a legal challenge from competitor ExxonMobil.
Teacher Marc Fogel back in US after prisoner swap with Russia. The...
Teacher Marc Fogel back in US after prisoner swap with Russia. The call between Trump and Putin came after Fogel, an American arrested for flying into Moscow with medically prescribed marijuana in 2021, returned to US soil as part of a prisoner exchange. To secure Fogel’s freedom, the Trump administration agreed to release Alexander Vinnik, a Russian citizen and the co-founder of Bitcoin exchange BTC-e, which US authorities say was used by criminals for ransomware schemes, identity theft, and drug trafficking. Vinnik, who pleaded guilty to conspiracy to commit money laundering, will leave $100 million worth of digital assets in the US as part of the deal, per NBC.
A federal judge cleared the way for the Trump administration to resume its “buyout” plan to get federal employees to resign as part of cost-cutting efforts led by Elon Musk.
Tulsi Gabbard was confirmed by the Senate and sworn in as director of national intelligence. Former Senate Majority Leader Mitch McConnell was the only Republican to join Democrats in voting against her confirmation.
Inspectors general fired by President Trump sued to get their jobs back, saying the terminations were illegal.
Diddy slapped NBC with a $100 million lawsuit over the Peacock documentary Diddy: The Making of a Bad Boy.
Scientists using a deep-sea telescope discovered a neutrino with about 30x more energy than the previous most energetic ghost particle found, in a rare case of life imitating Young Sheldon. They believe its origins are outside the Milky Way Galaxy.
Oil prices end lower as U.S. crude supplies climb for a third week in a row
Oil futures posted their first loss in four sessions...
Oil futures posted their first loss in four sessions on Wednesday after official U.S. data revealed a third straight weekly climb in U.S. crude supplies.
Worries about the U.S. economy, driven by a sharp rise in consumer prices in January, as well as news that helped ease concerns surrounding Russian crude supplies, also contributed to oil’s price decline.
West Texas Intermediate crude for March delivery fell $1.95, or 2.7%, to settle at $71.37 a barrel on the New York Mercantile Exchange.
April Brent crude the global benchmark, dropped $1.82, or 2.4%, to $75.18 a barrel on ICE Futures Europe.
March gasoline shed 2.7% to $2.09 a gallon, while March heating oil lost 2.5% to $2.45 a gallon.
Natural gas for March delivery settled at $3.57 per million British thermal units, up 1.3%.
Stocks close lower after hot inflation sends 10-year yield to almost 3-week high
All three major U.S. stock indexes finished lower on...
All three major U.S. stock indexes finished lower on Wednesday after January's hot consumer-price index triggered an aggressive selloff of Treasurys and undermined the Federal Reserve's ability to keep cutting interest rates.
The Dow Jones and S&P 500 posted their first declines in three sessions, while the Nasdaq Composite gave up earlier gains, as the 10-year yield climbed to an almost three-week high of 4.64%. Helping to lift equities from their lowest levels of the day was President Donald Trump's claim that negotiations will start to end the war between Russia and Ukraine.
ChampionX exec: US metals tariffs to hurt oilfield firms
New US tariffs on steel...
New US tariffs on steel and aluminum imports could add cost pressures on oilfield service firms, as many components used in oilfield equipment come from China, ChampionX Regional Business Development Director Steve Davoren. The company hopes to finalize its $8 billion merger with SLB in the current quarter, pending regulatory approvals in the UK and Australia.
