Dow books worst week since October as U.S. stocks close sharply lower
The U.S. stock market struggled Friday, with the Dow...
The U.S. stock market struggled Friday, with the Dow Jones Industrial Average seeing its biggest weekly drop since October as investors assessed a survey showing consumer sentiment soured.
The Dow Jones tumbled 748.63 points on Friday, or 1.7%, to close at 43,428.02.
The S&P 500 dropped 104.39 points, or 1.7%, to finish at 6,013.13.
The Nasdaq Composite slumped 438.36 points, or 2.2%, to end at 19,524.01.
The Dow has now wiped out all its post-inauguration gains, according to Dow Jones Market Data. A survey from the University of Michigan found that consumer sentiment has dropped and consumers have increased their inflation expectations on tariff worries. Other economic data released Friday raised investor concerns over a decline in U.S. services activity in February.
For the week, the Dow retreated 2.5%, the S&P 500 fell 1.7% and the technology-heavy Nasdaq dropped 2.5%. The Dow saw its worst week since the stretch ending Oct. 25, according to Dow Jones Market Data.
ConocoPhillips to Sell Interests in GoM Assets to Shell for $735MM
Shell will buy ConocoPhillips’ interests in the offshore Ursa and...
Shell will buy ConocoPhillips’ interests in the offshore Ursa and Europa fields in the Gulf of MexicoAmerica for $735 million as Shell beefs up its deepwater portfolio and Conoco works toward divestment goals, the companies announced Feb. 21.
Shell is acquiring ConocoPhillips’ 15.96% working interest (WI) in the Ursa Field and 1% interest in the Europa Field. ConocoPhillips’ full-year 2024 production from the assets was approximately 8,000 boe/d. Shell is also buying Conoco’s 3.5% overriding royalty interest from its recent merger with Marathon Oil as part of the deal.
In addition, Shell Pipeline is acquiring Conoco’s 15.96% membership interest in the Shell-operated Ursa Oil Pipeline Co.
The transaction remains subject to customary closing conditions and is expected to be completed by the second quarter of 2025. The effective date of the transaction is Jan. 1.
Trump's push to revive Alaska gas project ignites debate
Alaska's long-stalled $44 billion natural gas pipeline and export terminal...
Alaska's long-stalled $44 billion natural gas pipeline and export terminal project has gained renewed attention, thanks to President Donald Trump's repeated support and talk of potential partnerships with Japan. However, decades of false starts, steep financial and logistical hurdles and shifting energy markets cast serious doubt on the project's viability, leading some to suggest that the state should prioritize preparations for possible gas imports instead.
USACE puts hundreds of projects on permitting fast-track
Enbridge's Line 5 tunnel project under Lake Michigan, Gulf Coast liquefied...
Enbridge's Line 5 tunnel project under Lake Michigan, Gulf Coast liquefied natural gas export facilities and multiple gas-fired power plants are among 600-plus energy and infrastructure projects the US Army Corps of Engineers has listed as eligible for expedited reviews under President Donald Trump's energy emergency declaration. The move, applauded by industry leaders, is likely to attract a wave of litigation. Meanwhile, Senate Democrats plan to force a vote next week to overturn the energy emergency order.
Diamondback's Stice to Step Down as CEO, Van't Hof to Succeed
Diamondback Energy CEO Travis Stice will step down from his role as CEO...
Diamondback Energy CEO Travis Stice will step down from his role as CEO later this year, the company announced Feb. 20. Current Diamondback President Kaes Van’t Hof will succeed Stice as CEO of the Permian Basin E&P. He will also join the Diamondback board.
Earlier this week, Diamondback announced a $4.1 cash and stock acquisition of private equity-backed Midland E&P Double Eagle IV.
Last year, Diamondback closed a transformational $26 billion acquisition of private producer Endeavor Energy Resources, cementing it as one of the largest producers in the Permian Basin.
