U.S. supermajor Chevron, along with several other multinational...
U.S. supermajor Chevron, along with several other multinational energy firms, has exited its oil concession blocks in Egypt’s Red Sea region after failing to discover commercial oil or gas reserves.
Despite making substantial investments beyond their initial commitment, one company, which reportedly spent $34 million against an initial commitment of $ 10 million, did not find any viable resources. As a result, Chevron renounced 45% of its stake in Red Sea Block 1, located in the northern Red Sea. The block is jointly held by Chevron and Australia-based oil giant Woodside Energy Group.
Permian E&P Matador Resources has adjusted its drilling and completion...
Permian E&P Matador Resources has adjusted its drilling and completion (D&C) activity for 2025, CEO Joe Foran said in Matador’s first-quarter earnings released April 23.
The company plans to reduce its fleet to eight drilling rigs by mid-year, down from nine rigs at the start of 2025.
Declining D&C activity by Matador and on its non-operated assets will result in 6.7 fewer net wells this year. The pullback in activity should reduce Matador’s D&C spending by $100 million to $1.275 billion.
Matador holds 198,700 net acres spanning across the Delaware Basin of New Mexico and West Texas. Production averaged 198,631 boe/d in the first quarter.
Home sales had their worst March since 2009. Economic...
Home sales had their worst March since 2009. Economic anxiety and high mortgage rates made US home sales fall 5.9% to ~4 million units from February to March—the biggest month-to-month decline in over two years. That was not due to a lack of availability: Home inventory shot up 20% in March compared to the same time last year. And the slowdown is unlikely to end soon. “March numbers are bad, but they’re likely to get worse,” one expert told CNBC, arguing that, on top of existing uncertainty, tariffs could raise prices for home furnishing.
Lyft will start dispatching regular taxis to riders in some locations next month in a bid to keep up with rival Uber.
McDonald’s introduced its first new permanent menu item in four years: McCrispy Strips (chicken tenders).
Jersey Mike’s has a new CEO for the first time in 50 years after founder Mike Peter Cancro said he was stepping back in light of the company’s $8 billion sale to Blackstone.
The Tennessee Titans selected Miami quarterback Cam Ward with the No. 1 pick in the 2025 NFL Draft.
Netflix CEO Ted Sarandos called theatrical moviegoing “an outmoded idea” for most people and claimed the streaming service is “saving Hollywood.”
S&P 500 exits correction territory as stocks end sharply higher for third straight day
The S&P 500 exited correction territory on Thursday,...
The S&P 500 exited correction territory on Thursday, after U.S. stocks logged three straight sessions of extra-large gains.
Optimism surrounding corporate earnings has helped improve the mood on Wall Street, as well as a potential reversal of tariffs by the White House and hopes for Federal Reserve interest-rate cuts in the coming months.
The S&P 500 index rose 108.91 points, or 2%, ending at 5,484.77. It needed to close at 5,481.05 or higher to officially mark a gain of at least 10% from its prior closing low on April 8, according to Dow Jones Market Data.
The Dow Jones Industrial Average gained 486.83 points, or 1.2%, ending at 40,093.40, while the Nasdaq Composite surged 457.99 points, or 2.7%, ending at 17,166.04.
Newsom signals willingness to collaborate with refiners
As refinery closure announcements pile up, California Gov. Gavin Newsom...
As refinery closure announcements pile up, California Gov. Gavin Newsom has instructed the California Energy Commission to urgently coordinate with oil refiners to preserve in-state fuel production and ensure supply availability, with policy recommendations due by July 1. "California will continue to lead the way in this transition, but it's imperative that we continue to ensure a safe, affordable and reliable supply of transportation fuels over the next two decades," Newsom wrote in the letter.
