Russian energy giant Gazprom may be able to withstand Western sanctions by buying back its bonds
High natural gas prices have put ...
High natural gas prices have put Gazprom on track for sky-high profits this year – and the state-run energy giant may use the extra cash to better insulate itself from Western sanctions, according to Barclays.
Gazprom reported profits of 2.5 trillion rubles ($42 billion) in the first six months of this year, meaning it's already surpassed last year's $29 billion. Even conservative estimates suggest it has already made more than $70 billion from gas sales this year, according to Barclays.
"High gas prices have provided Gazprom with financial flexibility," said a team led by energy analyst Amarpreet Singh in a recent research note. "On conservative estimates, Gazprom has already generated more revenue from gas sales in 2022 than in the whole of 2021, which was already the most profitable for the group in recent years."
US Drillers Add Oil, Gas Rigs for First Time in Three Weeks
U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks as relatively...
U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks as relatively high crude prices encouraged some firms to drill more, mainly in the Permian Basin.
The total oil and gas rig count, an early indicator of future output, rose four to 763 in the week to Sept. 16, its highest since August, energy services firm Baker Hughes Co. said in its closely followed report.
Baker Hughes said that puts the total rig count up 251, or 49%, over this time last year.
U.S. oil rigsrose eight to 599 this week, while gas rigsfell four to 162.
U.S. stocks end lower after FedEx's warning; S&P 500 tumbles 4.8% for the week
Stocks fell Friday after FedEx Corp. ...
Stocks fell Friday after FedEx Corp. FDX, -21.40% issued a profit warning that stirred fears of a global recession, but ended the day well off session lows.Major indexes booked large weekly losses as investors looked ahead to next week's Federal Reserve decision, which is expected to see policy makers deliver another large rate increase in an effort to get inflation under control. The Dow Jones Industrial Average DJIA, -0.45% fell around 140 points, or 0.5%, to close near 30,822, according to preliminary figures, after dropping more than 400 points at its session low. The S&P 500 SPX, -0.72% ended 0.7% lower near 3,873, while the Nasdaq Composite COMP, -0.90% shed 0.9% to finish near 11,448. The decline left the Dow down 4.1% for the week, while the S&P 500 saw a 4.8% weekly fall and the Nasdaq slid 5.5%.
