Maturing US shale reserves stoking investor anxiety
Investor unease is on the rise as US public exploration and production companies grapple with dwindling...
Investor unease is on the rise as US public exploration and production companies grapple with dwindling shale inventories, declining productivity and reduced growth prospects, TD Cowen managing director David Deckelbaum notes. Looking ahead, Deckelbaum believes independent companies will pivot back toward international and conventional assets to boost production.
U.S. stocks opened lower on Thursday after the S&P 500 index clinched its biggest gain in three weeks...
U.S. stocks opened lower on Thursday after the S&P 500 index clinched its biggest gain in three weeks a day earlier as Treasury yields whipsawed, keeping investors on edge ahead of Friday’s monthly jobs report from the Labor Department.
The S&P 500SPX was off by 11 points, or 0.3%, at 4,252.
The Dow Jones Industrial AverageDJIA fell by 48 points, or 0.2%, to 33,076.
The Nasdaq CompositeCOMP declined by 40.58 points, or 0.3%, to 13,192.
The Biden administration approved the cancellation of $9 billion in student loan debt from 125,000 borrowers. Student loan payments resumed this month following a pandemic pause since the Supreme Court threw out the administration’s broader student debt forgiveness program.
McDonald’s and Wendy’s won the dismissal of a lawsuit accusing them of false advertising because their burgers don’t look as big or as appetizing in person.
Actress Julia Ormond sued Harvey Weinstein, as well as Miramax and Disney, claiming the disgraced movie producer sexually assaulted her in 1995.
Prada will help design the spacesuits for NASA’s Artemis III mission to the moon, so the forthcoming drippy astronaut images will probably be real.
Apple CEO Tim Cook is $41.5 million richer (after taxes) thanks to selling off a chunk of his company stock. Sounds pretty impressive until you remember he made $355 million selling Apple stock in 2021 and still holds another ~$565 million worth.
Canada posts surprise August trade surplus as exports surge on gold, crude
Canada posted a surprise C$718 million ($521.88 million) trade surplus in August, as...
Canada posted a surprise C$718 million ($521.88 million) trade surplus in August, as transfers of gold to the United States and higher crude prices helped exports outpace a rise in imports, Statistics Canada data showed on Thursday.
Analysts in a Reuters poll had forecast a C$1.5 billion deficit. July's shortfall was revised to C$437 million.
Total exports increased 5.7%, while imports were up 3.8%, with both benefiting from higher prices in August, Statscan noted. By volume, exports rose 3% and imports increased 1.2%.
UAE's ADNOC awards $17 billion of contracts for gas project
Abu Dhabi National Oil Company (ADNOC) said on Thursday it had awarded contracts worth...
Abu Dhabi National Oil Company (ADNOC) said on Thursday it had awarded contracts worth about $16.94 billion for a gas project that aims to operate with net zero carbon dioxide emissions, adding it would be the first in the world to do so.
The two engineering, procurement and construction (EPC) contracts were signed for the Hail and Ghasha Offshore Development project that will produce 1.5 billion standard cubic feet per day (bscfd) of gas before the end of the decade.
Exxon 3Q profits to climb from last quarter on higher prices
Exxon Mobil (XOM.N)...
Exxon Mobil (XOM.N) said on Wednesday big increases in oil, gas, and fuel prices would deliver a third-quarter operating profit between $8.3 billion and $11.4 billion, below the year ago's record earnings but up from its second quarter.
Exxon's snapshot of operating profits, delivered in a securities filing after the market close, signals a good quarter for oil companies on high oil prices and strong demand for gasoline and diesel.
The largest U.S. oil producer posted a total profit in the same quarter a year ago of $19.7 billion and $7.9 billion in its second quarter this year. Analysts currently forecast a $9.22 billion, or $2.37 per share profit, for the latest quarter, according to financial firm LSEG.
Exxon's oil and gas production earnings were boosted by an about 30% increase in average crude oil prices during the period. The Brent global benchmark ended the quarter near $97 per barrel, up from $72 per barrel at the end of June, JPMorgan said in a note.
