Exxon Mobil has fully integrated Pioneer Natural...
Exxon Mobil has fully integrated Pioneer Natural Resources and is now actively seeking new acquisitions. The company's CEO, Darren Woods, explained that the strategy is not to simply buy volume, but to create unique value where "one plus one equals three." Exxon Mobil aims to leverage its technological, scaling, and talent advantages to enhance the value of acquired assets. Woods highlighted that they are interested in companies with talented employees from whom they can learn. The firm has a high standard for potential deals, which are not exclusive to the upstream business, but can span across all of Exxon's units. The ultimate goal is to find the right resource base to benefit from Exxon's advancing technology.
For the first time in months, markets seem rattled. President Trump’s...
For the first time in months, markets seem rattled. President Trump’s tariff announcements and a potentially disturbing jobs report sent the S&P 500 to its worst week since May, while the Dow logged its worst week since April. One of the few bright spots in the economy is Big Tech: Alphabet, Apple, Meta, and Microsoft delighted investors with their earnings reports, and Microsoft has now gained for 10 straight weeks, its longest winning streak since 2023.
Over 3,200 Boeing fighter jet workers went on strike
For the first time since 1996, members of the International Association...
For the first time since 1996, members of the International Association of Machinists and Aerospace Workers working in St. Louis and Illinois stopped work after rejecting a second contract offer from Boeing on Sunday. They are responsible for assembling the F-15 and the F/A-18 defense aircraft, as well as building missiles. Boeing VP Dan Gillian said the company is “prepared for a strike and have fully implemented our contingency plan to ensure our non-striking workforce can continue supporting our customers.” Boeing CEO Kelly Ortberg said on the company’s Q2 earnings call last week that he was not overly concerned about the impending strike, given that it was much smaller than the one that occurred last fall, when about 30,000 machinists in Washington state went on strike, impacting the production of 737 and 777 commercial jets.
Earnings season marches forward: This week doesn’t...
Earnings season marches forward: This week doesn’t have the same Magnificent heft of the past two, but there are still plenty of companies to watch. Palantir reports earnings today, and Caterpillar, DuPont, and Pfizer report on Tuesday. McDonald’s and Disney will release their reports on Wednesday. Eli Lilly, Warner Bros. Discovery, and ConocoPhillips post earnings on Thursday, followed by Wendy’s on Friday.
The manhunt for the Montana bar shooting suspect entered its fourth day today.
Hamas released footage of emaciated Israeli hostage Evyatar David on Saturday, which drew widespread international criticism. Hamas said on Sunday it would work with the Red Cross to deliver aid to Israeli hostages in Gaza if its conditions were met. Also on Sunday, Israeli Prime Minister Benjamin Netanyahu said he was seeking a “military solution” to free the remaining hostages.
OPEC+ agreed to raise oil output in September by 547,000 barrels per day.
Delta Air Lines told US senators it would not use AI to personalize ticket prices.
Loni Anderson, who played receptionist Jennifer Marlowe on WKRP in Cincinnati, died at 79.
The total number of active drilling rigs for oil...
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday as operators continue to scale back.
The total rig count in the US fell by 2 rigs for the second week in a row, landing at 540, according to Baker Hughes, down 46 from this same time last year.
The number of oil rigs fell by 5 to 410, down by 72 compared to this time last year. The number of gas rigs rose by 2 this week, coming in at 124 for a gain of 26 active gas rigs from this time last year. The miscellaneous rig count also gained a rig, for a total of 6.
Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell by 6 during the week of July 25, to 168. It is the fewest number of active frac crews since 2021. The count is now 47 below where it was on March 21.
Drilling activity in the Permian basin saw another loss this week, losing 1 rig. The Permian now has 259 rigs—a figure that is 44 fewer than this same time last year. The count in the Eagle Ford saw stayed the same at 39 rigs, which is 11 fewer than this time last year.
