U.S. stocks slash selloff losses as Wall Street wraps wild week
U.S. stocks closed Friday higher, significantly cutting...
U.S. stocks closed Friday higher, significantly cutting losses from earlier in the week. Equities staged a big comeback after extreme turbulence hit global financial markets.
According to preliminary data, the Dow Jones Industrial Average ended up about 51 points, or 0.1%, at around 39,497.
The S&P 500 closed 24 points higher, or 0.5%, closing near 5,344.
The Nasdaq Composite finished up 85 points, or 0.5%, finishing around 16,745.
On a weekly performance basis:
The Dow closed 0.6% lower, off from a peak 3.1% retreat on Monday from the previous Friday's close, per Dow Jones Market Data. The S&P 500 shed less than 0.1%, after sinking 4.3% Monday. The Nasdaq ended down 0.2%, after tumbling 6.4% Monday.
Treasury yields also were swept up by market volatility, with the benchmark 10-year rate closing out the week at 3.943%, its sixth lowest level of the year.
Passenger Plane Crashes in Brazil, Killing 62 Onboard
A passenger plane carrying 62 people...
A passenger plane carrying 62 people crashed on Friday outside São Paulo, Brazil, killing all onboard, according to the Brazilian authorities.
The airline operating the flight, VoePass, said that Flight 2283 had crashed in the Brazilian city of Vinhedo, near its destination, São Paulo. The flight had taken off from Cascavel, Brazil, about 450 miles away, for a nearly two-hour scheduled flight that VoePass has been operating daily.
According to FlightRadar24, a provider of flight data, the plane was an ATR 72, a twin-engine regional turboprop made by ATR, a joint venture of two European aerospace manufacturers, Airbus and Leonardo. VoePass used the same plane to fly from São Paulo to Cascavel earlier on Friday, according to FlightRadar24 data.
On August 8, 2024, Unit Corporation (OTCQX: UNTC) filed unaudited condensed consolidated financial statements for the three and six months ended June 30, 2024.
Unit stated its net income for the quarter totaled $11.5 million or $1.15 a share compared to $28 million and $2.86 a share a year earlier. Total revenue for the quarter was $56.8 million, also down from $78.6 million recorded at the end of June 2023.
Unit reported it had 14 rigs available for the second quarter and its average use was 11.9 rigs.
Unit Corporation is a Tulsa-based, publicly-held energy company engaged in oil and gas production and contract drilling through its wholly-owned subsidiaries. For more information about Unit Corporation, visit its website at http://www.unitcorp.com.
Colorado gives go-ahead to 166 well project near Aurora
Residents around the Aurora Reservoir just east of Denver in Colorado...
Residents around the Aurora Reservoir just east of Denver in Colorado aren’t happy but state regulators have just approved a plan for an oil and gas company to drill up to 166 oil and gas wells near their homes.
This week, the Colorado Energy and Carbon Management Commission approved Crestone Resources, but with the proviso that it electrify its operations. The drilling will take place on 32,000 acres. Crestone is a subsidiary of Denver-based Civitas Resources.
When Crestone received an oil and gas lease from the Colorado State Land Board for Lowry Ranch’s 26,000 acres in 2012, there were hardly any homes in the area. Now, there are an estimated 12,000 homes.
Crestone has already drilled and fracked 17 horizontal wells on the ranch and plans to drill the new wells from two existing pads and eight new ones by 2029.
Ascent Resources moves toward more oil production to fight natural gas price volatility
The volatility in natural gas prices forced Oklahoma City’s...
The volatility in natural gas prices forced Oklahoma City’s Ascent Resources to include more oil production, but the company still reported a net loss of $98 million along with adjusted net income of $96 million.
It also had a 5% increase in net production of 2,190 mmcf a day compared to a year ago. Liquids production show up 60% over a year ago with an average of 50 mbbls a day from its operations in the Utica shale of southern Ohio.
During the second quarter of 2024, Ascent spud 19 operated wells, hydraulically fractured 18 wells, and turned-in-line 17 wells with an average lateral length of 13,761 feet. As of June 30, 2024, Ascent had 888 gross operated producing Utica wells.
