The energy sector is off to a mixed start, supported by strength in the major market futures despite...
The energy sector is off to a mixed start, supported by strength in the major market futures despite slight weakness in the crude complex. U.S stock index futures are up following a brutal selloff in the previous session, on strong earnings updates from Microsoft and Visa. As earnings season continues, Hess Corp reported a 65% rise in first-quarter profit on Wednesday, helped by a jump in energy prices due to Russia's invasion of Ukraine. Also, Asia's top oil refiner, also known as Sinopec, reported a 25% surge in net income for the first quarter of 2022, a level last seen in the third quarter of 2020, thanks to elevated crude oil prices.
MarketWatch: Stocks attempt bounce after Nasdaq-led tumble
Stocks opened higher Wednesday, attempting a bounce a day after a 4% slide for the Nasdaq Composite saw...
Stocks opened higher Wednesday, attempting a bounce a day after a 4% slide for the Nasdaq Composite saw the tech-heavy index post its lowest finish since December 2020. The Dow DJIA, 0.93% rose 130 points, or 0.4%, while the S&P 500 SPX, 1.28% gained 0.5% and the Nasdaq COMP, 1.51% advanced 0.8%. Investors were parsing results for tech heavyweights after results from Google parent Alphabet Inc. GOOGL, -2.42% and Microsoft Corp. MSFT, 5.41%. Alphabet shares sank more than 3% in the early going, while Microsoft rose nearly 5%.
Kinder Morgan eyes gas compression tech for next Permian project, announces open season
The Houston-based midstream company is working on commercializing an expansion of compression technology...
The Houston-based midstream company is working on commercializing an expansion of compression technology that could increase the capacity of its Permian Basin pipelines by 1.2 billion cubic feet per day, executives said. READ MORE
Diversified Energy Expands Central Region with $50 Million East Texas Acquisition
Diversified Energy Co. Plc agreed on April 26 to a $50 million acquisition of East Texas...
Diversified Energy Co. Plc agreed on April 26 to a $50 million acquisition of East Texas assets marking the fifth deal in Diversified’s central regional focus area, which the company only established roughly a year ago.
Diversified’s latest acquisition comprises certain East Texas upstream assets and related facilities from a private seller that includes 691 gross (346 net) operated PDP wells. Current production is about 3,700 boe/d (100% natural gas), or 22 MMcfe/d, with estimated engineered next 12-month PDP decline rate of roughly 7%, according to the company release.
The total purchase price for Diversified’s latest acquisition is $100 million. However, thanks to a previously announced strategic participation agreement with Oaktree Capital Management LP, Diversified has agreed to contribute 50%, or $50 million, of the total purchase price.
Higher commodity prices, combined with an increased focus on capital discipline and debt repayment, have...
Higher commodity prices, combined with an increased focus on capital discipline and debt repayment, have allowed shale gas producers to significantly reduce their borrowing needs and decouple from banks, making them less exposed to future interest rate hikes, according to analysts. "Refinancing needs are low with most companies planning to use free cash flow to pay off maturing bonds rather than tap the market to refinance," said CreditSights analyst Jake Leiby.
