Halliburton CEO: OFS Market is Tougher Than Expected
After a tough second quarter for Halliburton, cutbacks in frac fleets...
After a tough second quarter for Halliburton, cutbacks in frac fleets and tighter spending is expected as the company anticipates a tough market for oilfield services.
Forecasts in late 2024 that a soft economy would bedevil the oilfield services sector this year have given way to an even harsher outlook for the second half of the year.
The landscape for oilfield services giant Halliburton is no exception.
“In North America, multiple operators, even large and established customers, are now planning meaningful schedule gaps in the second half of 2025,” said Jeff Miller, Halliburton’s chairman, president and CEO, during the company’s second-quarter earnings call with analysts on July 22.
“What I see tells me the oilfield services market will be softer than I previously expected over the short to medium term,” he said.
Johnson shut down the House early to avoid an Epstein vote. The...
Johnson shut down the House early to avoid an Epstein vote. The US House of Representatives will start its summer break early today after Speaker Mike Johnson cut this week’s business short to prevent a vote to release files related to Jeffrey Epstein. Johnson, a Republican, accused Democrats of playing “political games” by trying to vote to force the DOJ to release information related to Epstein. Some GOP lawmakers have joined Democrats in seeking to make the information public, which President Trump campaigned on doing but has since disregarded. Trump is now suing the Wall Street Journal after the paper published a story about the president’s links to Epstein, who died by suicide in 2019 while awaiting trial on sex trafficking charges. The House will now be in recess until September.
Kellanova, the maker of Pop-Tarts, Pringles, and Eggo waffles, will remove artificial dyes from its foods by 2028, the company said.
Target is scaling back its popular “price match” perk to include only other Target stores or its website, as opposed to Amazon and Walmart.
The Trump administration again pulled the US out of the UN cultural agency UNESCO, two years after President Biden rejoined the group following a five-year absence that started during Trump’s first term.
The LA Times will go public, its billionaire owner, Patrick Soon-Shiong, said in an appearance on The Daily Show this week.
Coca-Cola plans to launch a version of its flagship soda that is made with cane sugar rather than corn syrup following President Trump’s push.
The American Petroleum Institute (API) estimated...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell this week, noting that inventories declined by 577,000 barrels in the week ending July 18.
So far this year, crude oil inventories are up 11 million barrels, according to Oilprice calculations of API data.
Gasoline inventories fell in the week ending July 18 by 1.228 million barrels. As of last week, gasoline inventories were slightly above the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose substantially this week, by 3.480 million barrels. Distillate inventories were 21% below the five-year average as of the week ending July 11, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—rose by 314,000 barrels in the week.
Oil Prices Fall as Key Trade Talks Falter Ahead of Tariff Deadline
(Reuters) - Oil prices fell on Tuesday for a third consecutive session,...
(Reuters) - Oil prices fell on Tuesday for a third consecutive session, as hopes faded for a trade deal between the U.S. and Europe, feeding fears of an economic slowdown in the world's largest oil markets.
Brent crude futures were down 82 cents, or 1.2%, to $68.39 a barrel by 1:59 p.m. EDT. U.S. West Texas Intermediate crude futures for August delivery, set to expire on Tuesday, fell $1.05, or 1.6%, to $66.15 per barrel.
The more active September WTI contract was down 87 cents, or 1.3%, to $65.08 a barrel.
The European Union was exploring a broader set of possible counter-measures against the U.S. as prospects faded for an acceptable trade agreement with Washington, EU diplomats told Reuters.
U.S. President Donald Trump has set an August 1 deadline for countries to secure trade deals or face steep tariffs. He had threatened a 30% tariff on EU imports if no deal was reached.
S&P ends at fresh record high, Nasdaq falls as Big Tech earnings approach
U.S. stocks closed mostly higher Tuesday, with the S&P...
U.S. stocks closed mostly higher Tuesday, with the S&P 500 scoring another record finish, as investors looked for progress from President Donald Trump on the trade front and awaited more corporate earnings.
The Dow Jones Industrial Average gained 179.37 points, or 0.4%, ending at 44,502.44. That was 1.1% away from its December record.
The S&P 500 rose 4.02 points, or 0.1%, ending at 6,309.62, a record.
The Nasdaq Composite slipped 81.49 points, or 0.4%, finishing at 20,892.68.
Trump said Tuesday that the U.S. reached a trade agreement with the Philippines that includes a 19% tariff on imports to the U.S. But the Trump administration has long backed off its earlier vow to ink 90 deals in 90 days.
