Rental prices for offshore drilling rigs have doubled in the...
Rental prices for offshore drilling rigs have doubled in the past two years and could increase by an additional 18% as deepwater development continues to gain momentum,according to a Wood Mackenzie report. Offshore rig utilization has reached around 90%, and rental rates could surpass $500,000 a day by the end of the year, up from the $420,000-a-day average recorded in the first six months of 2023, the report predicts.
Dow rises 200 points after May inflation data underscores expectations for Fed pause
U.S. stocks rose Tuesday after inflation data reinforced expectations the Federal Reserve will refrain...
U.S. stocks rose Tuesday after inflation data reinforced expectations the Federal Reserve will refrain from raising interest rates on Wednesday, while China’s central bank eased its monetary policy.
The Dow Jones Industrial AverageDJIA, +0.43% rose 192 points, or 0.6%, to 34,258.
The S&P 500 SPX, +0.69% was up 31 points, or 0.7%, at 4,370.
The Nasdaq CompositeCOMP, +0.83% advanced 101 points, or 0.8%, to 13,567.
July to bring new highs for US shale oil, gas production
Gains in the Permian Basin and the Bakken Shale are expected to push US oil production from shale formations...
Gains in the Permian Basin and the Bakken Shale are expected to push US oil production from shale formations to an all-time high of 9.38 million barrels per day in July, marking a month-over-month increase of just about 0.1%, the Energy Information Administration has forecast. Additionally, US natural gas production from shale basins is seen rising by around 0.1 Bcf/d to a record 97.3 Bcf/d in July.
NexTier, Patterson-UTI exploring merger, sources say
Oilfield service companies NexTier Oilfield Solutions and Patterson-UTI Energy are reportedly engaged...
Oilfield service companies NexTier Oilfield Solutions and Patterson-UTI Energy are reportedly engaged in discussions regarding a potential merger. Although the outcome of the talks remains uncertain, a merger would fit with the oilfield services sector's ongoing consolidation trend and enable Patterson-UTI to expand its fracking business.
Shale producers innovate to overcome drilling challenges
Leading US shale producers are pursuing technological solutions such as refracking and enhanced oil recovery...
Leading US shale producers are pursuing technological solutions such as refracking and enhanced oil recovery to boost resource extraction and counter declines in drilling inventories and well productivity. Devon Energy, for example, is using an Energy Department grant to run a pilot project focused on developing new ways to improve recovery rates and efficiency in its operations, particularly in the Eagle Ford Shale.
