Oil and gas stocks suffer broad, sharp selloff as crude futures drop
The S&P 500's energy sector was suffering a unanimous selloff, as crude oil ...
The S&P 500's energy sector was suffering a unanimous selloff, as crude oil cl00 and natural gas futures ng00 slumped amid growing demand concerns and as the Biden administration calls for a gas-tax holiday. The SPDR Energy Select Sector ETF xle dropped 3.4% with all 21 equity components losing ground, as crude oil futures shed 4.4% and natural gas futures lost 1.0%. Futures es00 for the S&P 500 spx were down 1.4%. The energy ETF's biggest decliners were shares of Marathon Oil Corp. mro, down 5.2%, and Devon Energy Corp. dvn, down 4.5%. Among other more-active components, shares of Occidental Petroleum Corp. oxy slid 3.4%, Exxon Mobil Corp. xom declined 3.0% and Kinder Morgan Inc. kmi shed 2.6%. The best performer was Williams Companies Inc.'s stock wmb, which fell 1.9%.
EIA: New US Gulf fields won't offset production declines
US Gulf of Mexico oil production will be largely unchanged in 2023 compared with 2022 levels, while natural...
US Gulf of Mexico oil production will be largely unchanged in 2023 compared with 2022 levels, while natural gas production will decline slightly, even though nine new oil and gas fields are due to start up this year and account for 5% of the region's gas output and 14% of oil output by the end of 2023, the Energy Information Administration predicts. The additional supply from new fields will be insufficient to make up for the production losses, the EIA said.
Venture Global in 20-year LNG deals with German firm
Venture Global has reached two 20-year agreements to sell a total of 1.65 million short tons of liquefied...
Venture Global has reached two 20-year agreements to sell a total of 1.65 million short tons of liquefied natural gas per year from its proposed Plaquemines and CP2 LNG export facilities in Louisiana to German energy company EnBW, with deliveries set to begin in 2026. "This is the first direct binding offtake agreement for long-term US LNG signed by a German company, an important step that manifests Germany's strategy to diversify its energy mix," said Venture Global CEO Mike Sabel.
Continental shares drop again in light of Hamm’s acquisition offer
Harold Hamm’s offer to take Continental Resources Inc. private with an offer of $70...
Harold Hamm’s offer to take Continental Resources Inc. private with an offer of $70 a share, a bid that will cost him an estimated $4.4 billion in cash, is looking better following Tuesday’s close of trading on Wall Street.
Continental Resources closed down 84 cents or 1.28% and settled at $66.67 a share or more than $3 less than what Hamm offered last week to the company’s board of directors.
The day’s range of Continental shares didn’t come close to $70 and included a low of $65.90 and a high of $67.83.
