The number of active hydraulic fracturing crews in the Permian Basin has dropped from 100 at the beginning of the year to around 70 currently, as unstable market conditions take a toll on activity, according to Sam Sledge, CEO of pressure pumper ProPetro. "Increased market uncertainty driven by tariffs and rising OPEC+ production has resulted in more idle capacity than anticipated," Sledge said.
Trans Mountain exploring multiple paths to capacity growth
Canada's Trans Mountain could hold an open season later this year to...
Canada's Trans Mountain could hold an open season later this year to assess shipper interest in increasing pipeline capacity by 5% to 10% through drag-reducing agents, according to CEO Mark Maki. The government-owned operator is also evaluating longer-term projects, including new pumping stations and added pipe segments, that could boost Canada's oil export capacity by as much as 300,000 barrels per day.
O&G firms get more time to comply with EPA methane rule
The Environmental Protection...
The Environmental Protection Agency has published an interim final rule extending compliance deadlines by 18 months for Biden-era methane restrictions on oil and natural gas operations, citing "legitimate concerns" that certain provisions are inoperable. The regulation is also among several Biden-era climate measures the agency is considering repealing.
Microsoft is the second company ever to be worth $4 trillion
The company that brought you Clippy has now joined Nvidia in the ...
The company that brought you Clippy has now joined Nvidia in the $4 trillion market cap club, and, like Nvidia, it has AI to thank. Microsoft hit the milestone yesterday as investors digested its earnings report, which showed 18% revenue growth. The company also reported that annual revenue from its Azure cloud computing unit jumped 34% from its previous fiscal year, taking in more than $75 billion. But as with the rest of Big Tech, investing in AI requires a lot of cash, and Microsoft said it plans to spend $30 billion on AI infrastructure next quarter.
☕️What Else is Brewing Friday Morning - Welcome to August
Figma jumps more than 250% in trading debut. Sometimes...
Figma jumps more than 250% in trading debut. Sometimes you lose a $20 billion merger opportunity but still win in the end. Design software-maker Figma’s stock soared on the NYSE after it sold $1.2 billion worth of shares for $33 each in an IPO, giving it a value above the amount it had agreed to sell itself to Adobe for before the deal fell apart in 2023. The stock rose so fast that trading had to be halted for volatility. The company’s success is a good sign for the tech IPO market, which had been in a lull for the past few years but has seen a few other buzzy debuts recently, like Circle and Chime.
Google lost its appeal of a ruling in favor of Fortnite-maker Epic Games that Google’s app store functioned as an illegal monopoly. Epic declared “total victory” (cue the dancing banana), while Google said it’s likely to appeal further.
AB InBev’s shares fell yesterday, after the Budweiser-brewer reported that sales volumes had fallen in China and Brazil.
ESPN fired Pro Football Hall of Famer Shannon Sharpe as a commentator after he settled a lawsuit accusing him of sexual assault.
Strong storms caused flash flooding on the East Coast yesterday, disrupting flights and snarling traffic.
Former VP Kamala Harris won’t run for governor of California, but she will write a book about her presidential campaign.
