US Drillers Add Oil Rigs for Second Consecutive Week
U.S. energy firms this week added oil and natural gas rigs for...
U.S. energy firms this week added oil and natural gas rigs for a second week in a roweven as the rig count was on track to fall for a second consecutive month as supply chain disruptions and inflation continue to roil production.
The total oil and gas rig count, an early indicator of future output, rose one to 764 in the week to Sept. 23, energy services firm Baker Hughes Co. said in its closely followed report.
Baker Hughes said that puts the total rig count up 243, or 47%, over this time last year.
U.S. oil rigs rose three to 602 this week, while gas rigsfell two to 160.
The total rig count fell in August and was on track to fall again in September after rising for a record 24 months in a row.
Silver Hill Energy Partners Closes $1.02 Billion Fund
Silver Hill Energy Partners LP closed the franchise’s...
Silver Hill Energy Partners LPclosed the franchise’s third partnership and first institutional private equity fund representing total capital commitments of $1.02 billion, according to a recent release from the Dallas-based firm.
The formation of Silver Hill III followed the successful merger of Silver Hill I and II’s upstream assetsinto RSP Permian in 2017 for $2.5 billion in cash and stock. RSP Permian later sold to Concho Resources, which has since been acquired by ConocoPhillips Co. in a $13.3 billion transaction in early 2021.
The UK lifted its ban on fracking to pursue energy independence as power bills soar, but experts say it's unlikely to help the energy crisis this winter
The UK temporarily banned fracking in 2019 due to concerns about earth tremors from this process of extracting...
The UK temporarily banned fracking in 2019 due to concerns about earth tremors from this process of extracting shale gas.
The stock market is in a bottoming process, and that could mean ...
The stock market is in a bottoming process, and that could mean indexes rally in early 2023 as the Fed readies a pivot, according to Stifel.
The investment firm forecasted that the S&P 500 will surge 17% by the first quarter of next year, as a Fed pause gives markets a boost after a persistent sell-off. Such a move by the central bank would be data-dependent, though, and Powell and co. would need to see real signs that their efforts are paying off.
A persistent decline in inflation figures should be what they're looking for to show that it's time to pause rate hikes, the Stifel analysts noted. Stifel still anticipates a recession in the third quarter of next year — but that's not until after stocks make considerable gains.
