The Energy Department is launching a multi-year effort to restore the...
The Energy Department is launching a multi-year effort to restore the Strategic Petroleum Reserve to its full 680-million-barrel capacity and assess related infrastructure, following President Donald Trump's directive, Energy Secretary Chris Wright told a House appropriations panel. Wright warned that current stockpiles leave the US vulnerable to global supply shocks and stressed the need for immediate action, as refilling the SPR takes six times longer than emergency releases.
EIA: US shale operators embrace multi-well simulfracs
The average number of horizontal wells fractured simultaneously in the...
The average number of horizontal wells fractured simultaneously in the contiguous US climbed from 1.5 in 2014 to just over three in 2024, according to a new Energy Information Administration report. The trend, attributed to advancements such as electric fracturing fleets, increased automation and improved equipment monitoring, is helping companies like Chevron and Matador Resources lower costs and cut completion times.
Riley Permian Buys Northwest Shelf E&P Silverback II for $142MM
Riley Exploration Permian is adding acreage in New Mexico’s Northwest...
Riley Exploration Permian is adding acreage in New Mexico’s Northwest Shelf with an acquisition of Silverback Exploration II.
Silverback, backed by private equity EnCap Investments LP, holds 47,000 net acres in Eddy County, New Mexico. Recent production from the acquired assets was 5,000 boe/d (52% oil, 75% liquids).
Riley Permian estimates around 19,000 net acres (79% undeveloped) are prospective for the Yeso Trend, one of the company’s main development areas.
Riley mainly targets the Yeso’s Paddock and Blinebry formations. The Silverback acquisition will add over 300 gross undeveloped locations on the Northwest Shelf.
Ford is hiking prices on three models. The second-biggest...
Ford is hiking prices on three models. The second-biggest automaker in the US will increase prices on the Mexican-produced Mustang Mach-E electric SUV, Maverick pickup, and Bronco Sport by as much as $2,000 due to tariffs, Reuters reported. A spokesperson said that the company is not passing the full cost of tariffs onto its customers, but acknowledged that President Trump’s historic levies on foreign auto imports played a role in the price hikes. The automaker said last week that tariffs would cost it $2.5 billion over the full year. Trump softened his auto tariff policy last month, exempting car companies from his steel and aluminum levies on top of the 25% tax on foreign vehicles.
Meta is reportedly developing a “super-sensing” mode for its AI glasses that could identify people by name.
De Beers, the South African-British diamond giant, is closing its lab-grown diamond business, the company announced, as the value of human-made gems declines.
Coinbase acquired Deribit, a popular trading platform for bitcoin and ether options, for $2.9 billion.
FEMA acting head Cameron Hamilton was fired yesterday, Politico reported, amid reports that President Trump could look to shrink the department or eliminate it entirely.
Match Group, which owns Hinge and Tinder, cut 13% of its workforce as it seeks a turnaround following several executive departures and pressure from activist investors.
Dow closes just shy of exiting correction as stocks rise on U.S.-U.K. trade deal
U.S. stocks closed higher on Thursday, but off the session's...
U.S. stocks closed higher on Thursday, but off the session's loftiest levels, after President Trump touted his first significant win in securing a trade deal with a longstanding trade partner.
The U.S. and U.K. outlined broad strokes of their trade agreement, which still would keep 10% tariffs in place on many British imports sold in the U.S., while allowing more American agriculture products into the U.K.
Stocks lost ground in late-afternoon trade after Bloomberg reported that Trump wants to see a tax hike on wealthy people who earn $2.5 million or more.
The blue-chip Dow Jones Industrial Averageclosed 254.48 points higher, or up 0.6%, ending at 41,368.48. That was slightly less than the 10% climb needed from its recent closing low to cement an exit from correction territory for the index. The minimum needed would be a close of 41,410.15 or higher.
The S&P 500 gained 32.66 points, or 0.6%, ending at 5,663.94.
The Nasdaq Composite finished 189.98 points higher, or 1.1%, closing at 17,928.14.
