Crude oil inventories in the US rose by 244,000 barrels...
Crude oil inventories in the US rose by 244,000 barrels in the week that ended April 18th, contrasting with market expectations of a 700,000 barrel draw, to mark the fourth consecutive week of inventory build in the country, according to data from the EIA Petroleum Status Report.
On the other hand, stocks in the Cushing, Oklahoma, delivery hub eased by 86,000 barrels.
Among refined fuels, gasoline stocks plummeted by 4.5 million barrels and stocks of distillate fuels sank by 2.3 million barrels, both well above expectations.
EQT Buys Private Marcellus E&P Olympus Energy for $1.8B
EQT Corp. is acquiring upstream and midstream assets from private Marcellus...
EQT Corp. is acquiring upstream and midstream assets from private Marcellus E&P Olympus Energy for $1.8 billion. The deal is expected to close in the third quarter.
The deal includes $500 million in cash and approximately 26 million shares of EQT common stock, valued at $1.3 billion, the company announced on April 22 in its first-quarter earnings.
Blackstone-backed Olympus owns 90,000 net acres in southwest Pennsylvania, adjacent to EQT’s core Marcellus portfolio. Net production averages 500 MMcf/d.
Olympus holds 165 gross Marcellus drilling locations; 60 additional gross locations are in the deeper Utica bench.
At maintenance activity levels, Olympus holds over a decade of high-quality Marcellus inventory and another seven years of Utica upside.
The automaker reported Q1 earnings yesterday, and they were ugly. Net...
The automaker reported Q1 earnings yesterday, and they were ugly. Net income plummeted 71%, auto revenue fell 20% (worse than estimates), and the company paused its 2025 guidance amid a perfect storm of challenges: competition from China’s BYD and other EV-makers, supply chain issues, and political backlash against CEO Elon Musk. And while President Trump’s tariffs won’t hit Tesla as hard as other US automakers, the company admitted trade policies still “could have a meaningful impact on demand.” On a call with investors, Musk promised that starting next month, his “time allocation to DOGE will drop significantly,” and he will devote more of his time to Tesla.
Bessent reportedly expects de-escalation in the US-China trade...
Bessent reportedly expects de-escalation in the US-China trade war. US Treasury Secretary Scott Bessent believes the tariff tit for tat between the US and China is unsustainable and will lead to an imminent deescalation, he told investors at a closed-door JPMorgan Chase event yesterday, according to Bloomberg. Despite his optimism, Bessent reportedly also said that negotiations between the two countries have not yet started. Stocks immediately rose following the news of the secretary’s private comments.
OpenAI would be open to buying Chrome if Google is forced by a federal court to sell the web browser, the company’s ChatGPT head said yesterday.
60 Minutes’s executive producer, Bill Owens, quit the storied CBS News program, telling staff that he no longer felt like he had editorial independence as CBS parent company Paramount Global looks to settle a lawsuit filed by President Trump.
The FDA suspended milk quality tests in some dairy products due to reduced capacity stemming from federal workforce cuts, Reuters reported.
Roche, the Swiss pharmaceutical giant, is investing $50 billion in US manufacturing to circumvent President Trump’s tariffs, the company said yesterday.
Rite Aid is preparing to sell itself in pieces ahead of a possible second bankruptcy, Bloomberg reported.
Natural Gas Well Leads Arkansas Discoveries - April 22, 1920
Although natural gas was first discovered in 1887 at Fort Smith, the...
Although natural gas was first discovered in 1887 at Fort Smith, the first commercial production began in southern Arkansas with a well completed southeast of El Dorado. Drilled to a depth of almost 2,250 feet, the well produced up to 60 million cubic feet of natural gas a day and showed signs of oil from the Nacatoch formation sandstone. The first Arkansas oil wells arrived one year later at El Dorado and at Smackover in 1922.
