The oil and gas rig count, an early indicator of future output, rose four to 693 in the week to April 14, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Thursday.
U.S. oil rigsrose two to 548 this week, their highest since April 2020, while gas rigsrose two to 143, their highest since October 2019.
Even though the rig count has climbed for a record 20 months in a row through March, weekly increases have mostly been in single digits and oil production is still far below pre-pandemic record levels as many companies focus more on returning money to investors and paying down debt rather than boosting output.
Analysts said the industry must drill new wells going forward because the number of DUCs available was dropping fast.
A US government advisory has been issued about a malware toolkit known as Pipedream that targets critical...
A US government advisory has been issued about a malware toolkit known as Pipedream that targets critical infrastructure by disrupting or taking control of specific types of programmable logic controllers used in many factories. "It's important to note that while this alert calls out tools for gaining access to specific industrial control systems, there's a bigger picture threat that involves more of the industrial control environment," says Tripwire executive Tim Erlin.
New York Attorney General Letitia James has announced a...
New York Attorney General Letitia James has announced a probe into suspected gas price gouging by oil companies during Russia's invasion of Ukraine, with plans to scrutinize the state's entire supply chain. "This is an industry of price takers, not price makers, and countless investigations throughout history have shown that changes in gasoline prices are based on market factors," American Petroleum Institute spokesperson Bethany Williams said in response to the announcement.
Stocks lose ground in holiday-shortened week as investors weigh earnings, inflation
Stocks ended lower Thursday, leaving major indexes with losses for a holiday-shortened week;...
Stocks ended lower Thursday, leaving major indexes with losses for a holiday-shortened week; U.S. markets will be closed on Good Friday. The Dow Jones Industrial AverageDJIA, -0.33% fell around 114 points, or 0.3%, to close near 34,451, according to preliminary figures, while the S&P 500 SPX, -1.21% lost around 54 points, or 1.2%, finishing near 4,393. The Nasdaq CompositeCOMP, -2.14% fell around 293 points, or 2.1%, to end near 13,351. The Dow fell 0.8% for the week, while the S&P 500 fell 2.1% and the Nasdaq lost 2.6%. Investors weighed a mixed start to earnings season, including results from major banks on Thursday. Inflation data earlier this week showed consumer prices rose in March at the fastest year-over-year pace since 1981.
SilverBow Acquires Sundance, SandPoint in $425 Million A&D Double Play
SilverBow Resources Inc. agreed on April 14 to acquire Sundance Energy Inc....
SilverBow Resources Inc. agreed on April 14 to acquire Sundance Energy Inc. and SandPoint Operating LLC, two independent Eagle Ford Shale operators, for a combined $425 million-plus up to $15 million contingent payments based on future commodity prices. “There is strong industrial logic for these acquisitions as the acreage overlap will allow SilverBow to drive synergies and optimize development plans,” SilverBow CEO Sean Woolverton commented in a company release.
