The US stock market just put up a worse first-half performance than the Patriots in ...
The US stock market just put up a worse first-half performance than the Patriots in Super Bowl LI.
The S&P’s drop of more than 21% was its biggest H1 plunge since 1970. Its second quarter was the worst since Q1 of 2020, when opera singers were giving rooftop concerts as Covid lockdowns canceled everything.
And while the S&P is floundering in the bear market, the Nasdaq, which is loaded with tech stocks, has taken an even bigger licking: It’s plunged more than 30% since its peak last November. Let’s highlight a few individual performances across the market…
Netflix: down 71% YTD (the worst performer in the S&P)
Coinbase: down 81%
Even megacaps like Meta (-52%), Amazon (-38%), and Apple (-25%) haven’t been spared.
Citizen Energy Sees ‘Dominant Footprint’ Following Latest Midcontinent Acquisition
Citizen Energy closed its first acquisition of 2022, giving the Tulsa, Okla.-based company...
Citizen Energy closed its first acquisition of 2022, giving the Tulsa, Okla.-based company what it called a “dominant Midcontinent footprint” by acquiring substantially all assets owned by Red Bluff Resources and Bricktown Energy.
The deal raises Warburg Pincus-backed Citizen’s average daily production by 18% to average production of 86,000 boe/d from more than 720 operated wells across the Anadarko Basin. The company will also hold 326,000 net acres, 98% HBP. Citizen’s projected next 12-month EBITDAX is expected to range between $750 million and $800 million, the company said in a June 29 press release.
A private company, Citizen said in the release it expects the acquisition to be “highly accretive to shareholder returns” and that it sets it on a trajectory to becoming one of the top private producers in the U.S.
US crude supplies declined in the past 2 weeks, EIA says
US crude oil stockpiles posted two consecutive weekly declines,...
US crude oil stockpiles posted two consecutive weekly declines, falling by about 400,000 barrels in the week ended June 17 and by 2.8 million barrels last week, the Energy Information Administration reported. Meanwhile, gasoline and distillate inventories added 2.6 million barrels each last week, the EIA said.
EU Imports More U.S. LNG Than Russian Pipeline Gas For The First Time Ever
For the first time ever, the European Union has imported in June more liquefied natural gas (LNG) from...
For the first time ever, the European Union has imported in June more liquefied natural gas (LNG) from the United States than gas via pipeline from Russia, as Moscow slashed supply to Europe earlier this month, Fatih Birol, Executive Director of the International Energy Agency (IEA), said on Thursday.
“Russia’s recent steep cuts in natural gas flows to the EU mean this is the 1st month in history in which the EU has imported more gas via LNG from the US than via pipeline from Russia,” Birol tweeted today, sharing an analysis from the IEA.
“The drop in Russian supply calls for efforts to reduce EU demand to prepare for a tough winter,” the head of the Paris-based agency added.
Russia moves to take control of Sakhalin-2 oil and gas project
Russia has moved to take over a major oil and gas project in which Shell has a 27.5% stake. ...
Russia has moved to take over a major oil and gas project in which Shell has a 27.5% stake. Russian President Vladimir Putin signed a decree on Thursday to take charge of the Sakhalin-2 project.
The move could force Shell and Japan's Mitsui and Mitsubishi to abandon their investments as the economic fallout of the Ukraine war spreads.
Oil giant Shell said: "We are aware of the decree and are assessing its implications."
The decree said a new firm would take over all rights and obligations of Sakhalin Energy Investment.
