Busiest US Shale Play Keeps Adding Supply Despite Inflation
Drillers across the Permian Basin are boosting oil production even as companies warn...
Drillers across the Permian Basin are boosting oil production even as companies warn soaring inflation across the oil patch could stunt growth.
Output from the Permian, which stretches across Texas and New Mexico, reached 5.14 million barrels a day in May, up modestly from its previous forecast of 5.13 million, according to an Energy Information Administration report. That's a fresh record high in data going back to 2007. The prolific shale basin is forecast to add supply through July, the agency said in its Drilling Productivity Report.
Meanwhile, in the Permian, the number of drilled but uncompleted wells, known as DUCs, is at the lowest level in at least 5 years, the agency said. Producers are using up their existing inventory of DUCs to avoid spending on new drilling given their newfound capital discipline. But to maintain and expand production in the future, new drilling has to occur.
Dow drops almost 900 points as U.S. stocks close sharply lower, S&P 500 ends in bear market
U.S. stocks closed sharply lower Monday, with the S&P 500 entering a bear market, amid heightened...
U.S. stocks closed sharply lower Monday, with the S&P 500 entering a bear market, amid heightened fears over high inflation ahead of the Federal Reserve's two-day policy meeting that kicks off Tuesday. The Dow Jones Industrial Average DJIA, -2.79% tumbled almost 900 points to close 2.8% lower, while the S&P 500 SPX, -3.88% dropped 3.9% and the Nasdaq Composite COMP, -4.68% plunged 4.7%, according to preliminary FactSet data. All 11 sectors of the S&P 500 closed lower, with investors increasingly concerned that a more aggressive Fed will push the U.S. economy into a recession.
Unit Corp. Ends Bid to Liquidate Properties Following Gulf Coast Asset Sale
Unit Corp. said it has agreed to sell its Gulf Coast oil and gas assets for $56 million but will end...
Unit Corp. said it has agreed to sell its Gulf Coast oil and gas assets for $56 million but will end its bid to sell its remaining assets and instead seize the opportunity from rising commodity prices to increase its share buyback program.
Based in Tulsa, Okla., Unit Corp. began a divestiture program in early 2021 to sell its non-core oil and gas assets. The company had engaged Tudor, Pickering, Holt & Co. (TPH) in January of this year to sell all of its oil and gas properties and reserves. However, in a June 10 release, Unit said it ended its agreement with TPH due to changes in the price of oil, natural gas, and NGL and “general volatility in the market.”
What’s Affecting Oil Prices This Week? (June 13, 2022)
Despite oil prices reaching 13-week highs last week, here are the factors that Stratas Advisors said...
Despite oil prices reaching 13-week highs last week, here are the factors that Stratas Advisors said in its latest forecast are currently putting downward pressure on oil demand.
The top 10 stocks in the S&P 500 have lost $1 trillion in market cap in 4 days
The S&P 500's ...
The S&P 500's SPX, -2.92% top 9 companies by market capitalization have lost a total of more than $1 trillion in value the past four days. The S&P 500 has lost 3.0% in afternoon trading Monday as surging inflation and interest rates fuel recession fears. The index has sunk 9.1% over the past four sessions, putting it on track for the lowest close since March 4, 2021. At recent stock prices, here's what the index's 10-most valuable companies have lost in market cap the past four days: Apple Inc. AAPL, -2.71% has lost $242.94 billion; Microsoft Corp. MSFT, -3.23% has shed $205.00 billion; Alphabet Inc. GOOGL, -3.41%GOOG, -3.02% has lost $124.72 billion; Amazon.com Inc. AMZN, -4.50% has lost $190.36 billion; Tesla Inc. TSLA, -6.22% has dropped $64.66 billion in market cap; Berkshire Hathaway Inc. has lost $62.97 billion; Meta Platforms Inc. META, -4.74% has lost $76.13 billion; Johnson & Johnson JNJ, -0.37% has lost $18.31 billion; UnitedHealth Group Inc. UNH, -1.80% has lost $22.56 billion; and Exxon Mobil Corp. XOM, -3.80% has lost $29.03 billion. The total loss in market cap for those 10 companies has been $1.04 trillion.
