(Reuters) -U.S. energy firms this week added oil and...
(Reuters) -U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row to the highest level since June, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, rose by four to 592 in the week to February 21.
Despite this week's rig increase, Baker Hughes said the total count was still down 34, or 5% below this time last year.
Baker Hughes said oil rigs rose by seven to 488 this week, their highest since September, while gas rigs fell by two to 99.
Drillers added five rigs in Oklahoma,bringing the total count to 49, the highest since May 2023, while in West Virginia, they added one rig, bringing the total to 11, the highest since August 2023.
Oil futures ended with losses Friday, turning lower on...
Oil futures ended with losses Friday, turning lower on the week, as crude continued to struggle to break out of a sideways trading pattern.
West Texas Intermediate crude for April delivery dropped $2.08, or 2.9%, to finish at $70.40 a barrel on the New York Mercantile Exchange.
April Brent crude the global benchmark, fell$2.05, or 2.7%, to settle at $74.43 a barrel on ICE Futures Europe.
Back on Nymex, March gasoline declined 2.9% to close at $2.0267 a gallon, while March heating oil fell 2.8% to $2.4323 a gallon.
March natural gas rose 2% to finish at $4.234 per million British thermal units, leaving it with a 13.7% weekly jump after an Arctic blast boosted demand and served to undercut production.
Dow books worst week since October as U.S. stocks close sharply lower
The U.S. stock market struggled Friday, with the Dow...
The U.S. stock market struggled Friday, with the Dow Jones Industrial Average seeing its biggest weekly drop since October as investors assessed a survey showing consumer sentiment soured.
The Dow Jones tumbled 748.63 points on Friday, or 1.7%, to close at 43,428.02.
The S&P 500 dropped 104.39 points, or 1.7%, to finish at 6,013.13.
The Nasdaq Composite slumped 438.36 points, or 2.2%, to end at 19,524.01.
The Dow has now wiped out all its post-inauguration gains, according to Dow Jones Market Data. A survey from the University of Michigan found that consumer sentiment has dropped and consumers have increased their inflation expectations on tariff worries. Other economic data released Friday raised investor concerns over a decline in U.S. services activity in February.
For the week, the Dow retreated 2.5%, the S&P 500 fell 1.7% and the technology-heavy Nasdaq dropped 2.5%. The Dow saw its worst week since the stretch ending Oct. 25, according to Dow Jones Market Data.
ConocoPhillips to Sell Interests in GoM Assets to Shell for $735MM
Shell will buy ConocoPhillips’ interests in the offshore Ursa and...
Shell will buy ConocoPhillips’ interests in the offshore Ursa and Europa fields in the Gulf of MexicoAmerica for $735 million as Shell beefs up its deepwater portfolio and Conoco works toward divestment goals, the companies announced Feb. 21.
Shell is acquiring ConocoPhillips’ 15.96% working interest (WI) in the Ursa Field and 1% interest in the Europa Field. ConocoPhillips’ full-year 2024 production from the assets was approximately 8,000 boe/d. Shell is also buying Conoco’s 3.5% overriding royalty interest from its recent merger with Marathon Oil as part of the deal.
In addition, Shell Pipeline is acquiring Conoco’s 15.96% membership interest in the Shell-operated Ursa Oil Pipeline Co.
The transaction remains subject to customary closing conditions and is expected to be completed by the second quarter of 2025. The effective date of the transaction is Jan. 1.
Trump's push to revive Alaska gas project ignites debate
Alaska's long-stalled $44 billion natural gas pipeline and export terminal...
Alaska's long-stalled $44 billion natural gas pipeline and export terminal project has gained renewed attention, thanks to President Donald Trump's repeated support and talk of potential partnerships with Japan. However, decades of false starts, steep financial and logistical hurdles and shifting energy markets cast serious doubt on the project's viability, leading some to suggest that the state should prioritize preparations for possible gas imports instead.
