Riverstone-backed Montney Shale Producer Plans US Listing in SPAC Deal
Hammerhead Resources Inc., a Canadian oil and...
Hammerhead Resources Inc., a Canadian oil and gas producer backed by Riverstone Holdings LLC, plans to list on the NASDAQ by merging with a blank-check company also sponsored by Riverstone, the companies said in a joint release on Sept. 26.
The blank-check company, Decarbonization Plus Acquisition Corp. IV (DRCD), marks the fourth Riverstone-sponsored special purpose acquisition company (SPAC) focused on global decarbonization to transact. Further, the merger agreement with Hammerhead also marks the first oil and gas transaction by the firm’s decarbonization SPAC vehicles.
BP, Chevron Cut Offshore Oil Production Ahead of Hurricane Ian
BP Plc and Chevron Corp. on Sept. 26 said they have shut-in production at offshore oil platforms in the...
BP Plc and Chevron Corp. on Sept. 26 said they have shut-in production at offshore oil platforms in the Gulf of Mexico, as a powerful Hurricane Ian bore down on the top U.S. offshore production region.
The category 2 storm was in the Caribbean and was forecast to become a major hurricane within two days. It was packing 100 mile per hour (161 kph) winds and expected to rapidly intensify as it crosses the Gulf’s warm waters, the National Hurricane Center (NHC) said.
The storm is the first this year to disrupt oil and gas production in the U.S. Gulf of Mexico, which accounts for about 15% of the nation's crude oil and 5% of dry natural gas production.
Oil prices will head back toward $100 per barrel as a supply crunch returns to the energy market, JPMorgan says
Oil prices have been on a ...
Oil prices have been on a steady slide all summer long – but that could change in the last stretch of the year, with Brent crude heading back toward $100 a barrel as supply tightens, according to JPMorgan.
In a note published last week, analysts backed their forecast for the international oil benchmark to hit $101 a barrel in the fourth quarter and $98 a barrel in 2023.
Oil prices have been dropping for months after peaking at around $122 a barrel in June. On Monday, Brent fell to $84.06.
Benchmark U.S. crude oil for November delivery fell $2.03 to $76.71 a barrel Monday. Brent crude for November delivery fell $2.09 to $84.06 a barrel.
Wholesale gasoline for October delivery was unchanged at $2.38 a gallon. October heating oilfell 11 cents to $3.13 a gallon. October natural gas rose 7 cents to $6.90 per 1,000 cubic feet.
Dow falls over 300 points to finish in bear market; S&P 500 ends at new 2022 low
U.S. stocks closed lower Monday amid elevated market volatility,...
U.S. stocks closed lower Monday amid elevated market volatility, extending last week's losses as the S&P 500 sank to a new 2022 low. The S&P 500 SPX, -1.03% dropped 1% to end around 3,655.52, while the Dow Jones Industrial Average DJIA, -1.11% fell 1.1% and the Nasdaq Composite COMP, -0.60% slid 0.6%, according to preliminary FactSet data. The S&P 500 ended below its previous closing low this year of 3666.77 on June 16. Wall Street's fear gauge has climbed amid fears over the Federal Reserve aggressively raising interest rates to fight inflation, with investors worried its hawkish stance will lead to a U.S. recession. The CBOE Volatility Index VIX, 5.88% climbed to more than 31 Monday, above its 50-day moving average of 23.86, FactSet data show, at last check. The yield on the 10-year Treasury note surged 18.3 basis points Monday to 3.878%, the highest rate since April 2010 based on 3 p.m. Eastern time levels, according to Dow Jones Market Data. The Dow ended in bear market territory, finishing around 29,260.81 Monday.
