For the second time in his career, Pioneer Natural Resources’ Scott D. Sheffield is...
For the second time in his career, Pioneer Natural Resources’ Scott D. Sheffield is retiring as CEO of one of the Permian Basin’s premier oil-producing E&Ps.
Sheffield is expected to continue to serve on the board following his retirement, the company said in an April 26 press release. Pioneer’s board named Richard “Rich” P. Dealy as the company’s next CEO, effective Jan. 1, 2024. Dealy has already been nominated for election to the board.
Sheffield previously stepped down from the CEO role in 2016 when the company was worth $28 billion. Pioneer’s founding CEO returned roughly two years later, and Sheffield has since led the company to a $52 billion market capitalization through increased production, a focus on the Permian’s Midland Basin and a series of multi-billion dollar acquisitions.
Stocks closed mixed as tech leads the Nasdaq higher, but Dow loses almost 230 points
U.S. stocks ended mostly lower on Wednesday as robust earnings from big tech companies boosted the Nasdaq...
U.S. stocks ended mostly lower on Wednesday as robust earnings from big tech companies boosted the Nasdaq Composite, but concerns about First Republic Bank weighed on the broader market after the San Francisco-based lender revealed an exodus of deposits in March in the aftermath of Silicon Valley Bank collapse.
The Dow Jones Industrial AverageDJIA, -0.68% was off 228.96 points, or 0.7%, to end at 33,301.87
The S&P 500SPX, -0.38% lost 15.64 points, or 0.4%, to finish at 4,055.99
The Nasdaq Composite COMP, 0.47% advanced 55.19 points, or 0.5%, ending at 11,854.35
Natural gas investors this year will be watching to see...
Natural gas investors this year will be watching to see which LNG projects in Mexico get greenlighted and monitoring permitting and pipeline delays The need for underground storage facilities in the US is also a concern: "The U.S simply hasn't added much incremental storage capacity in the last decade, and that second wave of LNG export facilities will likely add significant strain to the existing system," says Patrick Rau, National Gas Intelligence director of strategy and research.
MARKET WATCH: Microsoft surge powers early triple-digit Nasdaq gain as U.S. stocks rebound
U.S. stocks opened higher on Wednesday as a rally in Microsoft Corp. ...
U.S. stocks opened higher on Wednesday as a rally in Microsoft Corp. MSFT, 7.06% shares helped to boost the Nasdaq Composite. However, further declines in shares of First Republic Bank FRC, -18.46% following its Monday earnings report were seen as a cause for concern. The S&P 500 SPX, 0.20% gained 8.5 points, or 0.2%, to 4,080. The Nasdaq Composite COMP, 0.97% rose by 93 points, or 0.8%, to 11,892, after finishing Tuesday’s session at its lowest closing level in nearly a month. The Dow Jones Industrial Average DJIA, 0.16% gained 88 points, or 0.3%, to 33,618.
The energy sector is off to a mixed-to-higher start amid a rally in equity futures, which has outweighed a fall in crude oil contracts. U.S. equities are higher in the pre-market as investors react to positive Q1 earnings from Microsoft, while they await to digest more corporate data which will provide clues on the Fed’s interest rate path. As earnings season continues to heat up, Hess Corp reported first-quarter earnings, beating Wall St estimates, and disclosed a new discovery offshore Guyana by a consortium led by Exxon Mobil.
WTI and Brent crude oil are slightly lower as falling U.S. inventories failed to eclipse weak economic data and concerns over a hard landing. According to API figures, U.S crude stockpiles fell by about 6.1 million barrels last week, outpacing a 1.9-million-barrel decrease in gasoline inventories. Additionally, WTI Midland is set to be added to the S&P Global Platts and is the first crude from outside the region to be added to the traditionally European-based basket. The amount of Midland crude arriving in Europe has climbed in the past year, following the sanctions on Russia which have only strengthened the importance of WTI across the Atlantic.
Natural gas futures are lower on the last day before the expiration of the front-month contract on forecasts for milder weather in the next two weeks.
