SLB predicts flat revenue and profit for the quarter amid weaker activity across Saudi Arabia and Latin America
Olivier Le Peuch, CEO of oilfield services firm SLB, said that the company expects the second-quarter revenue to be similar to the first quarter because drilling activity is weaker in Saudi Arabia and Latin America. Speaking at the J.P. Morgan Energy, Power & Renewables Conference, the CEO said that the company's Saudi Arabian activity had decreased more than expected…
Coterra Energy maintains Permian rig counts as fears about the oil market ease
Coterra Energy, an oil and gas company in the United States, will keep its Permian basin rig count at nine, said CEO Tom Jorden on Tuesday. This reverses earlier plans to reduce activity, as the firm becomes more confident about the outlook of oil prices. Coterra announced in May that it would reduce the number of Permian rigs to seven in the second half 2025…
Commodity Report: Meeting Oil Demand a Challenge if Israel Hits Iran Oil
Oil market participants have switched to dreading a shortage in fuel from focusing on impending oversupply in just two days this week.After Israel attacked Iran and Tehran pledged to retaliate, oil prices jumped as much as 13% to their highest since January as investors price in an increased probability…
Sources say that Macquarie's $3.6 Billion S. Korean Gas firm attracts interest from KKR and other industry players, including Brookfield,
Two sources familiar with the deal said that KKR & Co., Brookfield Asset Management and Air Liquide are all potential bidders. The deal could be worth up to $3.6 Billion. Sources said Macquarie hired Goldman Sachs to handle the sale, and they expect non-binding offers this month. They declined to name them as the information was not public.
Baker Hughes, a provider of oilfield services, sells a stake in Cactus
Baker Hughes is selling 65% of the surface pressure control division to Cactus, a maker of equipment. The oilfield services company will focus on its core business amid volatile oil price fluctuations. They said that the companies would form a joint-venture to run the business. Baker Hughes will retain a 35% share after the transaction closes.
Orsted Shares Rise After Equinor Wind Project Gets Green Light
Shares of offshore wind developer Orsted rose 15% on Tuesday after the U.S. administration revoked an order to halt work on a project by peer Equinor, easing concerns over the Danish company's U.S. projects under development.Late on Monday Equinor said the Trump administration had lifted a month-old stop-work order on its Empire Wind offshore wind project in New York…
Devon Energy to boost free cash flow by $1 billion by 2026
Devon Energy announced on Tuesday that it intends to increase its annual free cashflow by $1 billion by 2026. This sent its shares up by 3.5% in the premarket. This is what the U.S. oil-and-gas producer hopes to achieve by reducing costs for drilling and completion and improving operating margins. Devon is expecting to save $300,000,000 through capital efficiency.
Stocks of tech and bank companies plummet as China's retaliation fuels fears of a wider trade war
U.S. tech giants, banks, and oil majors all fell on Friday, after China responded to Trump's new tariffs by imposing steep duties. This heightened fears of an economic recession around the world. China has imposed additional duties of 34 percent on U.S. products, which will take effect on April 10. China also announced a ban on the export of certain rare-earths…
US tech and retail stocks lead the rout following Trump's tariff blow
Apple, Walmart and Nike are among the U.S. megacap tech companies that led to a global meltdown after President Donald Trump announced new tariffs. The fears about a cost spike across many industries were heightened by these new tariffs. The tariffs threaten to disrupt the global trade order and upset businesses.
Trump tariffs stymie M&As and IPOs during what was expected to be a record-breaking quarter
The global trade war started by U.S. president Donald Trump, and the subsequent market turmoil, has shattered bankers' expectations for a strong start to Wall Street deals in 2018. Dealogic data for the first quarter showed that mergers and purchases volume increased 12.6% from the year-ago period to $984.38 Billion.
M&A revenues fall as Trump pursues his tariffs. Global deal activity is disappointing
The global trade war started by U.S. president Donald Trump, and the subsequent market turmoil, has shattered bankers' expectations for a strong start to Wall Street deals in 2018. Dealogic data for the first quarter showed that mergers and purchases volume increased 12.6% from the year-ago period to $984.38 Billion.
Boeing, Apple and GE will join US business delegation to Vietnam next week list shows
A list of participants, including Boeing, Apple, and other top U.S. companies in tech, defence, and energy, will be joining a large mission to Vietnam, next week. This could be a sign of confidence, as Vietnam tries to avoid U.S. tariffs on trade. The US-ASEAN Business Council is an advocacy group that organizes the annual mission.
UK court orders Barrick to pay Hannam $2 Million for the Randgold merger
The High Court of London ruled that Barrick Gold Canada must pay British dealmaker Ian Hannam’s firm $2 Million plus expenses for the work he did on the acquisition by Randgold Resources. Hannam, a former top rainmaker at JPMorgan, was nicknamed "the king of mining" because of his track record in brokering deals for the resources sector.
Constellation skips first earnings call since spinoff
Constellation Energy, the U.S.'s largest nuclear power company, missed its quarterly investor call for the first since it went public three years ago. Constellation didn't immediately respond to an inquiry for comment. Analysts were surprised by the lack of a phone call. Constellation, based in Maryland, held a conference call with its management last month.
How Trump's tariffs could affect the commodity and energy sector
Donald Trump, the U.S. president, imposed duties on Canada and Mexico of 25% each and China a 10% tax on Saturday. He said the measures were necessary to fight illegal immigration and drug trafficking. Canada and Mexico immediately pledged retaliatory actions, while China announced it would challenge…
RBC is the latest Canadian lender in global climate coalition to withdraw.
A spokesperson for Royal Bank of Canada announced on Friday that the bank is leaving the global banking sector's climate coalition. This follows similar moves by its domestic banking counterparts. The Net-Zero Banking Alliance was established in 2021 by Mark Carney, former Governor of the Bank of Canada…
Oil prices fall as Trump reiterates his call for OPEC price cuts
Oil prices fell on Monday, after U.S. president Trump asked OPEC for a reduction in prices in response to his announcement that he would take a wide range of measures to increase U.S. oil production and gas output during his first week as president. Brent crude futures fell 53 cents or 0.68% to $77.97 per barrel at 0430 GMT, after closing up 21 cents Friday. U.S.
Trump calls for OPEC price reductions
The oil prices dropped more than 1% Monday, after U.S. president Trump asked OPEC for a price reduction following his announcement of sweeping measures to increase U.S. gas and oil production in his first weeks in office. Brent crude futures fell 87 cents or 1.11% to $77.63 per barrel at 0043 GMT, after closing up 21 cents Friday. U.S.
Oil Dips on Larger US Crude Draw, Russia Sanctions
Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on U.S. President Joe Biden's latest sanctions targeting Russia and a larger than forecast fall in U.S. crude stocks.Brent crude futures were down 12 cents, or 0.15%, to $81.91 per barrel at 1415 GMT, after rising 2.6% in the previous session to their highest since July 26.U.S.
Oilfield services provider Flowco raised $427 mln through its US IPO
Flowco Holdings announced on Wednesday that it had raised $427.2 Million after pricing its U.S. Initial Public Offering above its target range. Flowco set the price of its 17.8 million shares to $24 per share. The company advertised to list its stock between $21 and $23. The U.S. IPO Market has been revitalized by strong equity markets…
