The Guardian – Royal Dutch Shell has reported a deep financial loss after a record writedown on the value of its oil...
By: Art Berman – Forbes – Oil production from the Bakken oil fields of North Dakota fell to a 7-year low of...
The Street – Denbury Resources (DNR) – shares rose Wednesday, after the oil and natural gas producer unveiled a prepackaged Chapter 11 bankruptcy...
By: Wood Mackenzie – Forbes – As Biden nudges ahead in the polls, the US oil and gas industry should prepare for...
By: Sergio Chapa – Houston Chronicle – Drilling rig towers may soon break the horizon of Lake Somerville, a popular reservoir 90...
CNBC – Oil and gas majors are likely to report “horrendous” second-quarter results over the next two weeks, energy analysts have told...
By: Bryan Gruley, Kevin Crowley, Rachel Adams-Heard, and David Wethe – Bloomberg – Twenty years ago, before the U.S. oil industry became...
Houston Chronicle – Banks are selling off loans and cutting credit lines to oil and gas companies to reduce their risk of...
By: Clifford Krauss – The New York Times – In the first big deal since oil prices crashed four months ago, Chevron...
Reuters – A U.S. Supreme Court decision recognizing about half of Oklahoma as Native American reservation land has implications for oil and...
Coterra Energy has recently released its last Marcellus Shale rig and may suspend well completions in the area. CEO Tom Jorden announced at a conference that the company currently has no active rigs in the Marcellus, with only one frac crew remaining. Once this crew finishes its work, Coterra may halt all completion activities in the region.
The company is shifting its capital towards more liquids-rich areas such as the Permian and Anadarko basins. This strategic move comes as low gas prices negatively impact exploration and production companies focused on natural gas. Coterra, formed from the merger of Cimarex Energy and Cabot Oil & Gas, is leveraging its diverse portfolio to adapt to market conditions.
Coterra's decision to potentially pause operations in the Marcellus is significant given the company's historical involvement in the play. Cabot Oil & Gas, now part of Coterra, was an early developer of the horizontal Marcellus play, following Range Resources, which is credited with discovering the play in 2007. As of the end of 2023, Coterra held approximately 186,000 net acres in the Marcellus dry gas window, primarily in Susquehanna County, Pennsylvania.
U.S. stocks ended near the session's highs on Thursday, as inflation data helped cement expectations for the Federal Reserve to take a modest approach next week with its first interest-rate cut in four years.
The Dow Jones Industrial Average gained 235.06 points, or 0.6%, ending at 41,097.77. The session high was 41,107.35.
The S&P 500 climbed 41.63 points, or 0.8%, closing at 5,595.76.
The Nasdaq Composite advanced 174.15 points, or 1%, finishing at 17,569.68.
The S&P 500 and Nasdaq both sealed their fourth straight session of gains.
Despite an uptick in turbulence, recent gains for stocks left equities on the doorstep of record territory. According to Dow Jones Market Data, the Dow ended Thursday only 1.1% below its record close from late August, while the S&P 500 was 1.3% off its mid-July record finish. All three indexes also were on pace for the biggest weekly gains since the week ending August 16.
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