APA, formerly Apache, made the reductions in January and late February,...
APA, formerly Apache, made the reductions in January and late February, according to an emailed response to questions. The reductions amount to 10% and 15% of the company’s more than 2,300-person workforce.
APA is the worst-performing energy stock in the S&P 500 over the past 12 months. With operations stretching from the US Permian Basin to Egypt, investors have been concerned APA is spread too thin geographically for a company of its size. In November, the company announced plans to shutter operations in the North Sea, and is targeting about $350 million in annual savings by the end of 2027.
ExxonMobil focuses on Permian scale, LNG expansion
According to Dan Ammann, president of ExxonMobil's upstream business,...
According to Dan Ammann, president of ExxonMobil's upstream business, the Permian Basin is shifting to large-scale, technology-driven development, with longer laterals and optimized well designs improving efficiency. The company uses proprietary proppant technology and multi-bench "cube" development to drive production gains. Exxon plans to boost Permian production to around 2.3 million barrels of oil equivalent per day by 2030 and expand its LNG supply to about 29.8 million short tons per year by 2027.
The new ground offensive put troops back in areas in Gaza that Israel...
The new ground offensive put troops back in areas in Gaza that Israel had retreated from during the two-month ceasefire with Hamas that Israel broke earlier this week with a series of airstrikes that killed more than 400 people. The Israeli military called the ground operation “targeted,” saying it was aimed at creating a “partial buffer zone” between northern and southern Gaza. The escalation came as thousands of people in Israeli cities protested the return to war, calling instead for a deal ensuring the return of the remaining hostages being held by Hamas in Gaza.
Trump told both Democrats on the FTC “you’re fired.” In ...
Trump told both Democrats on the FTC “you’re fired.” In firing the two Democratic commissioners on the Federal Trade Commission, which enforces consumer protection and antitrust laws, President Trump likely set the stage for a legal battle. The two axed commissioners, Alvaro Bedoya and Rebecca Kelly Slaughter, both called their firings “illegal” and vowed to sue. However, Republican FTC Chair Andrew Ferguson said he had no doubt the president acted within his “constitutional authority.” Potentially at issue is a 1935 Supreme Court decision that says the president can’t remove a commissioner without good cause. Some, including Slaughter, have questioned what the firings could mean in the future for the Fed’s Jerome Powell, who is protected by the same court decision but has clashed with Trump.
President Trump is expected to issue an order today calling for the closure of the Department of Education.
A jury found Greenpeace liable for actions taken during protests against the Dakota Access oil pipeline and said it should pay pipeline company Energy Transfer more than $650 million in damages.
The value of X has reportedly rebounded to the $44 billion Elon Musk paid to buy the social media platform.
Ekrem Imamoglu, the mayor of Istanbul and a political rival of President Recep Tayyip Erdogan, was arrested days before he was expected to be named the opposition candidate for the next presidential election.
The Trump administration said it would withhold $175 million in federal funds from UPenn for allowing transgender athletes to compete on its women’s teams.
The government released more than 63,000 pages of records related to the assassination of President John F. Kennedy, but so far, historians haven’t found much new information in them.
The EIA reported that commercial crude inventories climbed by...
The EIA reported that commercial crude inventories climbed by 1.4 million barrels for the week that ended March 14. The government agency has now reported three consecutive weekly gains in crude supplies.
According to analysts surveyed by Platts, part of S&P Global Commodity Insights, the data were expected to show an average rise of 1.2 million barrels. Late Tuesday, however, the American Petroleum Institute reported a crude-inventory rise of 4.6 million barrels, according to a source citing the data.
The EIA also reported weekly supply declines of 500,000 barrels of gasoline and 2.8 million barrels of distillates. The survey forecast supply decreases of 2.3 million barrels of gasoline and 370,000 barrels of distillates.
The smaller-than-expected drawdown in gasoline inventories could indicate a “more healthy U.S. appetite for air travel,” said Tradition Energy’s Cunningham, especially in light of the larger-than-expected draw in distillates, which include jet fuel.
The EIA said gasoline demand fell, with total finished motor gasoline supplied, a proxy for demand, at 8.817 million barrels per day in the latest week, versus 9.182 million bpd a week earlier.
U.S. oil production changed little, at 13.57 million bpd in the latest week, the EIA said, while crude stocks at the Cushing, Okla., Nymex delivery hub declined by 1 million barrels to 23.5 million barrels.
