US Oil Output To Fall Next Year Unless Rig Counts Rise, Key Energy Investor Says
A key energy investor said US oil production will decline by about 1...
A key energy investor said US oil production will decline by about 1 million barrels per day by the second half of 2025 unless rig counts rise.
Adam Rich, deputy chief investment officer at Vaughan Nelson, a Houston-based investment manager, said more rigs will be needed to offset declining productivity from existing wells.
“We could probably keep the 12-13 million barrel-per-day level for six to nine more months, but if we don’t see rig counts start moving up here, that’s going to be a big problem,” he said in an interview.
Noble announces $1.59B acquisition of Diamond Offshore
US offshore driller Noble Corp has agreed to acquire rival Diamond Offshore...
US offshore driller Noble Corp has agreed to acquire rival Diamond Offshore Drilling for roughly $1.59 billion in cash and stock. The deal, expected to close in the first quarter 2025, will realize $100 million in annual pre-tax cost synergies and expand Noble's drillship fleet to 41 rigs.
Upcoming pipeline not enough to address Permian gas glut
The startup of the 2.5-Bcf/d...
The startup of the 2.5-Bcf/d Matterhorn Express natural gas pipeline this summer will temporarily alleviate the Permian Basin's gas glut. Still, analysts warn that another takeaway capacity shortage is likely by 2026 or 2027 without additional infrastructure. None of the four other gas pipeline projects proposed in the region has reached a final investment decision, making it unlikely they will come online in time to prevent future bottlenecks.
US dockworkers are threatening to strike. The union...
US dockworkers are threatening to strike. The union representing more than 45,000 dockworkers at ports throughout the US canceled labor talks yesterday and is threatening a work stoppage to protest the use of automated machinery, the WSJ reported. Union leader Harold Daggett vowed the group would go on strike if a new contract with the ports is not reached by September 30, when the current agreement expires. An October strike could add another wrinkle to the upcoming presidential election and uncertainty to the holiday shopping season, which relies on goods traveling from overseas into US ports.
Dan Hurley reportedly turned down a six-year, $70 million offer to become the head coach of the NBA’s Los Angeles Lakers to stay at UConn, where he’s won back-to-back NCAA titles.
The Supreme Court agreed to consider Meta’s bid to shut down a class-action lawsuit over the Cambridge Analytica scandal.
Edgar Bronfman Jr. and Bain Capital are interested in buying National Amusements, the company that owns Paramount Global, for up to $2.5 billion, the WSJ reported, while Paramount is exploring a merger with Skydance Media.
The WNBA reported its best early-season TV viewership in league history and the highest attendance in 26 years, due in part to the arrival of star Caitlin Clark.
Bad Boys 4, Will Smith’s first major film since he slapped Chris Rock at the 2022 Oscars, had a successful $104.6 million global box-office debut.
Benchmark U.S. crude oil for July delivery rose $2.21to $77.74 per barrel Monday. Brent crude for August delivery rose $2.01to $81.63 per barrel.
Wholesale gasoline for July delivery rose 3 centsto $2.41 a gallon. July heating oilrose 6 centsto $2.41 a gallon. July natural gasfell 1 cent to $2.91 per 1,000 cubic feet.
