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☆ Here are 5 sectors of the market that are working and the stocks that stand out in each
▼ + stars: | 2024-04-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +10 min

Federal Reserve Chairman Jerome Powell met with the press after the March Federal Open Market Committee (FOMC) meeting, which was pretty fraught. Data centers If there is the whiff of a data center or anything in one, the stock goes higher. It's why Meta stock is a buy a tad lower as stocks tend to revisit those kinds of declines. I worry about Club stock Stanley Black & Decker for this reason, but the dividend will keep it propped up for now. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: what's, Jerome Powell, Powell, Powell isn't, Voltaire, Vertiv, Eaton, Meta, It's, jetsam, Darius Adamczyk, Vimal, Stanley Black, Decker, Azek, Morgan Stanley, Wells, Charlie Scharf, Wells Fargo, Chipotle, that's, Johnson, Jensen Huang, Jim Cramer's, Jim Cramer, Jim, Scott Mlyn Organizations: Federal, Market, Broadcom, Google, Microsoft, Nvidia, Travel American Express, Raytheon, GE Aerospace, Royal, AAR, Honeywell, Southwest Airlines, Housing, Stanley, JPMorgan, Procter, Gamble, Colgate, Merck, Bristol, Myers, PepsiCo, Energy, Coterra Energy, Diamondback, drillers, CNBC Locations: California, Royal Caribbean, Delta, Devon

☆ China unveiled new dragon-themed drillers that it hopes will build the world's 'longest undersea high-speed railway tunnel'
▼ + stars: | 2024-02-27 | by ( Matthew Loh | ) www.businessinsider.com time to read: +1 min

China just showed off its second dragon-themed tunneller, which it said will drill an undersea railway. It's touted by China as the world's longest undersea high-speed railway tunnel. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's state-run railway giant on Monday revealed the second of its dragon-themed tunnel-boring machines for what it says is the longest undersea rail channel in the world. The Yongzhou machine, unveiled at China Railway Construction's Changsha facility, was given a "Dragon of Fortune" paint coat to commemorate the Year of the Dragon, per state media The People's Daily.

Persons: — Organizations: Service, China, Business Locations: China, Japan, Changsha

☆ The richest man you've never heard of isn't sure what to do with his billions
▼ + stars: | 2024-02-15 | by ( Camilo Fonseca | ) www.businessinsider.com time to read: +3 min

Autry Stephens is set to be one of the world's richest people after selling his oil business. The sale is set to create one of the biggest drillers poised to take advantage of Texas' oil boom. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Autry Stephens sold his company, Endeavor Energy Resources, to Diamondback Energy earlier this week. Asked by the Journal what he would do with his newfound billions, Stephens said that he hadn't really thought about it yet.

Persons: Autry Stephens, —, Stephens, he's, Lyndal Greth, wasn't, Nvidia's Jensen Huang, Mark Zuckerberg Organizations: drillers, Service, Endeavor Energy Resources, Diamondback Energy, Bloomberg, Wall Street, Endeavor, ExxonMobil, ConocoPhillips —, Cruiser, Southwest Airlines, University of Texas Austin, UT Austin Locations: Texas

Diamondback Energy will attempt to buy rival Endeavor Energy Resources to create an energy giant in the Southwestern United States worth more than $50 billion. A tie-up between Diamondback and Endeavor, if it succeeds, would create a player in the massive Permian Basin oil and gas field that straddles Texas and New Mexico. Photos You Should See View All 22 ImagesEndeavor is the largest private operator in the Permian Basin. Lower oil prices are good for U.S. drivers, as it means they'll pay less at gas pumps. Shareholders of Diamondback Energy Inc. will own about 60.5% of the combined company, while Endeavor’s equity holders would own approximately 39.5%.

Persons: Hess, Diamondback, Travis Stice, ” Stifel's Derrick Whitfield, ” Stice Organizations: Diamondback Energy, Endeavor Energy Resources, Southwestern United, Exxon Mobil, Mobil, Diamondback, Endeavor, Exxon, Chevron, Drillers, OPEC, U.S, International Energy Agency, Diamondback Energy Inc, Chesapeake Energy, Southwestern Energy, Occidental Locations: Southwestern United States, U.S, Texas, New Mexico, United States, Israel, Midland , Texas

NORMAN, Okla. (AP) — “Beer For My Horses” singer-songwriter Toby Keith has died. “The money to be made was unbelievable,” Keith told The Associated Press in 1996. “Should’ve Been a Cowboy,” his breakout hit, was played 3 million times on radio stations, making it the most played country song of the 1990s. “They were trying to get me to compromise, and I was living a miserable existence,” Keith told the AP. “I always felt like that the songwriting was the most important part of this whole industry,” Keith told the crowd of fellow singers and writers.

Persons: NORMAN, Okla, Toby Keith, Keith, “, ”, Beer, Willie Nelson, ” Keith, I’ve, I’m, ” ‘, Harold Shedd, Shedd, “ Should’ve, Shania Twain, That’s, “ I’ve, Bobby Braddock, “ They’re, He’s, George W, Bush, Barack Obama, Donald Trump, We’ll, Singer, Steve Earle, Natalie Maines, Maines, Saddam Hussein, FUTK, Ethan Hawke, Kris Kristofferson, Hawke, Vince Gill, Scott Borchetta, Trace Adkins, Joe Nichols, Josh Thompson, Clay Walker, Phil Vassar Organizations: Associated Press, Oklahoma City Drillers, United States Football League, Mercury Records, Alabama, AP, DreamWorks Records, Academy of Country, “ Billboard, Arts, “, Universal Music Group, DreamWorks, Universal, Songwriters Hall of Fame, BMI Locations: Oklahoma, Texas, Nashville, Mercury, Oklahoma City

☆ How the U.S. Became the World’s Biggest Gas Supplier
▼ + stars: | 2024-02-03 | by ( Brad Plumer | Nadja Popovich | ) www.nytimes.com time to read: +8 min

Became the World’s Biggest Gas SupplierTop exporters of liquefied natural gas 12 billion cubic feet per day U.S. Qatar 10 Australia 8 6 Russia 4 Malaysia 2 2014 2023 12 billion cubic feet per day United States Qatar Australia 10 8 6 Russia 4 Malaysia 2 2014 2023 Source: S&P Global Note: Data reflects annual average liquefied natural gas exports by country. But climate activists worry that soaring exports of liquefied natural gas could make global warming worse. In the early 2000s, natural gas was relatively scarce at home, and companies were spending billions of dollars to build terminals to import gas from places like Qatar and Australia. In the mid-2000s, U.S. drillers perfected methods to unlock vast reserves of cheap natural gas from shale rock. The process of making and shipping liquefied natural gas adds complexity and cost, but if the difference between U.S. natural gas prices and overseas prices is big enough, it is profitable.

Persons: Biden, Fracking, ”, Kenneth Medlock, —, Ben Cahill Organizations: U.S, drillers, Cheniere Energy, Center for Energy Studies, Rice University, “, Asia, Department of Energy, Energy Department, . Energy, Energy Information Administration, Clearview Energy Partners, Center for Strategic, International Studies Locations: U.S, Qatar, Australia, Russia, Malaysia, United States Qatar Australia, United States, Japan, Europe, Asia, Ukraine, China, India, Pakistan, Bangladesh, Vietnam, Texas , Louisiana, Maryland, Georgia, Mexico

In this year's gleaming host city of Dubai, billboards advertise the benefits of wind energy, climate ambition and Exxon Mobil's (XOM.N) carbon capture projects. This is seen by some as a sign of success and by others as a dangerous distraction from the business of combating climate change as over nearly three decades global oil demand, carbon emissions and temperatures have marched steadily upward. "It's a lobby fest where polluters can schmooze with politicians, all under the guise of tackling climate change," Pascoe Sabido, a researcher at the Corporate Europe Observatory, which scrutinizes corporate influence on policy-making, said. Delegates walk at the Dubai's Expo City during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 4, 2023. For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Persons: Exxon Mobil's, Pascoe Sabido, Alden Meyer, Meyer, Lisa Jacobson, Jacobson, Thaier, We're, –, Daniel Lund, Joko Widodo, COP28, Jake Schmidt, Darren Woods, General Antonio Guterres, Al Gore, Valerie Volcovici, Katy Daigle, Kate Abnett, Sarah McFarlane, Bernadette Christina, Richard Valdmanis, Alexander Smith Organizations: Exxon, Corporate, Observatory, United Nations, Business Council, Sustainable Energy, Global Strategic Communications Council, Change, United Arab Emirates, REUTERS, Natural Resources Defense, Exxon Mobil, Drillers, U.S, Reuters, Thomson Locations: DUBAI, Dubai, Berlin, The Hague, COP28, United Arab, Fiji, Indonesia, China, UAE

REUTERS/Mike Segar/File Photo Acquire Licensing RightsLONDON, Dec 4 (Reuters) - U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices. Lower 48 production climbed to a record of 10.8 million b/d, surpassing the pre-pandemic peak of 10.5 million b/d set in December 2019. Drilling activity usually turns down around 4-5 months after prices and production turns down 10-12 months after prices fall. Production growth has slowed consistently since the middle of 2022 in response to the sharp fall in prices. Related columns:- U.S. oil output hits record as producers boost drilling efficiency (November 1, 2023)- U.S. oil producers reprieved by Saudi output cut (October 3, 2023)John Kemp is a Reuters market analyst.

Persons: Mike Segar, OPEC’s, John Kemp, Barbara Lewis Organizations: Bayway, REUTERS, OPEC, U.S . Energy Information Administration, Cooperation, Energy Information Administration, Thomson, Reuters Locations: Phillips, Linden , New Jersey, U.S, Saudi Arabia, Gulf of Mexico, Alaska, OPEC, United Kingdom, Russia, Soviet, Vienna, Brazil, Guyana, El, Saudi

☆ Defying Pope's calls for climate action, US Catholic bishops cling to fossil fuels
▼ + stars: | 2023-11-29 | by ( Richard Valdmanis | ) www.reuters.com time to read: +9 min

The ongoing investments in the U.S. reflect a long-running rift between U.S. Catholic bishops and the pope on how to address global warming. The pope's Laudato Si encyclical urged immediate action against climate change, declaring that "highly polluting fossil fuels need to be progressively replaced without delay." The Vatican bank, which is separate from APSA, also does not invest in fossil fuels, a bank official said. Notably absent are any dioceses in the U.S.Reuters reviewed the financial reports published by two dozen of the nation's more than 170 Catholic dioceses, including several of its largest, and found that few provide details on specific investments. He called the enormous financial gains by oil companies "immoral profits."

Persons: Pope Francis, Remo Casilli, Dan DiLeo, Peter Marlow, Anne, Marie Welsh, William Lori, Joshtrom Kureethadam, Chieko Noguchi, Noguchi, USCCB, Sabrina Danielsen, Danielson, Richard Valdmanis, Philip Pullella, John Mair, Suzanne Goldenberg Organizations: Catholic, drillers, U.S . Conference of Catholic Bishops, Catholic Church, Reuters, Justice, Peace, Creighton University in, Vatican, Opportunity Fund, Collective Investment, Archdiocese, Development, American Petroleum Institute, Christian Brothers Investment Service, Investment, BP, Shell, Creighton University, U.S, Thomson Locations: United States, Dubai, Creighton University in Nebraska, U.S, APSA, Vatican, Ireland, Germany, Archdiocese, Boston, Chicago, San Francisco, Erie , Pennsylvania, Texas, San Antonio, Austin, Fort Worth . Erie, Erie, Baltimore, Paris, Saudi Aramco, PetroChina, India, Vatican City, Berlin, Sydney

☆ Insight: Defying Pope's calls for climate action, US Catholic bishops cling to fossil fuels
▼ + stars: | 2023-11-29 | by ( Richard Valdmanis | ) www.reuters.com time to read: +10 min

The ongoing investments in the U.S. reflect a long-running rift between U.S. Catholic bishops and the pope on how to address global warming. The pope's Laudato Si encyclical urged immediate action against climate change, declaring that "highly polluting fossil fuels need to be progressively replaced without delay." The Vatican bank, which is separate from APSA, also does not invest in fossil fuels, a bank official said. A CCF official said energy and fossil fuels stocks make up between 3.5% and 6% of archdiocese investment funds, and that CCF uses its shareholder status to press for corporate environmental improvements. He called the enormous financial gains by oil companies "immoral profits."

Persons: Pope Francis, Dan DiLeo, Peter Marlow, Remo Casilli, Anne, Marie Welsh, William Lori, Bernard Hebda, Saint, Joshtrom Kureethadam, Chieko Noguchi, Noguchi, USCCB, Sabrina Danielsen, Danielson, Richard Valdmanis, Philip Pullella, John Mair, Suzanne Goldenberg Organizations: Catholic, drillers, U.S . Conference of Catholic Bishops, Catholic Church, Reuters, Justice, Peace, Creighton University in, Vatican, Opportunity Fund, Collective Investment, Archdiocese, Minneapolis, Catholic Community Foundation of Minnesota, CCF, Development, American Petroleum Institute, Christian Brothers Investment Service, Investment, BP, Shell, Creighton University, U.S, Thomson Locations: United States, Dubai, Creighton University in Nebraska, U.S, APSA, Vatican, Ireland, Germany, Archdiocese, Boston, Chicago, San Francisco, Erie , Pennsylvania, Texas, San Antonio, Austin, Fort Worth . Erie, Erie, Baltimore, Saint Paul, Paris, Saudi Aramco, PetroChina, India, Vatican City, Berlin, Sydney

☆ US kicks off a spate of oil and gas auctions just as COP28 gets underway
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

The remaining acreage, in New Mexico, Oklahoma, Nevada, North Dakota and Utah, will be sold on Nov. 30, Dec. 5 and Dec. 12. The UN's "Conference of the Parties" on climate, known as COP 28, will begin on Thursday and will take place over the same two weeks. Dozens of nations plan to push for the world's first deal to phase out carbon dioxide-emitting coal, oil and gas at the meeting. "Instead of doing the necessary work to fight climate change, Biden continues to support the expansion of fossil fuels here in the U.S.," Nicole Ghio, senior fossil fuels program manager for Friends of the Earth, said in a statement. Biden's Inflation Reduction Act (IRA), a climate change law passed last year, made oil and gas auctions a prerequisite for renewable energy development.

Persons: Rick Wilking, Biden, Joe Biden, Nicole Ghio, Trump, Nichola Groom, Aurora Ellis Organizations: REUTERS, drillers, United Nations, Interior Department's, Interior Department's U.S . Bureau of Land Management, Department, Thomson Locations: Ft . Laramie , Wyoming, Wyoming, Dubai, Interior, Interior Department's U.S, New Mexico , Oklahoma , Nevada , North Dakota, Utah, U.S

From there, the carbon can either be moved directly to permanent underground storage or it can be used in another industrial purpose first, variations that are respectively called carbon capture and storage (CCS) and carbon capture, utilization, and storage (CCUS). Another form of carbon capture is direct air capture (DAC), in which carbon emissions are captured from the air. REUTERS/David Stanway/File Photo Acquire Licensing RightsOne stumbling block to rapid deployment of carbon capture technology is cost. Countries including the U.S. have rolled out public subsidies for carbon capture projects. The Inflation Reduction Act, passed in 2022, offers a $50 tax credit per metric ton of carbon captured for CCUS and $85 per metric ton captured for CCS, and $180 per metric ton captured through DAC.

Persons: David Stanway, Benjamin Longstreth, Petra Nova, Simone Stewart, Stewart, Leah Douglas, Marguerita Choy Organizations: 28th United, United, United Arab Emirates, CCS, Global CCS Institute, Drillers, International Energy Agency, REUTERS, U.S, CCUS, DAC, Task Force, U.S . Department of Energy, Navigator, U.S ., National Wildlife Federation, Thomson Locations: 28th United Nations, United Arab, U.S, Norway, Iceland, China, Canada, Qatar, Australia, Texas, Louisiana, Wuhu, Anhui province, North America, East Africa, U.S . Midwest

☆ Can Lower Gas Prices Last?
▼ + stars: | 2023-11-13 | by ( David Uberti | ) www.wsj.com time to read: 1 min

The slide in oil prices has weighed down the shares of oil producers and major refiners, including Chevron. Photo: mike blake/ReutersA selloff that dragged crude prices near their lowest levels in four months has left many oil drillers, energy traders and fuel producers with the same question: What will OPEC do? Benchmark U.S. crude has posted three weekly losses in a row, tumbling as much as 20% below its September high, before stabilizing Friday at $77.17 a barrel. Still, the market is flashing signals that suggest some traders are betting the declines will continue.

Persons: blake Organizations: Chevron ., Reuters, drillers

☆ Here are Thursday's biggest analyst calls: Nvidia, Disney, Tesla, Instacart, Arm, Rivian, Target & more
▼ + stars: | 2023-11-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Thursday's biggest calls on Wall Street: Goldman Sachs initiates Apellis Pharmaceuticals as buy Goldman initiated the biotech company with a buy and says it sees "continued execution." Bank of America reiterates Disney as buy Bank of America said it's standing by its buy rating after Wednesday's earnings report. Goldman Sachs reiterates Arm as overweight Goldman said it's sticking with its buy rating after the stock's earnings report on Wednesday. Goldman Sachs reiterates Instacart as buy Goldman said it's sticking with its buy rating on the grocery delivery company after Instacart's earnings report on Wednesday. Morgan Stanley reiterates Rivian as overweight Morgan Stanley said it's sticking with its overweight rating on the electric vehicle company. "

Persons: Goldman Sachs, Goldman, Tesla, WK Kellogg, Kellogg, Wolfe, Instacart, Morgan Stanley, Rivian, Eli Lilly, MRK's Keytruda, Evercore, it's bullish, Parker, Wells, it's, Hein Schumacher Organizations: Apellis Pharmaceuticals, HSBC, Tesla, Barclays, JPMorgan, Bank of America, Disney, ARM, Deutsche Bank, Deutsche, Merck, pharma, TAP, Industrial, Nvidia, Anheuser, Busch InBev, Bud, Offshore, Unilever, OW, Citi Locations: North America, Montrose

☆ Legendary oil mogul Harold Hamm eyes the next stage in the US shale oil boom: 'Generation 3' rock
▼ + stars: | 2023-11-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Shale industry legend Harold Hamm is looking to pull crude from "Generation 3" rock. This is a tougher form of rock that was largely neglected earlier in the shale revolution. AdvertisementAdvertisementShale industry legend Harold Hamm is looking ahead to the next potential breakthrough in US crude production. Hamm made a name for himself by applying horizontal drilling techniques to unlock vast amounts of oil in North Dakota's Bakken shale region. According to Bloomberg's calculations, oil drillers need crude prices of $86 or more to make their costliest wells profitable, up 50% since March 2022.

Persons: Harold Hamm, —, Hamm Organizations: Service, Bloomberg, Continental Resources, Exxon, Natural Resources Locations: North, Oklahoma

☆ Here are the top 5 ‘best in class’ stocks coming out of earnings, Bank of America says
▼ + stars: | 2023-11-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Analysts at Bank of America unveiled a slew of stocks this week that they say are firing on all cylinders as earnings season wraps up. "SLB looks best positioned for strong earnings growth and multiple expansion with strengthening [free cash flow] in 2024-25," Pant wrote. SLB - buy rating "Current cycle is to SLB's advantages in technology & INTL. KLA Corporation - buy rating Resilient growth, best in class cash flow generation, reiterate Buy. Nextracker - buy rating Three earnings post IPO comes with three sequential beat & raise events & we believe there is room for several more.

Persons: Saurabh Pant, Pant, Julien Dumoulin, Smith, Nextracker, Vivek Arya, Arya, SLB Organizations: Bank of America, CNBC, General Dynamics, Ford, KLA Corporation, drillers, NXT, KLA Corp, Dynamics, Aero Locations: Nextracker, Pant

Exxon Mobil’s third-quarter profit declined compared with last year when the oil giant put up record numbers as oil prices soared, but net income jumped 15% compared with the previous quarter. Exxon Mobil Corp. earned $9.07 billion, or $2.25 per share in the period. Revenue slipped to $90.76 billion from $112.07 billion, but still topped Wall Street's estimate of $89.29 billion. Exxon also announced Friday that it raised its fourth-quarter dividend to 95 cents per share from 91 cents per share. Exxon shares are up slightly before the open bell, while shares of Chevron are down more than 2%.

Persons: Exxon isn't, Darren Woods, “, Exxon Organizations: Exxon Mobil’s, Exxon, Chevron, Hess, Exxon Mobil Corp, Zacks Investment Research, Natural Resources, Mobil, Hess Corp, drillers, U.S Energy Information Administration Locations: Texas, New Mexico, San Ramon , California, Ukraine, Saudi Arabia, Russia, Israel, Gaza, U.S, Syria

☆ Exxon Mobil third-quarter profit falls compared with last year's record numbers, but refineries are strong
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: +3 min

Fuel prices are displayed at an Exxon Mobil Corp. gas station in Arlington, Virginia, U.S., on Wednesday, April 29, 2020. Exxon Mobil 's third-quarter profit declined compared with last year when the oil giant was put up record numbers due to soaring crude prices, but net income was up 15% compared with the previous quarter. Exxon Mobil earned $9.07 billion, or $2.25 per share, in the period. The company posted unprecedented profits last year of $55.7 billion, breezing past its previous record of $45.22 billion in 2008 when oil prices hit record highs. While attacks on Israel do not disrupt global oil supply, according to an analysis by the U.S Energy Information Administration, "they raise the potential for oil supply disruptions and higher oil prices."

Persons: Exxon isn't, Darren Woods Organizations: Exxon Mobil Corp, Exxon Mobil, Exxon, Natural Resources, Chevron, Hess, Zacks Investment Research, Mobil, Hess Corp, drillers, U.S Energy Information Administration Locations: Arlington , Virginia, U.S, Texas, New Mexico, Ukraine, Saudi Arabia, Russia, Israel

☆ Chevron’s $53 billion deal is risky Exxon copycat
▼ + stars: | 2023-10-23 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

The $318 billion oil giant said Monday it would buy New York-based Hess (HES.N) for $53 billion in an all-stock deal. The main appeal for Chevron is Hess’s 30% stake in a consortium producing oil offshore in Guyana. Importantly, Chevron is catching up to Exxon, which runs and owns 45% of the same Guyana consortium. Higher production in Guyana after 2024 will increase Chevron’s returns, assuming the price of oil remains favorable. Hess owns a 30% share in a consortium in Guyana alongside Exxon, which owns a 45% interest, and Chinese oil company CNOOC, which owns the remaining 25%.

Persons: Hess, It’s, Mike Wirth, Scott Sheffield, John Hess, Hess’s, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, Chevron, Exxon Mobil, New York Stock Exchange, Natural Resources, drillers, Brent, Exxon, Pioneer, Exxon Mobil’s, Thomson Locations: New York, Texas, Guyana, Gulf of Mexico

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a big producer. Iran's Oil Minister Javad Owji said on Friday oil prices are expected to reach $100 per barrel due to the current situation in the Middle East, according to the ministry's news agency SHANA. If the U.S. tightens enforcement of sanctions on Iran's oil exports due to any role it may have in the conflict, then Iran's oil supply could fall. On the U.S. supply front, drillers this week added four oil rigs in the biggest weekly rise since March, Baker Hughes said.

Persons: Brent, WTI, Israel, Javad Owji, SHANA, Iran's, Hossein Amirabdollahian, Andrew Lipow, Baker Hughes, Stephanie Kelly, Paul Carsten, Katya Golubkova, Andrew Hayley, Marguerita Choy, David Gregorio, Paul Simao Organizations: REUTERS, Companies, . West Texas, Iran's Oil, Hezbollah, U.S, Wall Street, Lipow Oil Associates, The, of, Petroleum, drillers, U.S . Commodity Futures Trading Commission, Thomson Locations: Cushing , Oklahoma, U.S, Gaza Saudi Arabia, Israel, Gaza, Tehran, Lebanese, Saudi Arabia, Moscow, Ukraine, Russia, Iran, China, New York, London, Tokyo, Beijing

The five-year plan includes proposed sales in the Gulf of Mexico — the nation’s primary offshore source of oil and gas — in 2025, 2027 and 2029. The three lease sales are the minimum number the Democratic administration could legally offer if it wants to continue expanding offshore wind development. The lease program will guard against environmental damage caused by oil and gas drilling and other adverse impacts to coastal communities, Haaland said. “The (oil leasing) program is definitely informed by the IRA and the connection that the IRA makes between offshore oil and gas leasing and renewable energy leasing,” he said Thursday, referring to the Inflation Reduction Act. The Interior Department can’t sell the rights to drill for oil and gas offshore without first publishing a schedule that outlines its plans.

Persons: Joe Biden's, Biden, Democratic Sen, Joe Manchin, Manchin, Harris, Deb Haaland, ”, Haaland, “, Biden's, Ryan Lance, Willow, Dyani Chapman, Tommy Beaudreau, Interior Department can’t, Rene Santos, Santos, Beth Lowell, Abigail Dillen, Sen, Dan Sullivan, ___ Brown, Becky Bohrer Organizations: WASHINGTON, Democratic, Biden, Interior Department, Interior Department’s, of Ocean Energy Management, drillers, BP, ExxonMobil, ConocoPhillips, Alaska Environment, Interior, P, Gulf, American Petroleum Institute, Chevron, Associated Press Locations: Gulf of Mexico, Alaska, Gulf, Mexico, West Virginia, Chevron, Brazil, Guyana, Louisiana, Oceana, Gulf Coast, Billings, Mont, Juneau , Alaska

Horizontal drilling rigs operate in the Permian Basin oil production area near Wink, Texas U.S. August 22, 2018. REUTERS/Nick Oxford Acquire Licensing RightsSept 22 - U.S. energy firms this week cut the number of oil and natural gas rigs operating for first time in three weeks, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. U.S. oil rigs fell by eight to 507 this week, their lowest since February 2022, while gas rigs dropped by three to 118. In the Permian in West Texas and eastern New Mexico, the nation's biggest shale oil basin, drillers cut five rigs, bringing the total oil and gas count down to 317, the lowest since March 2022, according to Baker Hughes. In the Haynesville shale in Arkansas, Louisiana and Texas, drillers cut the number of gas rigs operating by two to 39, the lowest since November 2020.

Persons: Nick Oxford, Baker Hughes, TD Cowen, Scott DiSavino, Marguerita Choy Organizations: Wink , Texas U.S, REUTERS, drillers, Energy Information Administration, Thomson Locations: Wink , Texas, West Texas, New Mexico, Arkansas , Louisiana, Texas, U.S

☆ Analysis: Sizzling rally in US energy stocks has room to run, bulls say
▼ + stars: | 2023-09-21 | by ( David Randall | ) www.reuters.com time to read: +5 min

Some believe a tight oil market and resilient U.S. growth will keep energy stocks rising for the rest of 2023. Bullish investors argue that energy stocks are still cheap by historical standards - and far less richly valued than other areas of the market. The energy sector currently trades at a forward price to earnings ratio of 12.2, well below its historical median forward P/E of 15.3, according to LSEG Datastream. Parts of the market appear skeptical energy stocks have much further to run. "That should result in a ... smoother ride for energy stocks than we’ve been accustomed to."

Persons: Bing Guan, LSEG, Charles Lemonides, Baker Hughes, Savita Subramanian, Brent, Bjarne Schieldrop, Rodney Clayton, we’ve, David Randall, Ira Iosebashvili, Marguerita Choy Organizations: Exxon, Mobil, REUTERS, Energy, West Texas, Federal, drillers, U.S . Energy, Administration, Global, Citi, Brent, SEB Research, Macquarie, Duff, Phelps Investment Management, Thomson Locations: Beaumont , Texas, U.S, Saudi Arabia, Russia, China

☆ 'Insanity upside potential': A hedge fund manager up 734% since the start of 2019 highlights the best investing opportunity he's ever seen — and explains why the remarkable oil rally will gain steam
▼ + stars: | 2023-09-19 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Renewed optimism about the economy calmed demand concerns while expectations of the largest oil production cuts since 2007 started to sap supply. Saudi Arabia and its OPEC allies refuse to boost oil production, much to the chagrin of the US. And so that's why I think it's just really, really interesting. Boosting uranium production takes years, he added, so it may take years to fix the shortage. Oil-adjacent stocks are the second-largest part of the Praetorian Capital Fund, Kupperman said.

Persons: Harris Kupperman, Kupperman, it's, I've Organizations: Energy, OPEC, Praetorian Capital Management, Capital Fund, Uranium Trust Fund, Praetorian Capital Fund, drillers, Offshore Locations: Saudi Arabia, Kazakhstan, Uzbekistan, Russia, Ukraine

☆ Vital Energy expands in Permian Basin with deals valued at $1.17 bln
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

A pumpjack is shown outside Midland-Odessa area in the Permian basin in Texas, U.S., July 17, 2018. REUTERS/Liz Hampton/File Photo Acquire Licensing RightsSept 13 (Reuters) - Vital Energy has signed agreements valued at about $1.17 billion to expand its acreage in the Permian Basin, where dealmaking is gathering pace as drillers tap the largest U.S. oil patch to quickly replenish their depleting reserves. The deal will increase the company's current production by about 35,000 barrels of oil equivalent per day (boepd), Vital said on Wednesday. Vital in May also acquired Permian assets of Forge Energy II Delaware, an EnCap portfolio company, in a $540 million all-cash deal. The deals announced on Wednesday, with the affiliates of Henry Energy and Henry Resources, Tall City Property Holdings III and Maple Energy Holdings, are expected to close in the fourth quarter, Vital said.

Persons: Liz Hampton, Vital, Henry Energy, Seher, Sriraj Kalluvila Organizations: REUTERS, Vital Energy, drillers, Vital, Forge, Henry, Henry Resources, City Property Holdings, Maple Energy Holdings, Thomson Locations: Midland, Odessa, Texas, U.S, New Mexico, Forge Energy II Delaware, Bengaluru

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