June 2 (Reuters) – Baker Hughes (BKR.O) will sell 65% of its surface pressure control business to a unit of equipment maker Cactus (WHD.N) for $344.5 million, as the oilfield services provider focuses on its core businesses amid volatile oil prices. The companies will form a joint venture to hold the business, they said on …
Oilfield Services Provider Baker Hughes to Sell Stake in Unit to Cactus Read More »
By Ahmad Ghaddar, Dmitry Zhdannikov and Alex Lawler Saudi Arabia wanted to further speed up oil hikes Russia suggested hikes shall pause Sources say tensions not critical for now For OPEC+ unwinding its cuts, see Explainer LONDON, June 2 (Reuters) – Saudi Arabia and Russia had to reach a difficult compromise on OPEC+ policies on …
Behind OPEC+ Oil Output Hike, Saudi-Russian Tensions Simmer Read More »
(Reuters) – Prime Minister Mark Carney, seeking to reduce Canada’s economic ties to the United States, on Monday met the heads of the 10 provinces as part of a push to slash the time needed to approve mining and energy projects. It can take a decade or more for a mine or a pipeline to …
Carney and Canadian Premiers Bid to Speed Up Major Projects, Cut US Reliance Read More »
(Reuters) – Wildfires burning in Canada’s oil-producing province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country’s overall crude oil output, according to Reuters calculations. At least two thermal oil sands operators south of the industry hub of Fort McMurray evacuated workers from their …
Alberta’s Wildfires Disrupt Some 7% of Canada’s Oil Production Read More »
(Reuters) – U.S. natural gas futures jumped about 8% to a three-week high on Monday on a drop in output forecasts for warmer weather and higher demand this week than previously expected. Analysts said gas prices also gained some support from a 5% increase in U.S. oil futures after OPEC+ kept its output increase unchanged. …
US Natgas Prices Jump 8% to 3-Week High on Lower Output, Higher Demand Read More »
(Reuters) – President Donald Trump’s budget proposes to shut as soon as in a few months the Northeast Home Heating Oil Reserve, which stores 1 million barrels of diesel and was designed to protect consumers. The reserve, created in 2000 by former President Bill Clinton, holds enough for roughly 10 days of heating homes. It …
Trump Budget Proposes Closing Northeast Heating Oil Reserve Read More »
Cactus CEO Scott Bender said the $344.5 million deal with Baker Hughes improves the oilfield equipment company’s access to new markets unaffected by tariffs.
Global Infrastructure Partners exited its position in Hess Midstream after the closing of a public offering on May 30.
As the founder and chairman of Continental Resources reflects on 25 years of Bakken horizontal development, he urges his fellow U.S. producers to “never quit exploring.”
For this week, Stratas Advisors says it is likely that oil prices will drift downward. While the market was expecting the supply increase by OPEC+, there will still be additional supply coming onto the market, while demand growth is muted.
