EnergyOccidental Petroleum says federal leasing ban would hurt U.S. oil growth
Reuters
3 minute read
The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid/File Photo
U.S. oil and gas producer Occidental Petroleum Corp (OXY.N) said federal drilling permits are moving forward in the Permian Basin shale field following a federal pause this year, but a longer-term ban could hurt U.S. oil output.
Producers are likely to continue to be able to secure permits on existing federal leases, but Chief Executive Vicki Hollub said on Tuesday she was concerned about the possibility of a federal moratorium on new oil and gas leases going forward. The Biden administration is reviewing the federal oil and gas leasing program.
Tech rout set to extend as investors fear rising inflation
By Medha Singh
Reuters
(Reuters) -Wall Street s main indexes were set to open sharply lower on Tuesday, signaling another day of losses for technology-related stocks with lofty valuations on worries over inflation.
The outperformers of 2020, Apple, Facebook Inc, Amazon.com Inc, Netflix Inc and Google-parent Alphabet Inc dropped between 1.7% and 2.8% in premarket trading, while Tesla Inc fell nearly 8%.
Since the start of May, the 10-member NYSE FANG+TM index, which includes the core FAANG group of stocks alongside Tesla, Alibaba, and Twitter Inc, have shed more than $442 billion in market value as of May 10.
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As Texas Went Dark, the State Paid Natural-Gas Companies to Go Offline Source: By Russell Gold and Katherine Blunt, Wall Street Journal • Posted: Sunday, May 9, 2021
A program meant to reduce industrial electricity use during emergencies contributed to power plants not getting fuel during February’s freeze
The Journal’s analysis of grid records shows that participants included dozens of critical pieces of natural-gas infrastructure. Ercot ordered them to stay off for more than four days, as gas prices surged to extraordinary levels and some power plants stopped producing electricity because they couldn’t get enough fuel to function.
The estimated value of the program for the five days of the blackout was about $2 billion and participants including oil-and-gas companies earned a portion of that for turning themselves off at Ercot’s behest. Two companies petitioned Ercot for permission for idled facilities to come back sooner, the grid operator said.
S&P futures hover at record levels; materials, energy stocks rise reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.