Helmerich & Payne, Inc. (NYSE: HP), a leading provider of advanced drilling solutions, has announced its financial results for the third quarter of fiscal year 2024. The company reported a net income of $89 million, or $0.88 per diluted share, reflecting a robust performance despite industry headwinds.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) has announced its financial results for the second quarter ended June 30, 2024. The company reported a total revenue of $1.3 billion and a net income of $11 million, or $0.03 per share. Despite incurring $11 million in merger and integration expenses, the company achieved an adjusted EBITDA of $324 million
The endorsement of Kamala Harris by President Biden signals potential challenges ahead for the oil and gas industry. Harris’s track record and her commitment to aggressive climate policies indicate a possible continuation and intensification of the regulatory pressures seen under the current administration. Industry stakeholders should prepare for a landscape that emphasizes accountability and a shift towards renewable energy, which could significantly impact operations, investments, and overall strategy in the fossil fuel sector.
The latest Baker Hughes report indicates a slight increase in the total number of active oil and gas rigs across the United States, despite some regional declines.
The trend of fiscal discipline among Permian Basin oil and gas producers, coupled with ongoing consolidation, is leading to slower output growth.
highlighted the significant potential for AI in the energy sector, emphasizing the critical role of energy infrastructure in supporting AI-driven electricity demand.
Nabors Industries Ltd. (NYSE: NBR) (“Nabors” or “the Company”) today announced preliminary operating results for the second quarter ended June 30, 2024, showcasing ongoing international expansion and stable U.S. market activity and pricing.
Chris Wright, Chief Executive Officer, highlighted Liberty’s strong performance and competitive advantages. “Our second quarter results demonstrate the value of Liberty’s innovative technologies and strategic investments. We achieved record average daily pumping efficiencies and safety performance, underpinning our robust financial results. Our focus on capital-efficient, low-emission natural gas technologies continues to yield significant benefits for our customers and shareholders.”
former President Donald Trump pledged to increase U.S. domestic oil production and roll back regulations to facilitate this expansion.
Former President Donald Trump has selected Senator J.D. Vance as his vice-presidential running mate, solidifying his stance as the pro-oil candidate in the upcoming election.
