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Baker Hughes Extends Petrobras Deepwater Drilling Contract in Brazil
Baker Hughes (BKR) said Tuesday it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin.The company said it will supply drilling and well construction technology, including its rotary steerable system, logging-while-drilling tools and extended-life drill bits, to support deepwater development of pre-salt oil and gas fields.Financial terms were not disclosed.Shares of Baker Hughes were 0.7% lower in premarket trading.
$BKR$PBR
Equities
Northern Oil and Gas to Acquire 25% Stake in Alberta Assets
Northern Oil and Gas (NOG) said Tuesday it is acquiring a 25% stake in Canadian oil-producing assets for about 350 million Canadian dollars ($254 million).The company said it will fund the deal with about CA$113 million in stock issued to the seller at closing, with the rest coming from cash, free cash flow and borrowings.It also agreed to up to CA$25 million in contingent payments tied to oil prices, payable in Q1 2028 if targets are met, the company said.Northern Oil and Gas said the assets include more than 500 drilling locations in Alberta's Duvernay shale basin and are expected to produce about 4,000 barrels of oil equivalent per day in 2027, with operating costs below $7.50 per barrel.Parallax Energy will continue operating the fields under a long-term development agreement, it added.Northern Oil and Gas said it plans to invest $40 million to 45 million in capital spending in 2026 and $45 million to 50 million in 2027, and may hedge currency exposure tied to operating costs. The deal is expected to close in Q2.
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Equities
BofA Adjusts Price Target on Marathon Petroleum to $260 From $224
Marathon Petroleum (MPC) has an average rating of overweight and mean price target of $266.18, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
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