A helicopter operated by Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, crashed in Ras Tanura on Sunday, resulting in the death of 14 people on board.
An investigation has been initiated by the relevant authorities to identify the reason for the incident, the Saudi Press Agency reported the same day, citing a statement by the Ministry of Energy.
Saudi Aramco did not immediately respond to a request for comment from.
Magnolia Oil & Gas (MGY) has emerged as the front-runner to acquire privately held WildFire Energy for more than $4 billion, its largest acquisition to date, Bloomberg News reported Friday, citing people familiar with the matter.The Houston-based shale producer is poised to win the auction for WildFire, which is backed by private equity firms Warburg Pincus and Kayne Anderson, according to the report.A deal could be announced in the coming weeks, although deliberations remain fluid and another bidder could still emerge, Bloomberg said.The acquisition would expand Magnolia's presence in the Eagle Ford Shale basin in south Texas, Bloomberg reported.Magnolia did not immediately respond to' request for comment.
Venture Global (VG) said Friday its subsidiary closed a $1.5 billion senior secured term loan facility that will mature in June 2032.The unit, Venture Global Shipping, plans to use the proceeds to reimburse payments related to the purchase of nine LNG carriers, fund reserve accounts, and pay transaction fees and expenses.
The Standard & Poor's 500 index fell 2% this week as US President Donald Trump said Iran violated the countries' ceasefire agreement.The S&P 500 ended the week at 7,354.02. With just two trading sessions remaining in the month, the market benchmark is down 3% for June but up 7.4% for the year.US stocks gained last week on a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran. The agreement included reopening the Strait of Hormuz, a key choke point for crude flows.However, US President Donald Trump said on Friday that Iran shot at least four one-way attack drones at ships crossing the Strait of Hormuz on Thursday. The attack was "a foolish violation of our Ceasefire Agreement," Trump said.Questions swirling over the sustainability of the artificial intelligence boom also weighed.The week's drop in the S&P 500 came on declines in only four of the index's 11 sectors: Communication services fell 6.2%, technology shed 5.4%, consumer discretionary slipped 2.7% and materials declined 0.1%.Google parent Alphabet (GOOG, GOOGL) was one of the hardest-hit stocks in communication services this week, falling more than 8%. A Bloomberg report said the company is poised to lose two leading AI researchers to Anthropic.In technology, ON Semiconductor (ON) had the largest percentage drop of the week, sliding 25%. The chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal with an enterprise value of about $7 billion, aiming to expand into physical artificial intelligence.In consumer discretionary, Nike (NKE) shares led the drop, falling 9.9% amid downbeat analyst reports after the company named a new chief financial officer and said that excluding a one-time benefit, it expects fourth-quarter results to be "generally in line with previously provided guidance." Analysts at Evercore ISI and KeyBanc downgraded their investment ratings on Nike's stock while multiple other analysts reduced price targets on the shares.On the upside, health care climbed 7.9%, followed by a 4% gain in real estate, a 3.9% advance in utilities and a 1.5% increase in consumer staples. Energy, financials and industrials also edged higher.Bio-Techne (TECH) led the gainers in health care, jumping 23% on the week as the company said it agreed to be acquired by Merck KGaA in an all-cash deal with an enterprise value of about $11.3 billion. Merck KGaA will pay $73 per Bio-Techne share in cash, which the companies noted represents a 36% premium to the US-based company's one-month volume-weighted average trading price.Next week's economic data will feature the government's June employment report, due Thursday. The US stock market will be closed on Friday in observance of Independence Day.