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Commodities

US Shale Drillers Adopt Simultaneous Fracking to Cut Well Costs, UBS Says

US shale producers are turning to more advanced hydraulic-fracturing techniques to accelerate completion times and lower well costs, with the efficiency gains expected to extend into 2027, UBS strategists said in a note on Tuesday.UBS analysts said that a broader adoption of simultaneous fracturing, or simulfracs, was a key theme during Q2 earnings season, as producers seek to improve productivity while maintaining capital discipline amid shifting commodity prices.Crescent Energy (CRGY) and SM Energy (SM) in the Uinta Basin reported significant gains after adopting simulfracs.Crescent said it used the technique on all its 2026 Uinta turn-in lines, compared with none in 2025. This has increased completion speeds by about 90% and contributed to a decline of over 15% in well costs on a per-foot basis.SM Energy reported that it more than doubled the efficiency of its Uinta completions quarter-over-quarter in Q2 after switching to simulfracs.The efficiency gains are also being seen among larger producers that have already adopted the technology.Occidental Petroleum (OXY) increased the share of simulfracs in its US onshore completion program to over 45% in 2026, from 10% in 2025.The energy firm cited the approach as one factor behind a 7% year-over-year decline in well costs.Devon Energy (DVN) also plans to expand the use of simulfracs as it applies completion practices developed in its own operations to assets acquired from Coterra Energy (CTRA).Meanwhile, Chord Energy (CHRD) evaluated the use of a trimulfrac in the Williston Basin during the quarter.The energy firm, which began using simulfracs in late 2024, said initial results from the three-well simultaneous completion approach were encouraging, according to UBS.Chord expects trimulfracs could account for between 20% and 50% of its completions in 2027, potentially generating additional cost savings.Meanwhile, the latest UBS data showed the US active rig count averaged 616 on a four-week basis, unchanged from the previous week.The rig activity is up 12% from the end of 2025, driven by a 23% increase in oil-directed rigs. Gas-directed rigs, by contrast, have declined 8% over the same period.The Permian Basin was broadly unchanged week-over-week, with the Delaware adding two rigs, the Midland losing three and other parts of the Permian adding one.Outside the Permian, the Eagle Ford declined by two rigs and the Granite Wash fell by one. The Haynesville lost one gas rig, while Appalachia was unchanged.Energy firms covered by UBS, together with integrated oil and gas producers, operated 256 active rigs last week, up one from the prior week.Antero Resources and California Resources added one rig each, while Devon Energy reduced its count by one, potentially reflecting a rig move.Exxon Mobil (XOM) remained the most active publicly traded operator with 35 rigs, followed by Devon with 33, ConocoPhillips (COP) with 30, and EOG Resources (EOG) and Occidental Petroleum with 23 each.Price: $58.41, Change: $-0.65, Percent Change: -1.10%

$CHRD$COP$CTRA$DVN$EOG$OXY$SM$XOM
Oil & Energy

US Oil, Gas M&A Slumps in Q2 as Volatility Freezes Deals, Enverus Says

US upstream oil and gas mergers and acquisitions slowed in Q2, plunging 76% from the previous quarter to $9.1 billion amid commodity price volatility, though robust competition for premier acreage points to a rebound in H2 2026, Enverus strategists said on Wednesday.Enverus analysts said that Q2 deal value marked the third-lowest quarterly total since 2020 and a 33% decline from the same period a year ago. The prior quarter's figures had been inflated by Devon Energy's (DVN) mega-merger with Coterra Energy (CTRA), the analysts said.However, despite the headline drop, over 40% of the quarter's total deal value came from the Bureau of Land Management's record-setting New Mexico lease sale, which generated more than $4 billion and shattered the previous auction record of $972 million set in 2018."The quarter looks weak on the headline number, but that understates the strength of the underlying bid for inventory," said Andrew Dittmar, principal analyst at Enverus Intelligence Research.Dittmar said that crude volatility tied to the Iran conflict and a softening gas outlook likely widened the bid-ask spread and complicated valuations.Enverus said that it views the slowdown as a temporary negotiation obstacle rather than a fundamental demand issue, noting that public companies remain willing to pay rising prices for tier-one Permian acreage.Public operators dominated the landscape during the quarter, leading bidding at the BLM lease sale, where Devon Energy and Matador Resources (MTDR) secured high-priced Permian positions.Furthermore, Diversified Energy (DEC) partnered with Carlyle to acquire the majority of Camino Natural Resources in the Anadarko Basin, while Talos Energy (TALO) continued its consolidation of mature Gulf of Mexico assets.Private equity and asset-backed securitization buyers also maintained a strong presence, accounting for nearly 30% of asset-level deal flow for the second consecutive quarter.Over the past year, ABS-fueled buyers such as Flywheel Energy and Jonah Energy have absorbed roughly $10 billion in assets. Jonah deployed fresh capital into the Mid-Continent region during the quarter with a $1 billion purchase from Scout Energy Partners.The influx of ABS capital has transformed the Anadarko Basin into a leading M&A hub, with more than $5 billion transacting year-to-date.Enverus projects this funding model to expand geographically into mature, oil-weighted profiles such as the DJ and Williston basins.Meanwhile, the data analytics firm said scarcity of quality oil-weighted drilling locations continued to drive aggressive competition.Following the BLM auction, EnCap Investments' Paloma Permian fetched a strong premium in its July sale to Matador for $1.3 billion. Outside the Permian, Eagle Ford inventory captured strong buyer interest, highlighted by WildFire Energy's sale to Magnolia Oil & Gas for just over $4 billion.The high-valuation environment crossed borders during the quarter. Shell's (SHEL) $16.4 billion acquisition of ARC Resources in April drove total Canadian announced deal value above US levels, a rare occurrence, as international firms bet on Canada's deep resource base and improving infrastructure.Gas-directed M&A faced headwinds in Q2 as near-term market fundamentals weakened and acquisition targets in gas plays like the Haynesville grew scarce.However, Enverus said that longer-term demand expectations tied to liquefied natural gas exports remain solid, pointing to an eventual return of international capital to US gas production.Price: $42.64, Change: $-1.42, Percent Change: -3.21%

$CTRA$DEC$DVN$MTDR$SHEL
Oil & Energy

Oil Producers Hoard Cash as $495 Billion Windfall Fails to Ignite Spending, Wood Mackenzie Says

The global oil and gas industry is on track to generate $495 billion in windfall cash flows this year, based on the assumption that Brent prices average $90 a barrel. Yet, their investment budgets remain flat, say analysts at Wood Mackenzie.The 49 international and national oil companies covered in the firm's analysis will earn a total of about $272 billion of the total windfall. That is in turn equal to about 70% of their combined annual investment budgets.Nonetheless, companies have largely kept their capital spending plans unchanged while allowing cash to accumulate on their balance sheets. Wood Mackenzie also expects share buybacks across the peer group to decline about 5% year-over-year based on announced plans ahead of second-quarter results.According to Tom Ellacott, Senior Vice President of Corporate Research at Wood Mackenzie, companies have largely adopted a "wait-and-see approach" amid continued geopolitical uncertainty, with capital discipline proving "more durable than either the bears or bulls expected."As a result, analysts have warned of significant long-term production challenges, noting that 155 upstream companies could face, on average, a 30% decline in production between 2030 and 2040, while more than 70 companies stand to see output dip by 50% over the same period.The report, however, noted resilience in M&A activities, with transactions reaching their highest levels in two years during the first-half of 2026.This included Shell's (SHEL) proposed $16 billion acquisition of ARC, Devon Energy's (DVN) $25 billion merger with Coterra (CTRA), and Mitsubishi's $7.5 billion purchase of Aethon.

$CTRA$DVN$SHEL
Commodities

Market Chatter: Stone Ridge Bids $8 Billion for Devon Energy Marcellus Assets

Stone Ridge Asset Management has offered around $8 billion to acquire Devon Energy's (DVN) Marcellus shale assets, Reuters reported Friday, citing people familiar with the matter.This followed last month's closing of the $58 billion merger between Devon and Coterra Energy (CTRA) to form a large-cap shale operator in the US, with a focus on the Delaware Basin.Sources told the news agency that Stone Ridge made the move to initiate conversations about a possible deal, although Devon may or may not consider the proposal.Stone Ridge will use an asset-backed securitization to fund its proposal. If accepted, the deal will have the largest ABS funding in the history of US oil and gas industry, the sources reportedly said, although the actual size of financing was not immediately known.The investment firm, an active buyer of oil and gas assets using ABS, could also partner with another party on a possible Marcellus acquisition. It has previously partnered with Flywheel Energy to acquire Ovintiv's (OVV) Oklahoma assets for $3 billion, according to sources cited by Reuters.Devon had not made any decisions about the Marcellus assets, previously belonging to Coterra and spanning 190,000 net acres in Pennsylvania, according to the report.Asset manager Kimmeridge, a Devon shareholder, earlier urged the company's board to "initiate an accelerated program of non-core asset divestitures," to streamline its portfolio following the merger with Coterra.Devon and Stone Ridge did not immediately respond to' requests for comment.The Marcellus assets were reportedly projected to account for about 20% of Devon's 2026 production outlook of 1.6 million barrels of oil equivalent per day. The Delaware assets, meanwhile, will contribute about 53% of output.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$CTRA$DVN$OVV
Commodities

Devon's Record Lease Win 'High Quality' but Expensive Permian Inventory Addition, RBC Says

Devon Energy (DVN) paid a steep price for "high quality" Permian Basin acreage in a record US federal oil and gas lease sale, a move that strengthens its inventory but may prompt investor scrutiny of valuation, RBC Capital Markets analysts said in a note Thursday.Devon emerged as the dominant bidder in a $4 billion Bureau of Land Management auction spanning 74 parcels and 33,530 acres across New Mexico and Texas, marking the highest quarterly federal leasing total on record and far surpassing the prior $972 million peak set in 2018.The company committed about $2.6 billion to secure roughly 16,300 net undeveloped acres across 24 parcels in Lea and Eddy counties in the Delaware Basin. That implies an average cost of about $161,500 per net acre, making Devon by far the largest single participant in the sale.RBC said Devon "made a big splash" in the auction, noting that the acreage is high-quality, with a low 12.5% royalty rate, and should support strong economics.However, RBC flagged the implied cost burden, estimating that under assumptions of 10,000-foot laterals and 24 wells per unit, the land cost works out to roughly $7-8 million per drilling location across about 306 locations, levels RBC described as "eye watering" versus historical Permian Basin deal values."We think this could draw mixed investor views, but DVN is likely evaluating significant asset sales post the recent CTRA [Coterra Energy] merger. We believe this is positive for DVN's inventory build in the Permian, but the price paid could draw investor scrutiny," the analysts said.Price: $46.83, Change: $-1.63, Percent Change: -3.36%

$CTRA$DVN
Research

Research Alert: CFRA Drops Coverage On Shares Of Coterra Energy Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We are dropping coverage on shares of CTRA, a U.S. independent oil and gas producer, as the company is about to be acquired by peer Devon Energy Corporation (DVN 47 **). Our prior recommendation on the shares of CTRA was Hold. Shareholders of both CTRA and DVN have approved the merger, and we expect the final trading day for CTRA to be Thursday, May 7.

$CTRA
Commodities

Devon Energy Q1 Output Hits High End of Guidance; Firm Expands Gas Deals, Advances Merger Plans

Devon Energy (DVN) reported Q1 earnings Tuesday with oil production averaging 387,000 barrels of oil equivalent per day, accounting for 46% of total production and reaching the top end of guidance.Total production averaged 833,000 boe/d for the quarter ended March 31, in line with guidance.The upstream energy firm brought 110 operated wells online during the quarter, driven by a concentrated development program in the Delaware Basin.The company expects Q2 oil production between 389,000 barrels per day and 395,000 b/d, while total production is projected between 851,000 boe/d and 868,000 boe/d.Devon targets total capital spending of $875 million to $925 million in Q2.The company is advancing its business optimization plan, targeting $1 billion in pre-tax cash flow improvements, driven by higher production and lower costs, Devon added.Devon said it is expanding commercial opportunities with two long-term natural gas marketing agreements, including a 10-year deal to supply 50 million cubic feet per day to LNG export markets starting in 2028.The firm also signed a separate seven-year agreement to deliver 65 MMcf/d for in-basin power generation starting the same year.Devon is progressing its merger with Coterra Energy (CTRA), which is expected to create a combined company with over 1.6 million boe/d of production.

$CTRA$DVN
Sectors

Sector Update: Health Care Stocks Advance Pre-Bell Friday

Health care stocks were advancing pre-bell Friday, with the State Street Health Care Select Sector SPDR ETF (XLV) 0.2% higher and the iShares Biotechnology ETF (IBB) up 0.2%.Novo Nordisk (NVO) shares were up more than 2% after the company said it has rebranded its oral semaglutide medication for type 2 diabetes, formerly known as Rybelsus, as Ozempic.Veeva Systems (VEEV) is set to join the S&P 500 on May 7, to replace Coterra Energy (CTRA), S&P Dow Jones Indices said. Shares of Veeva Systems were up more than 11% premarket.Moderna (MRNA) stock was up more than 2% after the company reported a narrower-than-expected Q1 net loss.

$CTRA$IBB$MRNA$NVO$VEEV$XLV
Wire

Veeva Systems to Join S&P 500

Veeva Systems (VEEV) is set to join the S&P 500 on May 7, to replace Coterra Energy (CTRA), S&P Dow Jones Indices said Thursday.Devon Energy (DVN) is acquiring Coterra Energy in a transaction that is expected to close "soon," S&P Dow Jones Indices added.Shares of Veeva Systems were up more than 10% premarket Friday.Price: $172.77, Change: $+16.80, Percent Change: +10.77%

$CTRA$DVN$VEEV
Equities

Morgan Stanley Adjusts Price Target on Coterra Energy to $42 From $28, Maintains Equalweight Rating

Coterra Energy (CTRA) has an average rating of overweight and mean price target of $37.24, according to analysts polled by FactSet.

$CTRA
Wire

Scotiabank Adjusts Price Target on Coterra Energy to $32 From $31, Maintains Sector Perform Rating

Coterra Energy (CTRA) has an average rating of overweight and mean price target of $36.95, according to analysts polled by FactSet.Price: $32.64, Change: $+0.79, Percent Change: +2.48%

$CTRA
Equities

Susquehanna Adjusts Price Target on Coterra Energy to $40 From $34, Maintains Positive Rating

Coterra Energy (CTRA) has an average rating of overweight and mean price target of $36.91, according to analysts polled by FactSet.

$CTRA
Equities

S&P 500 Posts Weekly Gain, Closes at Record High, as Iran Reopens Strait of Hormuz

The Standard & Poor's 500 index rose 4.5% this week to a record close as investors grew more optimistic about the situation in the Middle East after Iran said the Strait of Hormuz was open.The S&P 500 ended the week at 7,126.06, its highest closing level ever. The market benchmark also reached a fresh intraday high on Friday of 7,147.52.The weekly climb -- its third in a row -- moved the S&P 500 back into positive territory for the year to date. It is now up 4.1% for 2026 and 9.2% for April.President Donald Trump said Iran agreed to suspend its nuclear program indefinitely and won't receive any frozen funds from the US, Bloomberg reported. Trump said in a phone interview on Friday that a deal to end the war is mostly complete and talks over a lasting agreement will "probably" be held this weekend, according to the Bloomberg news report.Earlier Friday, Iran announced the reopening of the Strait of Hormuz for the remainder of the US-Iran ceasefire period.The technology sector had the largest percentage gain this week across the S&P 500's 11 sectors, jumping 8.1%, followed by a 6.6% climb in consumer discretionary and a 6.3% advance in communication services. Real estate and financials were also strong, rising more than 3% each, while industrials and health care also edged higher.Oracle (ORCL) shares led the technology sector's advance, soaring 27%. The company said it plans to expand its multi-cloud networking capabilities to provide connectivity between Oracle Cloud Infrastructure and Amazon's (AMZN) Amazon Web Services.The consumer discretionary sector was boosted by a 15% jump in Tesla (TSLA) shares. The electric vehicle maker is developing a new compact, lower-cost electric SUV as it looks to expand its lineup beyond the Tesla Model Y and Tesla Model 3, according to a Reuters report citing unnamed sources familiar with the matter. Also, Tesla is planning to launch a six-seat, long-wheelbase version of the Model Y in India as early as next week, Bloomberg reported, citing unnamed sources.Four sectors declined this week, led by a 3.5% drop in energy and a 1.7% slip in utilities. Materials and consumer staples also edged lower.The energy sector's drop came as crude oil futures fell amid Iran's announcement reopening the Strait of Hormuz. The hardest-hit stocks included shares of Coterra Energy (CTRA), Devon Energy (DVN) and APA Corp. (APA), which shed 7.5% each.Quarterly earnings are expected next week from companies including Tesla, GE Aerospace (GE), GE Vernova (GEV), UnitedHealth Group (UNH), Philip Morris International (PM), International Business Machines (IBM), AT&T (T), Boeing (BA), Intel (INTC), American Express (AXP), Union Pacific (UNP), and Procter & Gamble (PG).Economic data will include March retail sales and pending home sales as well as a final reading on April consumer sentiment.

Dow JonesNasdaq CompositeS&P 500$APA$CTRA$DVN$ORCL$TSLA
Equities

Roth Capital Adjusts Coterra Energy Price Target to $32 From $28, Maintains Neutral Rating

Coterra Energy (CTRA) has an average rating of overweight and mean price target of $37.30, according to analysts polled by FactSet.

$CTRA
Wire

Jefferies Adjusts Price Target on Coterra Energy to $33 From $28, Maintains Hold Rating

Coterra Energy (CTRA) has an average rating of overweight and mean price target of $37.30, according to analysts polled by FactSet.Price: $33.29, Change: $-0.12, Percent Change: -0.36%

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