$FTI

Sector Update: Energy Stocks Mixed Wednesday Afternoon

Energy stocks were mixed Wednesday afternoon, with the NYSE Energy Sector Index 0.1% higher and the State Street Energy Select Sector SPDR ETF (XLE) down 0.1%.The Philadelphia Oil Service Sector Index was easing 0.2%, and the Dow Jones US Utilities Index increased 0.2%.In geopolitical news, a raft of top military appointments by Iran's Supreme Leader Mojtaba Khamenei marks a shift to an "offensive doctrine," Mohammad Reza Naqdi, a general in the Islamic Revolutionary Guard Corps who advises the force's new commander, said in an interview on state TV late Tuesday, according to a Bloomberg report.Front-month West Texas Intermediate crude oil shed 0.4% to $82.90 a barrel, and the global benchmark Brent crude contract fell 0.5% to $88.47 a barrel. Henry Hub natural gas futures rose 1.1% to $2.80 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 11.3 million barrels in the week ended Aug. 7 following a decrease of 400,000 barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 17.4 million barrels after a 2.5-million-barrel increase in the previous week, compared with the 1.8-million-barrel decrease expected in a Bloomberg survey.The Organization of the Petroleum Exporting Countries lowered its global oil demand growth outlook for 2026 on Wednesday, while projecting a stronger rebound for next year than previously estimated. The cartel now expects oil consumption this year to rise by 580,000 barrels a day this year, down from its previous month's outlook for an increase of 780,000 barrels and marking its fourth consecutive downward revision. For 2027, OPEC now forecasts world oil demand to increase by 2.16 million barrels a day, compared with a gain of 1.94 million barrels projected in July.The International Energy Agency on Wednesday projected a larger decline in global oil demand this year than previously estimated as the continued closure of the Strait of Hormuz weighs on consumption. Oil consumption is now forecast to decline by 1.6 million barrels a day in 2026, about 510,000 barrels more than the agency's prior estimate, it said in its latest monthly oil market report.In corporate news, Energy Fuels (UUUU) said shareholders of Australian Strategic Materials approved Energy Fuels' planned acquisition of the company at meetings held in Perth, Australia. Shares were down 1.4%.Borr Drilling (BORR) shares fell 3%. The firm reported that it swung to a Q2 loss as revenue declined during the period.TechnipFMC (FTI) won a contract valued at $75 million to $250 million to supply flexible flowlines and risers for Azule Energy's West Hub Tails project offshore Angola. Shares were up 0.7%.Edison International's (EIX) Southern California Edison was not found legally responsible for a 2025 Los Angeles-area wildfire after a California state judge declined to rule without a trial, Bloomberg reported Tuesday. Shares were shedding 1.7%.

Sector Update: Energy Stocks Decline Premarket Wednesday

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.6% lower.The United States Oil Fund (USO) was down 0.6% and the United States Natural Gas Fund (UNG) was 1.1% higher.Front-month US West Texas Intermediate crude oil was 0.5% lower at $83.50 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 0.5% to $88.45 per barrel, and natural gas futures were up 1.5% at $2.81 per 1 million British Thermal Units.Borr Drilling (BORR) stock was down more than 8% after the company reported that it swung to a Q2 loss as revenue declined during the period.TechnipFMC (FTI) won a contract valued at $75 million to $250 million to supply flexible flowlines and risers for Azule Energy's West Hub Tails project offshore Angola. TechnipFMC shares were 0.3% higher pre-bell.

TechnipFMC Wins Pipe Contract for Azule Energy's West Hub Tails Project

TechnipFMC (FTI) won a contract valued at $75 million to $250 million to supply flexible flowlines and risers for Azule Energy's West Hub Tails project offshore Angola.The award will be included in Q3 inbound orders, TechnipFMC said Tuesday in a statement.TechnipFMC will design and manufacture flowlines, risers, and associated equipment to accommodate production from the West Hub area for consolidation into the Agogo floating production, storage, and offloading vessel.Azule is a joint venture between BP (BP) and Eni (E).

TechnipFMC's Q2 Inbound Orders, Backlog Fall

Oilfield services firm TechnipFMC (FTI) reported Q2 earnings Thursday, with inbound orders declining to $2.73 billion, down from $2.83 billion for the same period a year earlier.The company's backlog dropped to $16.44 billion compared with $16.64 billion for the corresponding period last year.TechnipFMC's Subsea segment's inbound orders stood at $2.51 billion in the quarter, down from $2.55 billion a year earlier. Subsea backlog remained broadly stable at $15.83 billion compared to $15.81 billion for the same period a year ago.Subsea said that key contract awards include Angola's Azule Energy to supply flexible flowlines and risers for the Greater PAJ offshore development, and a large iEPCI contract from Norway's Var Energi for the Ofelia and Gjoa Nord developments in the North Sea.The company also secured a contract from Eni (E) for the Baleine Phase 3 development offshore Cote d'Ivoire and from Norway's Equinor (EQNR) covering several subsea tie-back developments, including the Omega Sor, Brime and Tyrihans Nord brownfield projects.TechnipFMC's Surface Technologies segment's inbound orders stood at $219.5 million in Q2, down 21% from $277.9 million a year ago, while backlog fell by 27.4% to $606.8 million, down from $835.9 million.Price: $68.55, Change: $-3.18, Percent Change: -4.43%

TechnipFMC Keeps Quarterly Dividend at $0.05 a Share, Payable Sept. 2 to Holders of Record Aug. 18

TechnipFMC Receives Flexible Pipe Contract for Azule Energy's Angola Project

TechnipFMC (FTI) has secured a contract to supply flexible pipe for Azule Energy's Greater PAJ offshore development in Angola, the company said Monday.The company said it will make flexible flowlines and risers to connect wells at depths of nearly 2,000 meters to a new floating production facility.The contract value could range between $75 million and $250 million, according to a statement.

Technipfmc Insider Sold Shares Worth $447,960, According to a Recent SEC Filing

Kay G Priestly, Director, on May 05, 2026, sold 6,000 shares in Technipfmc (FTI) for $447,960. Following the Form 4 filing with the SEC, Priestly has control over a total of 127,246 ordinary shares of the company, with 127,246 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1681459/000136086426000006/xslF345X05/wk-form4_1778098163.xml

RBC Raises Price Target on TechnipFMC to $80 From $78, Keeps Outperform Rating

TechnipFMC (FTI) has an average rating of overweight and mean price target of $72.29 according to analysts polled by FactSet.Price: $75.22, Change: $-0.35, Percent Change: -0.47%

TechnipFMC's Q1 Inbound Orders Fall, Backlog Steady

Oilfield services firm TechnipFMC (FTI) reported Q1 earnings Thursday, showing inbound orders dropped to $2.15 billion, down from $3.09 billion for the same period a year earlier.The company's backlog remained broadly stable at $16.47 billion despite the drop in new orders, compared with $15.82 billion in the corresponding period last year. The backlog rose 4.1% year-over-year.TechnipFMC's Subsea segment's inbound orders stood at $1.90 billion in the quarter, down from $2.79 billion a year earlier. However, despite weaker order intake, the Subsea backlog increased by 5.7% to $15.80 billion, up from $14.95 billion a year earlier.Subsea backlog points to steady future revenue streams, with $5.22 billion scheduled for execution over the remainder of 2026, $4.68 billion in 2027, and $5.90 billion extending into 2028 and beyond.TechnipFMC's Surface Technologies segment's inbound orders stood at $248.7 million in Q1, down 18.1% from $303.6 million a year ago, while backlog fell by 23.3% to $667.6 million, down from $870.4 million.Price: $75.78, Change: $-1.21, Percent Change: -1.57%

Sector Update: Energy Stocks Decline Premarket Thursday

Energy stocks were declining premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.2% lower.The United States Oil Fund (USO) was down 3.4% and the United States Natural Gas Fund (UNG) was 0.6% lower.Front-month US West Texas Intermediate crude oil was 1.5% lower at $105.33 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 3.3% to $114.13 per barrel, and natural gas futures were up 0.6% at $2.66 per 1 million British Thermal Units.ConocoPhillips (COP) shares were down more than 2% after the company posted lower Q1 adjusted earnings and revenue.TotalEnergies (TTE) and partner Nextnorth have reached financial close and broke ground on a 440 MWp solar power plant in Ilagan, the Philippines, the companies said. TotalEnergies stock was down more than 1% premarket.TechnipFMC (FTI) shares were down more than 3% after the company reported Q1 revenue that missed analysts' expectations.

Middle East Rig Count Dropped in March, RBC Says

Middle East onshore rig counts fell by 43 rigs, or 5% over the month in March, while offshore counts declined by 10 rigs, or 4%, RBC Capital Markets strategists said in a Tuesday note.These disruptions, along with higher logistics and staffing costs, are expected to pressure first-half results for companies with regional exposure, RBC said.In the US, Q1 rig counts totaled 530, down 7% over the year but above RBC's estimate of 518, prompting an upward revision to its 2026 forecast to 544 from 526.RBC expects activity to remain supported by higher oil prices, easing concerns about a potential drop in West Texas Intermediate crude to $50 per barrel coming into 2026.In Canada, rig counts reached 216, down 4% over the year but slightly above RBC's estimate of 214, with spending expected to remain broadly flat, RBC said.Meanwhile, oilfield services stocks have surged about 36% in 2026, with valuations shifting higher as the sector heads into the Q1 earnings season, strategists said.RBC said Q1 reporting begins Apr. 21 with Halliburton (HAL), Saipem, and Weatherford (WFRD), as investors assess geopolitical risks and future production recovery trends, the report said.RBC said US-focused companies have outperformed peers with Middle East exposure this year, reflecting stronger domestic activity trends and fewer geopolitical disruptions.The firm's top picks include Schlumberger (SLB), Baker Hughes (BKR), TechnipFMC (FTI), Enerflex (EFXT), Patterson-UTI Energy (PTEN), Hunting and CES Energy Solutions, according to the note.Meanwhile, RBC lowered its Q1 EBITDA estimates by 2.4%, with the largest revisions for Schlumberger (SLB) and Trican Well Service (TCW), while raising forecasts for Saipem, TechnipFMC and Enerflex.The revised estimates generally fall below consensus, particularly for Trican Well Service, Atlas Energy Solutions (AESI) and Calfrac Well Services (CFW), while exceeding expectations for Halliburton, Enerflex and Ensign Energy Services, RBC said.RBC downgraded Trican Well Service to sector perform from outperform with a $7.50 price target and cut NOV (NOV) to sector perform from outperform with a $21 price target.