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Commodities

Market Chatter: SLB, Formentera to Organize Fleet of Rigs for Venezuela

Oil service company SLB (SLB) and private equity investor Formentera Partners are seeking to prepare a fleet of rigs for use in Venezuela in the coming months, potentially those already in place or by importing more, they said at the Venezuela Energy Week Houston conference, Reuters reported on Wednesday.Formentera is talking with international oil service companies about sending their drilling rigs to the country, managing partner Blake London said. There were only two active rigs in the country at the end of July, according to industry service peer Baker Hughes, limiting production capacity to its current 1.25 million barrels per day, the article said, citing official figures.Foreign oil service providers have come up against problems importing oil equipment, including difficulties with permits and ground transport, even as Venezuela's oil minister called at the conference for companies to invest in its oil industry and expand its supply chain.SLB President for Mexico, Central America and Venezuela, William Antonio said his company will reactivate up to 15 of the oil rigs currently in Venezuela but that this will take months of preparation, with four likely to re-enter service this year.(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.)

$SLB
Commodities

Market Chatter: Venezuela Ready to Sign Oil Deals, Minister Tells Houston Investors

Venezuela is seeking private investment to boost crude production and plans to offer production-sharing contracts to revive output from the world's largest oil reserves, Bloomberg reported on Wednesday, citing Oil Minister Paula Henao.Speaking to investors at a conference in Houston on Wednesday, Henao said that 916 areas across the country are currently available for exploration and production.Though Venezuela is globally renowned for its heavy oil belts, she emphasized that significant opportunities also exist for light and medium crudes, as well as natural gas.Venezuela this week signed agreements with oil-field services giant SLB (SLB) and independent producer Hunt Oil as part of efforts to attract capital and expertise to its energy sector.PDVSA did not immediately reply to' request for comment.(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.)Price: $53.20, Change: $-0.01, Percent Change: -0.02%

$SLB
Commodities

SLB Wins Brunei Shell Petroleum Contract to Restore Offshore Production

Global energy technology company SLB (SLB) has been awarded a contract by Brunei Shell Petroleum, a unit of Shell (SHEL), to support production restoration from shut-in wells across multiple offshore fields, SLB said in a statement on Tuesday.The contract covers subsurface evaluation, well candidate selection, engineering and offshore execution, with project management, intervention services, monitoring, metering and marine logistics integrated into a single coordinated execution model.The program also incorporates elements of standard well, reservoir, and facility management methodologies, including coordinated surveillance, engineering, and intervention planning.Price: $53.72, Change: $-0.14, Percent Change: -0.26%

$SHEL$SLB
Sectors

Sector Update: Energy Stocks Rise Pre-Bell Tuesday

Energy stocks were rising pre-bell Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1.1%.The United States Oil Fund (USO) was up 0.8% and the United States Natural Gas Fund (UNG) was 0.7% higher.Front-month US West Texas Intermediate crude oil was 1% higher at $85.32 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.5% to $91.30 per barrel, and natural gas futures were up 0.4% at $2.70 per 1 million British Thermal Units.Petroleo Brasileiro (PBR) is weighing granting Braskem (BAK) improved payment terms on some contracts as the petrochemical producer approaches an Aug. 24 deadline to file for bankruptcy protection, Bloomberg reported, citing people familiar with the matter. The company's shares were 0.9% higher premarket.Ecopetrol (EC) completed the acquisition of a controlling 51% stake in Brava Energia for about $1.20 billion, strengthening its presence in Brazil and diversifying its hydrocarbons portfolio, the company said. Ecopetrol stock was up 0.7% pre-bell.SLB (SLB) has been awarded a contract by Brunei Shell Petroleum to support production restoration from shut-in wells at a number of offshore fields, the company said. SLB shares were 0.2% higher premarket.

$BAK$EC$PBR$SLB$UNG$USO$XLE
Wire

Capital One Securities Adjusts SLB Price Target to $63 From $64

SLB (SLB) has an average rating of overweight and mean price target of $62.39, according to analysts polled by FactSet.Price: $53.21, Change: $-0.56, Percent Change: -1.04%

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Sectors

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index rising 1.6% and the State Street Energy Select Sector SPDR ETF (XLE) up 1.5%.The Philadelphia Oil Service Sector Index was climbing 3.8%, and the Dow Jones US Utilities Index was shedding 0.6%.In geopolitical news, Iran and Oman are reportedly close to finalizing a framework regarding the Strait of Hormuz. But US and Israeli ships would be blocked from moving through the strategic waterway, Iranian state news outlet Fars reported Thursday, according to CNBC.Front-month West Texas Intermediate crude oil rose 3.1% to $77.54 a barrel, and the global benchmark Brent crude contract added 4.1% to $82.68 a barrel. Henry Hub natural gas futures fell 2% to $2.64 per 1 million BTU.In sector news, US natural gas stocks rose by 33 billion cubic feet in the week ended July 31, above the 30 billion increase expected in a survey compiled by Bloomberg and following an increase of 28 billion cubic feet in the previous week.In corporate news, BP (BP) has agreed to acquire Woodside Energy's (WDS) 70% stake in the Calypso gas project in Trinidad and Tobago. Following the close of the deal, BP will own 100% of the early-stage, deepwater natural gas project and will assume operatorship, it said. BP shares rose 2.7%, and Woodside added 3.2%.SLB (SLB) and Equinor (EQNR) signed a multiyear agreement for reservoir stimulation services across the Norwegian Continental Shelf, including a major upgrade of the MV Island Captain well stimulation vessel, the companies said Thursday. SLB shares rose 3.6%, and Equinor added 3.5%.ConocoPhillips (COP) shares rose 1.6% after it reported higher Q2 adjusted earnings and revenue. The company also said Chief Financial Officer Andy O'Brien will succeed Ryan Lance as president and chief executive officer, effective Sept. 1.Suncor Energy (SU) said Thursday its Chief Executive Officer Rich Kruger will move to the executive vice chair role in April 2027. Executive Vice President Upstream Peter Zebedee will succeed Kruger following a board-led succession process, the company said. The company also said Zebedee will become CFO and president on Sept. 14, overseeing all non-operating functions before assuming the CEO role in 2027. Suncor shares were down 2.3%.

$BP$COP$EQNR$SLB$SU$WDS
Wire

SLB, Equinor Sign Multi-Year Reservoir Stimulation Deal for Norwegian Continental Shelf

SLB (SLB) and Equinor (EQNR) signed a multi-year agreement for advanced reservoir stimulation services across the Norwegian Continental Shelf, including a major upgrade of the MV Island Captain well stimulation vessel, the companies said Thursday.The upgrade will convert the vessel into a fully proppant-capable stimulation vessel with expanded proppant storage, advanced handling and blending systems, increased pumping capacity, and an optimized deck layout.The vessel will be able to carry up to 2 million pounds of proppant for high-intensity offshore stimulation treatments, the companies said.The companies said the agreement secures dedicated capacity to support development of tight offshore reservoirs and help maximize recovery from future wells.Price: $52.03, Change: $+2.12, Percent Change: +4.24%

$EQNR$SLB
Wire

TD Cowen Adjusts Price Target on SLB to $64 From $62

SLB (SLB) has an average rating of overweight and mean price target of $62.46, according to analysts polled by FactSet.Price: $50.13, Change: $-0.68, Percent Change: -1.34%

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Oil & Energy

Adnoc, SLB Deploy AI Platform Across 120 Rigs to Optimize Drilling Operations

UAE's Adnoc, in collaboration with US oilfield services giant SLB (SLB), deployed its artificial intelligence platform across a fleet of more than 120 onshore and offshore drilling rigs, according to a statement Tuesday.Powered by SLB's DrillOps intelligent well delivery solutions and hosted within Adnoc's sovereign UAE cloud environment, the system consolidates live operational data into a single environment.The digital platform reduces engineering effort by 30% to 40%, allowing individual engineers to oversee two to three times more rigs, it stated.By leveraging automated dashboards and AI-driven analytics, reporting cycles that previously took days are compressed into hours or minutes, while incident response times are accelerated by 4 to 12 hours to prevent one to two days of rig downtime, according to the statement.

$SLB
Commodities

US Land Drilling Activity Holds Firm Despite Minor Oil, Gas Rig Changes, RBC Says

US land drillers kept the active rig count unchanged at 572 over the week, with only minor shifts between oil and gas rigs, RBC Capital Markets said in a Sunday note.RBC said the Baker Hughes (BKR) US land rig count remained at 572. The US oil rig count fell by one to 436, while the gas rig count increased by one to 127, the note said.Oil rigs increased by eight over the month, while gas rigs added two. The Permian Basin lost one rig to 258, representing 59% of Lower 48 oil rigs and 45% of total US land rigs.RBC said Helmerich & Payne (HP) remained the largest Permian driller with 90 rigs, representing 33% of basin activity. Patterson-UTI Energy (PTEN) operated 33 rigs, accounting for 12%, while Nabors Industries (NBR) ran 29 rigs, or 11%.The note said Exxon Mobil (XOM) led Permian operators with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active rigs, up from 43% a year earlier.RBC said Eagle Ford activity remained unchanged at 47 rigs. Among drilling contractors, Helmerich & Payne led with 17 rigs, representing 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%.The note said ConocoPhillips (COP) led operators in the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share to 53% from 38% a year earlier.Haynesville added one rig over the week to 56. Among drilling contractors, Helmerich & Payne led with 11 rigs, representing 18% of the total, followed by Independence Contract Drilling with nine rigs, or 15%, and Nabors Industries with eight rigs, or 13%.Apex remained the largest operator in the Haynesville with 14 rigs, while Adamas operated seven and Expand Energy (EXE) ran five. Private operators accounted for 74% of active rigs, compared with 70% a year earlier.RBC said its oilfield services coverage group advanced 1.1% over the week, while West Texas Intermediate crude climbed 7.8% during the same period.The note said Element Technical Services posted the strongest weekly gain at 15.8%, followed by SLB (SLB) at 11.6% and NOV (NOV) at 6.4%.RBC said Halliburton (HAL) declined 5.3%, Atlas Energy Solutions (AESI) dropped 15.0%, and Liberty Energy (LBRT) fell 27.2%. Its oilfield services coverage group has gained 34.1% over the year, compared with an 8.9% increase in the S&P 500 Index.

$AESI$BKR$COP$CRGY$DVN$EOG$EXE$HAL$HP$LBRT$NBR$NOV$OXY$PTEN$SLB$XOM
Wire

SLB Growth Drivers Seen Coalescing in 2027, Beyond, RBC Capital Markets Says

SLB (SLB) growth drivers are likely to coalesce in 2027 and beyond, anchored by a multi-year offshore upcycle, eventual recovery in the Middle East and progress in Venezuela, RBC Capital Markets said in a Sunday note.The analysts said they expect 10% revenue growth in 2027 and 7% in 2028. RBC revised EBITDA estimates for 2026 and 2027 by +3% and -1% to $8.16 billion and $9.37 billion, respectively, compared with Wall Street view of $7.99 billion and $9.42 billion, according to the reportThe bank also introduced its 2028 EBITDA estimate of $10.23 billion, versus Wall Street view of $10.36 billion, according to the note.RBC said that SLBs' Q2 results added $4 billion of free cash flow to the firm's models and that it sees the company returning essentially all of its free cash flow to shareholders this year.RBC maintained its outperform rating and $61 price target on the stock.Price: $52.35, Change: $-0.08, Percent Change: -0.14%

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Oil & Energy

Global Oil Prices Retreat as US-Iran Ceasefire Eases Supply Fears, TPH Says

Global oil prices pulled back from a spike late last week, as easing geopolitical tensions following a pause in direct US-Iran strikes outweighed fresh friction in the Bab el-Mandeb Strait and ongoing disruptions to key Middle Eastern trade routes, according to TPH Energy Research in a Monday note.Matt Portillo, analyst at TPH Energy, said Brent crude futures hovered at about $88.20 per barrel, retreating from a peak of $96.80/bbl hit on Friday.The pullback follows optimism surrounding potential peace talks and indications that further immediate escalation has been averted.However, energy markets remain on edge. TPH analysts said that while US and Iranian officials have paused hostilities, Saudi-Houthi tensions escalated last week.The Houthis implemented a naval blockade in the Bab el-Mandeb Strait, targeted two Saudi oil tankers, and launched strikes at Saudi oil infrastructure, which were successfully defended, following a retaliatory strike by Riyadh.Flows through key regional arteries remain complicated. Transits through the Strait of Hormuz are significantly depressed, and about 4 to 4.5 million barrels per day of Yanbu oil exports must be rerouted.TPH said two Chinese tankers laden with Saudi crude recently managed to transit the Strait, market participants are grappling with logistical bottlenecks, as fully laden Very Large Crude Carriers are unable to pass through the Suez Canal, forcing alternative routes that more than double transit times.Portillo said as the corporate earnings season kicks into gear, energy executives and investors are parsing industry results for deeper insights into the macroeconomic landscape across upstream and oilfield services sectors.On the oilfield services front, recent commentary from Halliburton (HAL) and Liberty Energy (LBRT) indicates that analyst expectations for pressure pumping price gains were overly optimistic, pointing instead to more modest growth.Meanwhile, upbeat commentary on deepwater markets from Halliburton and SLB (SLB) continues to reinforce a broader industry preference for international exposure over North American onshore Lower 48 plays.On the upstream gas front, early results from EQT (EQT), Range Resources (RRC), and Ovintiv (OVV) highlighted a growing focus on longer-term supply and demand dynamics through the coming decade.Though near-term market fundamentals face lingering headwinds looking toward 2027, long-only investor interest has begun to pick up.TPH analysts highlighted that both EQT and RRC have maintained a prudent stance on supply growth as new demand sources develop. A primary catalyst for outperformance last week was EQT's announcement of a 10-year supply agreement to power generation facilities, linked to PJM power market pricing rather than local in-basin benchmarks.Price: $32.58, Change: $-0.78, Percent Change: -2.35%

$EQT$HAL$LBRT$OVV$RRC$SLB
Equities

S&P 500 Posts Weekly Decline Amid Mixed Earnings, US-Iran Turmoil

The Standard & Poor's 500 index shed 0.6% this week amid mixed corporate earnings and continued worries about the US-Iran war.The S&P 500 ended the week at 7,411.98, posting a second consecutive weekly decline. The index is down 1.2% for the month but up 8.3% for the year.Pakistan is exploring a path toward a resumption of stalled talks between the US and Iran over ending the war, following a push initiated by China, Reuters reported, citing sources, on Friday. Axios a day earlier said in a report that US President Donald Trump was seriously considering a "massive attack" on Iran but didn't give a deadline for his decision.Earnings were mixed as Intel (INTC) reported a Q2 beat for adjusted earnings and its strongest revenue growth in 15 years, driven by a 59% surge in the data center and artificial intelligence unit. American Express (AXP) and Verizon Communications (VZ), however, both disappointed with weaker-than-expected Q2 revenue.The S&P 500's weekly loss came on declines in just three of its 11 sectors. Communication services had the largest percentage drop, falling 6.2%, followed by a 6.1% decline in consumer discretionary and a 1.4% slip in consumer staples.Google parent Alphabet (GOOG, GOOGL) weighed down communication services, falling 7.8%. The European Commission fined the company's Google 890 million euros ($1.04 billion) for violating the Digital Markets Act by self-preferencing in Google Search and anti-steering practices on Google Play.T-Mobile US (TMUS) was also among the hardest-hit stocks in communication services, falling 6.4%. The company's second-quarter earnings unexpectedly increased year over year, but revenue fell short of market estimates as the wireless network operator's postpaid net account additions declined annually.Tesla (TSLA) tumbled 17%, marking the largest weekly percentage loss in both the consumer discretionary sector and the overall S&P 500. The electric vehicle manufacturer reported a steeper-than-expected drop in Q2 adjusted earnings per share.On the upside, the energy sector rose 3.8% on the week, boosted by higher energy prices amid the turmoil in the Middle East. Utilities also rose, climbing 2.5%, followed by gains of more than 1% each in industrials, real estate and materials. Health care, technology and financials also eked out gains.SLB (SLB) was among the energy sector's top gainers, climbing 11%. The company reported Q2 adjusted earnings per share and revenue above analysts' mean estimates.Next week's earnings calendar features many large companies including Visa (V), Coca-Cola (KO), Boeing (BA), United Parcel Service (UPS), Microsoft (MSFT), Meta Platforms (META), Procter & Gamble (PG), Apple (AAPL), Amazon.com (AMZN), Mastercard (MA), Exxon Mobil (XOM), AbbVie (ABBV) and Chevron (CVX).Economic data will include reports on June wholesale and retail inventories, as well as June consumer spending and the June Personal Consumption Expenditures price index. The US Federal Open Market Committee will gather for a two-day meeting that concludes on Wednesday when members will announce a decision on interest rates.

Dow JonesNasdaq CompositeS&P 500$GOOG$GOOGL$SLB$TMUS$TSLA
Sectors

Sector Update: Energy Stocks Mixed Late Afternoon

Energy stocks were mixed late Friday afternoon, with the NYSE Energy Sector Index 0.1% lower and the State Street Energy Select Sector SPDR ETF (XLE) up 0.3%.The Philadelphia Oil Service Sector Index climbed up 2.9%, and the Dow Jones US Utilities Index was up 0.1%.West Texas Intermediate crude oil fell 3% to $89.45 a barrel, and global benchmark Brent dropped 3.9% to $96.80 a barrel. Henry Hub natural gas futures shed 1.3% to $2.88 per 1 million BTU.In corporate news, SLB (SLB) shares jumped past 10% after its Q2 adjusted earnings and revenue topped market estimates.NextEra Energy (NEE) reported mixed Q2 results with adjusted earnings topping estimates and operating revenue trailing Wall Street forecasts. Shares were 0.2% lower.BP (BP) is in advanced talks to sell its solar power arm Lightsource to a consortium comprising Qualitas Energy, a private equity firm focused on green energy, and Wren House, the infrastructure arm of the Kuwait Investment Authority, Reuters reported. BP shares were down 0.4%.American Resources (AREC) said Friday it will pay a special dividend of 4.31 cents per share, payable on Aug. 25 to shareholders of record Aug. 15. Shares were down 2%.

$AREC$BP$NEE$SLB
Sectors

Sector Update: Energy Stocks Mixed Friday Afternoon

Energy stocks were mixed Friday afternoon with the NYSE Energy Sector Index little changed and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.5%.The Philadelphia Oil Service Sector Index climbed 2.9%, and the Dow Jones US Utilities Index eased 0.1%.West Texas Intermediate crude oil fell 3.6% to $88.80 a barrel, and global benchmark Brent dropped 4.4% to $96.30 a barrel. Henry Hub natural gas futures fell 1% at $2.89 per 1 million BTU.In corporate news, SLB (SLB) shares jumped 10% after Q2 adjusted earnings and revenue topped market estimates.NextEra Energy reported mixed Q2 results with adjusted earnings topping estimates and operating revenue trailing Wall Street forecasts. The shares fell 0.5%.BP (BP) is in advanced talks to sell its solar power arm Lightsource to a consortium comprising Qualitas Energy, a private equity firm focused on green energy, and Wren House, the infrastructure arm of the Kuwait Investment Authority, Reuters reported. BP shares fell 0.3%.

$BP$NEE$SLB
Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Friday Amid New US Tariffs

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.1% in Friday's premarket activity, as investors digest new US tariffs amid continued corporate earnings.US stock futures were higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures gaining 0.4%, and Nasdaq futures advancing 0.1% before the start of regular trading.S&P Global US Manufacturing, Service, and Composite PMI are expected at 9:45 AM ET. New Home Sales are due at 10 AM ET, followed by Kansas City Fed Services at 11 AM ET.In premarket action, bitcoin was up by 0.01%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.1% higher, Ether ETF (EETH) advanced 0.2%, and Bitcoin & Ether Market Cap Weight ETF (BETH) rose over 2.6%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 0.1%, the iShares US Technology ETF (IYW) was 0.6% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 0.1%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 0.9%, while the iShares Semiconductor ETF (SOXX) fell by 0.5%.Intel (INTC) shares were up more than 3% in premarket activity after the company reported that it swung to fiscal Q2 adjusted earnings as revenue increased during the period.Winners and Losers:EnergyThe iShares US Energy ETF (IYE) was down 0.8%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.4%.SLB N.V. (SLB) stock was up more than 3% before market open after the company reported Q2 adjusted earnings Friday of $0.55 per diluted share, above analyst estimates of $0.51.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) rose 2.2%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.3%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was up 0.9%.Fly-E Group (FLYE) shares were up 2.4% pre-bell after the company said late Thursday it filed its overdue Form 10-K and expects it will eliminate the need to submit a formal plan to regain compliance with Nasdaq.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, the Vanguard Industrials Index Fund (VIS) was up 0.6% and the iShares US Industrials ETF (IYJ) was inactive.C.H. Robinson Worldwide (CHRW) stock was down more than 2% before the opening bell after the company said that a Dallas County, Texas jury issued a $604 million advisory verdict against the company and two other defendants in a lawsuit stemming from a trucking accident.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.3%, the Vanguard Health Care Index Fund (VHT) was inactive, while the iShares US Healthcare ETF (IYH) slipped 1.4%. The iShares Biotechnology ETF (IBB) was inactive.Novo Nordisk (NVO) stock was up more than 1% premarket after the company filed a preliminary US court injunction to immediately block advertising by Eli Lilly (LLY) for its obesity and diabetes drugs.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.9%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1% lower.HSBC (HSBC) shares traded up 1% in early hours activity after the company signed the share purchase deal to sell HSBC Life in Singapore for $2.09 billion to Allianz Asia.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 3.3% to $89.15 per barrel on the New York Mercantile Exchange. Natural gas was up by 1% to $2.95 per 1 million British Thermal Units. The United States Oil Fund (USO) was down 2.4%, while the United States Natural Gas Fund (UNG) was 2% higher.Gold futures for July advanced 0.2% to $4,057.90 an ounce on the Comex. Silver futures were up 1.1% to $58.71 an ounce. SPDR Gold Shares (GLD) increased 0.1%, and the iShares Silver Trust (SLV) was 1.4% higher.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$CHRW$EEM$EETH$EXI$FAS$FAZ$FLYE$GLD$HSBC$IBB$IGM$IGV$INTC$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVO$PMR$QQQ$RTH$SLB$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Sectors

Sector Update: Energy Stocks Decline Pre-Bell Friday

Energy stocks were declining pre-bell Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.3% lower.The United States Oil Fund (USO) was down 1.7% and the United States Natural Gas Fund (UNG) was 1.9% higher.Front-month US West Texas Intermediate crude oil was 2.4% lower at $89.90 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 2.8% to $97.83 per barrel, and natural gas futures were up 1.3% at $2.95 per 1 million British Thermal Units.SLB (SLB) shares were up nearly 4% after the company reported Q2 adjusted earnings and revenue that topped analysts' estimates.BP (BP) is in advanced talks to sell its solar power arm Lightsource to a consortium comprising Qualitas Energy, a private equity firm focused on green energy, and Wren House, the infrastructure arm of the Kuwait Investment Authority, Reuters reported. BP stock was 0.3% lower premarket.Ocean Power Technologies (OPTT) stock was 2% lower after the company said it acquired strategic subsea developmental technology assets from Columbia Power Technologies.

$BP$OPTT$SLB$UNG$USO$XLE
Sectors

Sector Update: Energy

Energy stocks were declining pre-bell Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.4% lower.The United States Oil Fund (USO) was down 2.6% and the United States Natural Gas Fund (UNG) was 1.7% higher.Front-month US West Texas Intermediate crude oil was 3.2% lower at $89.21 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 3.4% to $97.29 per barrel, and natural gas futures were up 1.3% at $2.95 per 1 million British Thermal Units.SLB (SLB) shares were up more than 3% after the company reported Q2 adjusted earnings and revenue that topped analysts' estimates.

$SLB
Commodities

SLB Says Sequential Q2 Growth Across International Markets Offset Middle East Crisis Impact

SLB (SLB), the Houston, Texas-based energy technology major, said on Friday that "broad-based sequential growth across international markets", driven by offshore activity in Latin America, Europe & Africa, and Asia, more than negated the impact of continued disruption in the Middle East.Middle East & Asia revenue in Q2 fell 4% sequentially and 14% year-on-year to $2.57 billion, weighed down by a 13% decline in the Middle East, which contributed about 65% of the regional revenue for the quarter.The decline was offset partly by 17% rise in Asian revenues, the company said its earnings statement."The decline in the Middle East was driven by lower activity levels and operational disruptions related to the regional conflict. While activity began to recover in certain countries as conditions improved, operations in other markets remained constrained by production shut-ins and security challenges," the company said.In Q2, the company's Latin American revenue of $1.71 billion was 12% higher sequentially and 9% year-on-year; while revenue from Europe & Africa rose 6% sequentially and fell 3% year-on-year to $2.39 billion. North America revenue of $2.24 billion was 4% up sequentially and 1% higher than last year.The company reported Q2 revenue of $3.77 billion from its production systems division, 29% higher than the $2.93 billion reported for the same quarter last year.The well construction division generated revenues of $2.74 billion for the quarter ended June 30, 7% lower than $2.96 billion last year, according to its statement.Meanwhile, the reservoir performance division reported $1.56 billion in revenues for Q2, 8% lower than $1.69 billion in the year-ago period.

$SLB
Stocks Rise Pre-Bell as Traders Assess New US Tariffs, Latest Middle East Developments
US Markets

Stocks Rise Pre-Bell as Traders Assess New US Tariffs, Latest Middle East Developments

The benchmark US stock measures were trending higher before the open Friday as investors assess Washington's new phase of global tariffs and the latest developments in the Middle East.The S&P 500 and the Nasdaq gained 0.2% each in premarket activity, while the Dow Jones Industrial Average added 0.5%. The indexes ended the previous trading session lower, with the Nasdaq and S&P 500 recording their biggest one-day declines since June 23.In a fact sheet published on Thursday, the Office of the US Trade Representative announced new tariffs of 10% or 12.5% on 60 economies that it said have failed to prohibit or effectively enforce bans on imports made with forced labor, including China, India, the UK and the European Union.The duties took effect at 12:01 a.m. ET Friday, replacing President Donald Trump's temporary 10% global tariffs, which expired at the same time, CNBC reported.Earlier this week, Trump signed three proclamations to impose 50% tariffs on the imports of motor vehicles, alcohol and dairy products from Canada.West Texas Intermediate crude oil dropped 3.5% to $88.99 a barrel before the opening bell, while Brent fell 3.6% to $97.13.Trump told Axios on Thursday that he is seriously considering restarting major combat operations against Iran. The US Central Command said it completed its 13th consecutive night of strikes against Tehran on Thursday.The Iran-backed Houthi militants in Yemen recently claimed attacks on two Saudi Arabian oil tankers in the Red Sea, sparking concerns over a potential closure of the Bab el-Mandeb Strait, an alternate shipping route to the Strait of Hormuz.In a social media post, Trump said the US will hold Iran responsible and threatened "major military punishment" if its Houthi proxies continued to attack commercial ships.Treasury yields were down in premarket action, with the two-year rate retreating 3.4 basis points to 4.33% and the 10-year rate off 2 basis points to 4.68%."Rising oil prices have revived talk of a (Federal Reserve) rate hike, with rates markets now beginning to treat next week's (Federal Open Market Committee) meeting as a live decision after the 10-year yield pushed back toward its year-to-date high," Saxo Bank said in a report Thursday.The probability that the Fed will leave its benchmark lending rate unchanged next week stood at 71% on Friday, up from 66% the day before, according to the CME FedWatch tool. The odds of a quarter-percentage-point increase moved down to 29% from 34%.Shares of Intel (INTC) advanced 5.3% pre-bell after the chipmaker reported second-quarter results ahead of Wall Street's estimates. Oracle (ORCL) inclined 2.6% as the cloud computing giant secured a 10-year enterprise software contract worth nearly $7 billion with the US Department of War.American Express (AXP), Verizon Communications (VZ), HCA Healthcare (HCA), SLB (SLB), Charter Communications (CHTR), Booz Allen Hamilton (BAH) and Lamb Weston (LW) report their latest financial results before the bell, among others.Friday's economic calendar has the S&P Global's (SPGI) flash purchasing managers' index for July at 9:45 am ET, followed by the new home sales report for June at 10 am. The weekly Baker Hughes oil-and-gas rig count is out at 1 pm.Gold nudged up 0.3% to $4,061 per troy ounce, while bitcoin increased 0.2% to $64,949.

Dow JonesNasdaq CompositeS&P 500$AXP$BAH$CHTR$HCA$INTC$LW$ORCL$SLB$SPGI$VZ

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