The Federal Deposit Insurance Corp. (FDIC) reported that the banking industry earned $7.6 billion in profits in the first quarter of this year, compared with a record loss of $36.9 billion in the fourth quarter of last year. But no cheers yet, as the profit was 61% below the $19.3 billion earned in the year-ago period. Meanwhile, the number of distressed banks rose to 305, the highest number since 1994's savings and loan crisis. This year, 36 FDIC-insured banks have failed and been shut down by regulators, costing the FDIC about $70 billion through 2013.
US Oil Rig Count Falls by Most Since September 2021: Baker Hughes
2023-06-02 - The oil and gas rig count fell, for the fifth week in a row, to 696.
Petrobras Brings Búzios 5 FPSO Onstream
2023-06-01 - Fifth FPSO receives production at world’s largest deepwater field, with at least six more FPSOs planned.
Family Behind Stronghold Energy Raises $500MM for Permian Deals
2023-05-31 - After selling Stronghold Energy II to Ring Energy for $465 million last year, Steve and Caleb Weatherl aim to develop another Permian position with their new E&P, Garrison Energy.
E&P Highlights: March 27, 2023
2023-03-27 - Here’s a roundup of the latest E&P headlines including new contract awards in the upstream oil and gas industry.
Rig Providers Focus on Advancements to Keep Up with E&P’s Needs
2023-03-27 - With the offshore drilling market on a positive upswing, rig companies are trying to meet demand while adding the latest bells and whistles to their fleets.