Even as the decision to stop gas supplies to Ukraine aggravates tensions with the U.S. and Europe, Russia faces a dilemma: it still needs Exxon Mobil Corp., Halliburton Co. and BP Plc to maintain output from Soviet-era oil fields and develop Arctic and shale reserves.
Rigs targeting oil and natural gas in the U.S. increased this week, tying a 20-month high, as energy producers used a record number of horizontally drilling ones to reach deposits trapped in shale formations across the middle of the country.
Halliburton Co., the world’s largest provider of hydraulic-fracturing services, said North American profit margins this quarter will shrink more than previously forecast because of higher material costs.
Carl Icahn’s new stake in Transocean Ltd. may raise pressure on the world’s largest offshore driller to put some of its rigs into a tax-advantaged partnership as the billionaire seeks to boost his investment’s value.
Transocean Ltd., the deep-water rig owner that’s trailed competitors in the stock market since its equipment burned and sank in the 2010 Gulf of Mexico oil spill, is set to benefit the most this year from a surge in demand.