Monday Macro View – Record Profits, Same old Frac count, what’s going on?
Record profits at Chevron and Halliburton. A war still keeping oil prices elevated. So why did the Frac Spread Count just slip to 194? Is completions activity falling behind the earnings, or is 200 quietly becoming a ceiling instead of a floor? Read this week's MMV to find out.*
Market Sentiment Tracker – Why we should closely follow Japan?
Japan's central bank just defended the yen then left rates untouched anyway. The U.S. Treasury jumped in too, unprompted. Why would Washington help prop up a currency that isn't its own? And why avoid the one tool that actually fixes what's breaking it? Read this week's Market Sentiment Tracker to learn why the future of global markets is being written in Japan.*
This Week's Take Threes: TechnipFMC, RES, Halliburton, BP
TechnipFMC: Subsea orders jumped 31.7% and margins expanded 320 basis points, with management still eyeing $10 billion in bookings this year. Yet Surface Technologies revenue slipped, a reminder that not every part of the business is riding the same wave. Read the article to learn more.
RES: Capital spending is ticking up on "improving pricing and better activity visibility," even as cash flow weakened on a working capital build. A CEO transition is underway too, so is this confidence or just careful positioning heading into a leadership change? Learn more here.
Halliburton: Revenue held steady and North America is "recovering," but management is only reactivating fleets when the economics justify it. That's not the language of a company chasing growth for its own sake. Find out what’s next for Halliburton.
BP: One segment's profit surged 223% year over year, and operating cash flow jumped 51%. So why is BP still cutting production guidance and selling off assets like Archaea Energy and its UK North Sea business? Here is a breakdown of BP’s financials.
FREE READ: How is the U.S. saving global markets?
The US quietly supplied 60% of Europe's LNG and 30% of Japan's oil in June while gasoline got pricier at home. Record exports, record production, and a Frac Spread Count still climbing. Is this the most underappreciated energy story of the last 25 years? Read more in our Free Read.
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