EQT, Baker Hughes, U.S. Oil & Fuel Inventories: Your Daily Energy News

---

News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CORPORATE
EQT to Purchase Olympus Energy Assets in Marcellus Shale Boost - EQT Corporation (NYSE:EQT) (Pittsburgh, Pennsylvania) said on Tuesday it plans to buy the upstream and midstream assets of oil and gas producer Olympus Energy (Canonsburg, Pennsylvania) for $1.8 billion to expand its presence in the natural gas-rich Marcellus region in the U.S. The deal with Olympus, expected to close early in the third quarter of 2025, consists of 26 million shares of EQT common stock worth $1.3 billion and $500 million in cash, which the company expects to fund with cash on hand and borrowings under its revolving credit facility. (Reuters)

CRUDE OIL
U.S. Crude Oil Stockpiles Rise - U.S. crude oil inventories rose by 244,000 barrels to 443.1 million barrels in the week ending April 18, the U.S. Energy Information Administration (EIA) reported. Net U.S. crude oil imports rose by 1.14 million barrels per day (BBL/d) to 2 million BBL/d, the EIA said, the largest weekly increase since November 2024. U.S. gasoline stocks fell by 4.5 million barrels in the week to 229.5 million barrels, the EIA said. Distillate stockpiles fell by 2.4 million barrels in the week to 106.9 million barrels, the lowest since November 2023. (Reuters)

PRODUCTION
Baker Hughes Forecasts Drop in Producer Spending - Oilfield service provider Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) on Wednesday forecast steeper drops in spending by global oil producers as tariffs dent demand expectations and push down prices for crude oil. Baker Hughes echoed rival Halliburton Company's (NYSE:HAL) (Houston, Texas) concerns on Tuesday, that weak oil prices could push down oilfield activity in North America. Baker Hughes expects global upstream spending to be down by high-single digits in 2025. "In North America, discretionary spending delays are extending into the second quarter, driven by ongoing uncertainty," said Baker Hughes Chief Executive Officer Lorenzo Simonelli. Baker Hughes forecast a $100 million to $200 million impact on its annual earnings before interest, tax, depreciation and amortization. (Reuters)

.....

About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).