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UBS analyst Josh Silverstein maintains Baker Hughes (NASDAQ:BKR) with a Neutral and lowers the price target from $71 to $70.
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ExxonMobil is building a comprehensive carbon capture and storage (CCS) business on the U.S. Gulf Coast, with infrastructure capable of handling up to 100 million metric tons of CO2 annually. The company has secured agreements for 9 million metric tons annually and received Texas approval for its Rose project to store 53 million metric tons. Other energy majors like Occidental Petroleum and Baker Hughes are also advancing carbon capture initiatives.
With WTI crude hovering near $100 per barrel due to Middle East tensions, oilfield service companies are positioned to benefit from increased exploration and production activities. Baker Hughes and Oceaneering International are highlighted as potential beneficiaries, supported by strong subsea orders, improving regional activity, and longer contract durations.
Chord Energy agreed to sell its entire Marcellus position to POSCO International for $550 million, with closing expected in Q4 2026. The divestiture will simplify operations, reduce net leverage by ~$25M in annual capital spending, and increase oil weighting by 4-5 percentage points. However, company-wide gas realizations are expected to decline 16-30% post-sale as the company focuses exclusively on its core Williston Basin assets.