BKR

Chart Industries shares moved lower following a report that EU regulators have raised concerns about its deal with Baker Hughes. The regulatory scrutiny introduces uncertainty around the completion of the transaction. No further details on the nature of the EU objections or a timeline for resolution were provided in the article.

Baker Hughes reported a total U.S. rig count of 558 for the current week, up 7, with oil rigs rising 10 to 425 and natural gas rigs falling 3 to 125. U.S. crude inventories posted a larger-than-expected draw of 7.9 million barrels, well above the 3 million barrel consensus, marking the fourth consecutive weekly decline and leaving stocks ~2% below the five-year average. The DOE also drew a record 9.9 million barrels from the SPR in a single week, reducing holdings to 374.2 million barrels, amid supply disruptions tied to Persian Gulf tensions; crude is trading near $61.35, below key moving averages.

SLB and Baker Hughes both project increased oil exploration spending, citing supply disruptions stemming from the Iran war as a key driver. The conflict is expected to tighten global oil supply, prompting upstream operators to accelerate capital deployment. Both oilfield services companies stand to benefit from higher activity levels in exploration and production.