Texas oil and gas rig count tops 830
Texas has 832 drilling rigs looking for oil and gas – about 47 percent of all U.S. rigs and a quarter of drilling rigs worldwide, according to the latest Baker Hughes Rig Count.
Most of the Texas rigs are operating in five major fields across the state, the San Antonio Express-News reported.
The Permian Basin in West Texas has 394 rigs, the Eagle Ford Shale in South Texas has 227 rigs, the Granite Wash in the Panhandle has 44 rigs, the Barnett Shale in North Texas has 31 rigs and the Haynesville Shale in East Texas has 19 rigs, according to the Baker Hughes Rig Count.
North Dakota is a distant second to Texas with 175 drilling rigs operating, according to the count. Oklahoma was next with 173 rigs and Louisiana with 103.
Behind new CEO, Citigroup’s profit, revenue up
NEW YORK — It was nine months ago that Mike Corbat was handed the reins of Citigroup and tasked with turning around the struggling banking giant. On Monday, the bank announced second-quarter results that beat Wall Street expectations and sent the stock higher.
Strong results from investment banking helped Citi’s April-to-June results, and the bank also benefited from setting aside less money for potential bad loans. Profit shot up 26 percent, after excluding an accounting gain, and revenue rose 8 percent.
On calls with analysts and reporters, Corbat and his chief financial officer, John Gerspach, were peppered with questions about a number of potential challenges. Among them: proposed new regulations that could require big banks to hold more capital, rising interest rates and a slowdown in growth in emerging market countries.
Still, investors sent the company’s shares higher, ending the day up almost 2 percent.
Stocks rise as Citigroup overshadows retail sales
NEW YORK — U.S. stocks rose Monday, giving the Standard & Poor’s 500 Index its longest winning streak since January, as better-than-estimated earnings at Citigroup overshadowed a disappointing retail sales report.
Citigroup jumped 2 percent after profit beat analysts’ estimates as stock-trading revenue surged and losses on unwanted assets declined.
The S&P 500 climbed 0.1 percent to 1,682.50 at 4 p.m. in New York. The index has gained for eight straight days, the longest stretch since Jan. 25. The Dow Jones industrial average added 19.96 points, or 0.1 percent, to 15,484.26. Both gauges reached record closing highs.
The S&P 500 closed at a record last week after Federal Reserve Chairman Ben Bernanke backed sustained monetary stimulus. The gauge added 3 percent through the five days, for a third week of gains and its biggest rally since Jan. 4.
Microsoft slashes Surface RT price by $150
LOS ANGELES — Microsoft Corp. is slashing the price of its Surface RT tablet by $150 as it fights to increase its tiny share of the booming tablet market.
The cut brings the price of the Surface RT with 32 gigabytes of memory to $349 without a cover, which also acts as a keyboard. Including a cover with a touch-sensitive keyboard, the device comes to $449. The Surface has a 10.1-inch screen measured diagonally.
According to market research firm IDC, Microsoft shipped about 1 million tablets in the first quarter of 2013. That includes about 260,000 of the slimmed-down RT version and 750,000 of the Pro version of Surface, which is compatible with older Windows programs. That gave Microsoft a slim 2 percent share of the 49.9 million tablets shipped worldwide.