Baker Hughes Says 230 Drilling Rigs Are Working in Saudi Arabia
'Baker Hughes has established that as of today, more than 230 rigs are working across operations in Saudi Arabia,' the Houston-based company said in a statement on its website Sunday. 'The operations related to drilling rigs, including production testing, non-rotational rigs, completions or workovers rigs, rigs under mobilization, have not historically been reflected in worldwide rig counts,' Baker Hughes added.
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Yahoo
30 minutes ago
- Yahoo
Energy Vault Announces Contract with Consumers Energy for 75 MW/300 MWh Battery Energy Storage Projects in Michigan
Energy Vault awarded project by Michigan's largest energy provider to supply two battery energy storage systems (BESS), totaling 75 MW/300 MWh, in Iosco and Bay Counties Battery deliveries expected to commence in Q4 2025, enabling construction to begin in Q1 2026, with commercial operation expected by Q4 2026 Commercial agreement executed earlier this year marks Energy Vault's expansion into the Eastern U.S. utility market through a partnership with a leading Midwest public utility. WESTLAKE VILLAGE, Calif. & JACKSON, Mich., August 05, 2025--(BUSINESS WIRE)--Energy Vault (NYSE: NRGV) ("Energy Vault" or the "Company"), a global leader in sustainable energy storage solutions, today announced an agreement with Consumers Energy, Michigan's largest energy provider, for the supply of two battery energy storage systems (BESS), totaling 75 MW/300 MWh. The BESS deployments will be located in Iosco and Bay Counties, with battery deliveries expected to commence in Q4 2025, construction expected to begin in Q1 2026 and commercial operation expected by Q4 2026. The 45 MW/180 MWh Weadock BESS will be located at the site of the now-retired John C. Weadock Power Plant in Hampton Township, while the 30 MW/120 MWh Iosco County BESS will be located in Oscoda Township. Local permitting efforts are actively underway in coordination with township officials to support project development. Both BESS deployments will be charged and discharged on a daily basis and designed to dispatch stored renewable energy at peak consumption hours to help meet Michigan's energy demand. "As the energy transition accelerates, utilities like Consumers Energy are stepping up to ensure grid reliability while integrating more renewable energy. We are proud to partner with Michigan's largest energy provider on these critical projects, which will not only help meet peak demand with energy but also exemplify how advanced storage technologies can support grid resilience at scale," said Marco Terruzzin Chief Revenue Officer, Energy Vault. "This contract marks Energy Vault's continued expansion across the US with a leading Midwest utility partner committed to delivering sustainable energy at scale—and it lays the foundation for a long-term strategic partnership focused on enabling a more resilient and sustainable energy future for Michigan and beyond." "Battery storage will continue to play a larger role as Consumers Energy meets Michigan's growing energy needs. We're excited to collaborate with Energy Vault to bring these two projects to life in the communities we serve," said Sri Maddipati, Consumers Energy's president of electric supply. The BESS deployments will be developed under Energy Vault's B-VAULT™ suite of fully integrated battery energy storage solutions, and will leverage Energy Vault's proprietary X-Vault integration platform and Vault-OS Energy Management System to control, manage and optimize the BESS operations, allowing for superior energy management capabilities. Energy Vault's innovative system architecture provides customer optionality with both battery and inverter suppliers, while unique AC-coupled and DC-coupled configurations provide the drop-in flexibility needed for any project. Today's announcement marks an advancement of Energy Vault's growing commercial footprint in the global battery energy storage market, with the Company's B-VAULT portfolio consisting of more than 2GWh in total projects either deployed or currently in development to date. About Energy Vault Energy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company's hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault's innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault's gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit for more information. About Consumers Energy Consumers Energy is Michigan's largest energy provider, providing natural gas and/or electricity to 6.8 million of the state's 10 million residents in all 68 Lower Peninsula counties. Forward-Looking Statements This press release includes forward-looking statements that reflect the Company's current views with respect to, among other things, the Company's operations and financial performance, including anticipated execution the Weadock and Iosco BESS projects. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as "anticipate," "expect," "suggest," "plan," "believe," "intend," "project," "forecast," "estimates," "targets," "projections," "should," "could," "would," "may," "might," "will" and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans, and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions, and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the failure to execute definitive agreements, changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the uncertainly of our awards, bookings, backlog, timing of permits and developed pipeline equating to future revenue; the lack of assurance that non-binding letters of intent and other indication of interest can result in binding orders or sales; the possibility of our products to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; the impact of health epidemics, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 13, 2024, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC's website at New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements. View source version on Contacts Energy Vault Contacts Mediamedia@ InvestorsenergyvaultIR@ Consumers Energy Contacts Brian Wheeler,
NBC Sports
33 minutes ago
- NBC Sports
PEACOCK AND BIG 12 PARTNER TO LIVE STREAM EXCLUSIVE SLATE OF BIG 12 MEN'S BASKETBALL REGULAR SEASON GAMES PRODUCED BY NBC SPORTS
Big 12 Conference Sent Seven Schools to 2025 NCAA Men's Basketball Tournament, Including National Finalist Houston The 2025-26 College Basketball Season Features Nearly 200 Men's and Women's Games Streaming Exclusively on Peacock from the Big 12, Big Ten, BIG EAST, and More, Plus the NBA (Beginning with the 2025-26 Season) and the WNBA (Beginning in 2026) STAMFORD, Conn. – Aug. 5, 2025 – Peacock will stream a slate of 20 exclusive regular-season Big 12 men's basketball games beginning in Fall 2025 as part of a multi-year agreement announced today by NBC Sports and the Big 12 Conference. Each season, Peacock's Big 12 men's basketball schedule will include 20 conference and non-conference matchups. Along with the Big 12, NBC Sports' 2025-26 college basketball schedule will feature nearly 200 men's and women's games from the Big Ten, the BIG EAST, and more, many of which will be presented exclusively on Peacock. Beginning in the Fall, NBCUniversal will also be home to live NBA (2025-26) and WNBA (2026) coverage. Big 12 men's basketball joins Peacock's expansive live sports offering alongside the Olympic and Paralympic Games, Sunday Night Football (primetime television's No. 1 show for an unprecedented 14 consecutive seasons), Big Ten football and basketball, BIG EAST men's and women's basketball, Notre Dame Football, the NBA beginning in 2025-26, the WNBA beginning in 2026, Premier League, La Copa Mundial de la FIFA 2026, and much more. Peacock also offers daily sports programming on the NBC Sports channel. Peacock has exclusively streamed several notable sports industry milestones in recent years, including the first-ever streaming-exclusive NFL Playoff game in January 2024, which broke records as the biggest live streamed event in U.S. media history at the time; Caitlin Clark's NCAA women's all-time scoring record-breaking game in February 2024; and the award-winning presentation of the 2024 Paris Olympics, presenting more than 5,000 hours of live sports in intuitive and engaging new ways. Peacock attracts nearly 100 million monthly active users, according to comScore. The Big 12 sent seven teams to the 2025 NCAA Men's Basketball Tournament, including conference champion and regional No. 1-seed Houston, No. 3-seeds Iowa State and Texas Tech, No. 4-seed Arizona, No. 6-seed BYU, No. 7-seed Kansas, and No. 9-seed Baylor. The 2024-25 season marked the 11th consecutive tournament where the Big 12 earned at least six bids, and four Big 12 teams (Houston, Texas Tech, Arizona, and BYU) advanced to the Sweet 16 for the first time since 2002. Big 12 champion Houston advanced to this year's Final Four in San Antonio, the Cougars' second appearance in the last five seasons. This season marked the fifth time in the last seven NCAA Men's Tournament that the Big 12 has been represented in the Final Four. A Big 12 school has won two of the last five NCAA Championships (Kansas in 2022, Baylor in 2021). 'The Big 12 is thrilled to partner with NBC Sports and Peacock as we continue to expand access and coverage of Big 12 men's basketball,' said Big 12 Commissioner Brett Yormark. 'Alongside our portfolio of existing media partners, NBC Sports and Peacock will provide our league with unprecedented promotion and storytelling.' 'The Big 12 is one of the most successful conferences in college basketball, enjoying a recent run of excellence on top of a storied history for many of its prestigious programs,' said Rick Cordella, President, NBC Sports. 'We look forward to partnering with the Big 12 to showcase its top-tier college basketball players, teams, and rivalries, and promoting our slate of men's games on Peacock alongside NBC Sports' extensive portfolio of college sports and world-class events.' ABOUT THE BIG 12 CONFERENCE The Big 12 is in its 30th year as one of the nation's premier conferences in college athletics under the leadership of Commissioner Brett Yormark. Since joining the Conference in August 2022, Yormark has elevated the Big 12 to new heights, emphasizing marketing, brand building and instilling an innovative strategy that has resonated across the college athletics landscape. Starting Aug. 2, 2024, the Conference is composed of 16 universities spanning 10 states and four time zones. The Big 12 members include Arizona, Arizona State, Baylor, BYU, UCF, Cincinnati, Colorado, Houston, Iowa State, Kansas, Kansas State, Oklahoma State, TCU, Texas Tech, Utah and West Virginia. The Big 12 began play in 1996 and is the home of 89 team NCAA national championships, and 764 individual national champions. The Big 12 Conference office is located in Irving, Texas. ABOUT NBC SPORTS NBC Sports connects sports fans to the moments that matter most with premier live events, insightful studio shows, and compelling original programming. As the sports division of NBCUniversal, NBC Sports produces, programs, and promotes premier content across numerous linear and digital platforms, including NBC and Peacock. NBC Sports possesses an unparalleled collection of media rights agreements, partnering and presenting many of the most prestigious sports properties in the world: the International Olympic Committee, International Paralympic Committee, United States Olympic and Paralympic Committee, the NFL, NBA, WNBA, Big Ten Conference, Big East Conference, Notre Dame, NASCAR, PGA TOUR, USGA, PGA of America, The R&A, Churchill Downs, Premier League, and many more. It is renowned for making big events bigger and has produced some of the most-watched sporting events in U.S. media history, including Olympic Games, Super Bowls, and Sunday Night Football, primetime television's No. 1 show for 14 consecutive years.
Forbes
33 minutes ago
- Forbes
Saudi Aramco Profit Dips For 10th Quarter In A Row
Energy giant Saudi Aramco (TADAWUL: 2222) posted its tenth successive decline quarterly profits on Tuesday, following reduced takings in the face of lower oil prices. In an announcement to the Saudi Stock Exchange Tadawul, Aramco declared an adjusted net income of 92.04 billion Saudi riyal (or $24.5 billion) over the three months to the end of June, down from $26 billion in the previous quarter. Second quarter revenues dropped to $101 billion Saudi riyal, from $116 billion Saudi riyal in the same period of the previous year. The latest drop in quarterly profits extended a run of drops dating back to the first quarter of 2023. 'The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices,' Aramco noted in its quarterly report. The slump has not gone unnoticed by the market. Following the publication of its results Aramco shares ended trading at 24.02 riyals ($6.4) per share on the Tadawul on Tuesday, nearly 12% below the 27.35 riyals price of its secondary share offering in 2024. The majority government-owned company's market valuation has also suffered a steady decline from a peak of $2.4 trillion in 2022, at the height of the energy price spike in the wake of the Russia-Ukraine war, to around $1.6 trillion, thereby shedding a third of its market value to date. Aramco listed on the Saudi exchange in 2019 in an eye-catching move selling 1.7% of its shares at $29.4 billion, earning the floatation a tag of the world's biggest initial public offering. In June last year, a secondary offering of 0.64% of its issued shares raised a further $11.2 billion. The company has also transferred a 16% stake to the Saudi Public Investment Fund, the primary wealth vehicle spearheading much of Crown Prince Mohammed bin Salman Al Saud's signature Vision 2030 program. Reasons To Be Upbeat However, Aramco president and CEO Amin Nasser remained upbeat and predicted higher demand for the rest of the trading year. 'Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half,' he said in a statement accompanying the report. "Our long-term strategy is consistent with our belief that hydrocarbons will continue to play a vital role in global energy and chemicals markets, and we are ready to play our part in meeting customer demand over the short and the long-term. 'We continue to invest in various initiatives, such as new energies and digital innovation with a focus on AI – aiming to leverage our scale, low cost, and technological advancements for long-term success.' Dividend, Cost Savings And Natural Gas Aramco declared a base dividend of $21.1 billion along with a performance-linked dividend of $0.2 billion in the third quarter.2 In a later call with analysts, the company's chief financial officer Ziad Al-Murshed emphasized efforts to lower costs across the board. 'Across our upstream and across our downstream, we're going through transformations that are not only focused on cost cutting, but cost cutting is the major component of it,' Al-Murshed said. 'So every asset that we have across our upstream portfolio and every asset that we have across our downstream portfolio has been undergoing for the past couple of years, these transformational initiatives, and a lot of it is focused on cutting costs.' The company is also seriously turning its focus to natural gas, with a target for a more than 60% increase by 2030 compared to baseline 2021 levels. The development of Saudi Aramco's flagship Jafurah gas field on its home patch is expected to be a major part of that.
