US Rig Count Rises to 599 as Oil and Gas Drilling Picks Up

Tamboran Resources Corporation reported a full-year net loss of US$26.07 million for the period ended June 30, 2026, an improvement from the US$36.9 million loss a year earlier, with basic loss per share from continuing operations narrowing to US$0.0058 from US$0.0126. On the same day, auditor Ernst & Young LLP issued an unqualified opinion expressing doubt about Tamboran's ability to continue as a going concern, citing funding and liquidity risk. The auditor's warning sits alongside the company's narrowing losses and centers on Tamboran's dependence on capital markets and farm-out carries to finance development of the Beetaloo Basin, which remains pre-revenue. That funding question bears on the timing and certainty of the first gas ramp-up, the key near-term catalyst for the company. Tamboran's narrative projects US$55.5 million in revenue and US$8.9 million in earnings by 2029, an implied US$43.3 million earnings increase from negative US$34.4 million today, while four fair value estimates from the Simply Wall St Community range from US$0.20 to US$12.55 per share.

EquipmentShare.com Inc. announced a multi-year fleet agreement with Cummins Inc. to deploy up to 1 gigawatt of natural gas power generation capacity across major U.S. energy projects, centered on Cummins' C1400N6C lean-burn gas generator sets. The arrangement gives Cummins a rental and distribution partner focused on temporary power, microgrids, and battery storage solutions that can offer contractors energy cost reductions of 50% to 80% versus traditional mobile power. The deal adds another outlet for Cummins' natural gas generation and microgrid solutions, though the company's near-term swing factor remains whether it can avoid repeat EPS and EBITDA misses as incentives, tariffs and Accelera losses weigh on company-wide margins. Cummins' Q2 2026 update paired record Power Systems revenue of US$2.3b with a lower year-on-year EBITDA margin and trimmed Distribution guidance. Cummins' narrative projects $45.3 billion revenue and $5.7 billion earnings by 2029, requiring 9.2% yearly revenue growth and about a $3.0 billion earnings increase from $2.7 billion today, while some optimistic analysts had penciled in around US$50.5b of revenue and US$6.4b of earnings by 2029.