Oil, gas boom push US midstream sector into growth mode
As US oil and natural gas...
As US oil and natural gas production hit record highs, the midstream sector is racing to expand infrastructure in response to surging domestic power demand and booming exports of liquefied natural gas and natural gas liquids, all while navigating regulatory hurdles, industry consolidation, and rising volatility. Despite these challenges, Kinetik President and CEO Jamie Welch argues that improved balance sheets, reduced leverage, and greater discipline have left the sector in its best financial shape ever.
The Texas Public Utility Commission has greenlit a plan to expand power...
The Texas Public Utility Commission has greenlit a plan to expand power grid access in the Permian Basin to keep pace with the oil and natural gas industry's growing electricity needs. The push to electrify oil and gas operations could boost Permian electricity demand to nearly 27 gigawatts by 2038, potentially requiring up to $15.32 billion in grid upgrades, ERCOT estimates.
Markets: It’s been a September to remember for the stock market after the S&P 500 and Dow hit fresh highs last week. Thursday was the 42nd record-high close for the S&P this year, and on Friday, the Dow notched its 32nd record-high close, per CNN Business. Recent data indicates that all the ingredients are coming together for a “soft landing”: The economy is staying strong while inflation has continued to fall. And more rate cuts are on their way.
Stock spotlight: Meta’s rally this year has been fruitful for its CEO’s bank account. The net worth of Mark Zuckerberg, who owns a 13% stake in his company, climbed above $200 billion for the first time, per Bloomberg. He’s now the fourth-richest person in the world.
Investors debating the Federal Reserve's next rate move get to hear from Chair Jerome Powell himself Monday afternoon, when he delivers remarks at an economics conference. But don't expect him to settle whether the central bank is likely to deliver another jumbo-size rate cut of 50 basis points or a more standard 25 basis points when policymakers meet in November.
The deaths of at least 91 people have been attributed to Helene across...
The deaths of at least 91 people have been attributed to Helene across the Southeast, though North Carolina Gov. Roy Cooper said the death toll was likely to rise in his state as a result of what he called an “unprecedented tragedy.” Due to high winds and torrential rains, several million customers remained without power as of yesterday evening. The economic losses and damages could total as much as $110 billion, according to AccuWeather’s preliminary estimates, which would make Helene one of the costliest storms ever to hit the US.
Tim Walz and JD Vance will debate Tuesday night: With...
Tim Walz and JD Vance will debate Tuesday night: With no more presidential debates on the schedule before the election in 34 days, the vice presidential debate will be the 2024 campaign’s final major prime-time event. The rules are mostly similar to the two presidential debates except for one key detail: Microphones will not be muted when the candidates are speaking. And both candidates will stand, marking the first time since Joe Biden and Sarah Palin faced off in 2008 that VP debate participants won’t be sitting down. George Costanza will probably try to offer them a chair anyway.
SpaceX launched a mission that will eventually bring home the NASA astronauts stranded on the International Space Station. But not for another five months.
Israel said it struck Iran-backed Houthi rebels in Yemen, days after assassinating Hezbollah’s longtime leader, Hassan Nasrallah, in Beirut on Friday.
California Gov. Gavin Newsom, in addition to vetoing the AI safety bill, vetoed a bill that would have required new vehicles to beep at drivers when they go at least 10 mph faster than the speed limit.
Megalopolis, the $120 million passion project of writer-director Francis Ford Coppola, made just $4 million domestically in its debut weekend.
Because of Hurricane Helene, the Mets and Braves will play a makeup doubleheader in Atlanta today to decide the final two playoff spots in the National League. If they split, both teams get in. If a team is swept, that team is out and the Diamondbacks get the final spot.
