RRC gets involved following upsurge of W. Texas quakes
A recent spate of Permian Basin earthquakes has prompted the Railroad...
A recent spate of Permian Basin earthquakes has prompted the Railroad Commission of Texas to start investigating disposal wells within a 2.5-mile radius of the affected area. Although stricter regulations helped reduce earthquake frequency last year, five earthquakes of magnitude 4 or higher have struck West Texas since July 23, fueling concerns over wastewater injection practices.
Benchmark U.S. crude oil for September delivery ...
Benchmark U.S. crude oil for September delivery fell $1.35to $75.81 per barrel Monday. Brent crude for September delivery fell $1.35to $79.78 per barrel.
Wholesale gasoline for August delivery fell 4 centsto $2.42 a gallon. August heating oil fell 4 cents to $2.38 a gallon. August natural gas fell 10 cents to $1.91 per 1,000 cubic feet.
U.S. stocks end mixed ahead of Fed decision, jobs data, more earnings
The S&P 500 and Nasdaq ended Monday higher than where they began,...
The S&P 500 and Nasdaq ended Monday higher than where they began, as a big week of tech earnings has investors hopeful they can avoid the selloff that Tesla and Alphabet kicked off last week. The Dow struggled for direction all day but ended the afternoon in negative territory.
Treasury yields remained steady for the most part today, falling a bit before the trading session closed as investors await word from the Fed this Wednesday.
Oil began the week with yet another major selloff as traders seemingly ignored the escalating conflict between Israel and Hezbollah.
The Dow Jones Industrial Average ended roughly 0.1% lower, according to preliminary closing data from FactSet.
Permian Resources Bolts-on Oxy’s Delaware Basin Assets for $820MM
Permian Resources has agreed to buy Delaware...
Permian Resources has agreed to buy Delaware Basin assets from Occidental Petroleum for $817.5 million, which some analysts considered a nearly a tailor-made deal for Permian Resources. The acquisition includes about 29,500 net acres, 9,900 net royalty acres, and an average production of 15,000 boe/d predominantly located directly offset the company’s existing position in Reeves County, Texas. Permian Resources will also pick up about 2,000 net acres in Eddy County, New Mexico.
The deal includes assets in Occidental’s Barilla Draw Field, which analysts at TD Cowen had said made “strong industrial [logic] for PR [Permian Resources] given acreage overlap in Reeves County.”
For Occidental, the deal continues to move the company toward debt reduction targets of $4.5 billion to $6 billion in sales, which will be completed within 18 months of closing the acquisition of CrownRock LP.
High crude processing volumes helped Valero Energy report better-than-expected...
High crude processing volumes helped Valero Energy report better-than-expected second-quarter earnings even though net income fell from $5.40 per share a year ago to $2.71 per share. The refiner saw margins decline by almost 28% year over year to $3.05 billion during the quarter amid softer demand for distillate fuels.
