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• Chevron Sells Canadian Oil Sands, Duvernay Shale Assets for $6.5B
  Chevron said the divestitures are part of its...

  Chevron said the divestitures are part of its plans to sell $10 billion to $15 billion worth of assets by 2028 following the company’s
  acquisition of Hess Corp. for $53 billion.

  
  Chevron’s indirect subsidiary Chevron Canada Ltd. said Oct. 7 that it and a related entity had agreed to sell interests in the Athabasca Oil Sands project and the Duvernay Shale to Canadian Natural Resources Ltd.
  
  In exchange for Chevron Canada’s 20% interest in Athabasca and 70% interest in the Duvernay, the company will receive $6.5 billion cash. The assets subject to the agreement contributed 84,000 boe/d, net of royalties, to Chevron in 2023.
  
  Chevron has previously said it expected its Duvernay assets to fetch about $500 million, suggesting that the Athabasca assets made up the lion’s share of the sale price.
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• Milton Becomes a Major Hurricane as It Barrels Toward Florida
  Forecasters said Hurricane Milton was expected to bring significant rain...
  Forecasters said Hurricane Milton was expected to bring significant rain and battering winds to parts of Florida by midweek. On Monday morning, the storm rapidly intensified into a Category 4 storm.
  

  Milton’s exact path was still being mapped, but forecasters said there was growing confidence that a powerful hurricane with life-threatening hazards would affect portions of the Florida West Coast.

  
  

  There is also a chance that Milton will weaken slightly. Even if it loses some strength, this could mean the storm grows and the hurricane becomes even larger at landfall, increasing the dangerous effects over a much larger area.

  
  
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• U.S. housing-market sentiment at its highest level in two-plus years
  In the housing market, what goes down must come up....

  In the housing market, what goes down must come up.

  
  

  A new survey by Fannie Mae found that housing sentiment has improved significantly. A record share of consumers are optimistic about mortgage rates falling over the next 12 months.

  
  

  But an increasing share are also expecting home prices to increase.

  
  

  In September, the share of respondents who said they expect mortgage rates to go down in the next 12 months rose to 42% from 39% the previous month, according to a monthly survey by housing finance giant Fannie Mae.

  
  

  The share of respondents who expected home prices to increase over the same period also increased to 39% from 37%.

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• ☕️What Else is Brewing Monday Morning
  Tesla will finally reveal its robotaxi on Thursday: Much...
  Tesla will finally reveal its robotaxi on Thursday: Much like Lucy holding the football for Charlie Brown, Elon Musk is once again promising to unveil Tesla’s fully autonomous robotaxi to a public that doesn’t want it pulled away at the last moment. The robotaxi reveal was delayed from its original August date this year, and Musk has been talking about robotaxis since 2019 and claimed in 2022 that they’d be introduced in 2023. The event could be a watershed moment for Tesla, which has an aging fleet, heightened competition, and a desire to find its Next Big Thing to excite investors.
  
  Republican leaders in North Carolina, including Senator Thom Tillis, called out conspiracy theories surrounding the government response to Hurricane Helene promoted by Elon Musk and others on social media, saying they’re not helping actual recovery efforts.
  
  Google’s share of the US search ad market is projected to fall below 50% next year for the first time in more than a decade, per eMarketer.
  
  Joker: Folie à Deux, the musical sequel to 2019’s Joker, earned a measly $40 million over its opening weekend at the domestic box office. That’s less than half the original’s opening weekend haul.
  
  Ben Horowitz and his wife, Felicia, will make a "significant" donation to the presidential campaign of Kamala Harris, Axios reported. The prominent venture capitalist and his business partner Marc Andreessen endorsed and donated to Donald Trump in July when President Biden was still pursuing reelection.
  
  Keanu Reeves didn’t learn anything from Speed. The actor spun out in his pro auto racing debut at the Indianapolis Motor Speedway.
  
  
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• US drillers cut oil and gas rigs for third week in a row
  According to Baker Hughes ' latest report on Friday, U.S. energy firms...
  According to Baker Hughes ' latest report on Friday, U.S. energy firms cut the number of oil and natural gas rigs for the third week in a row. The total rig count, a key indicator of future production, fell by two to 585 in the week ending October 4.
  
  This drop puts the overall rig count 34 rigs, or 5.5%, lower than the same time last year. The number of oil rigs decreased by five, bringing the total to 479—their lowest level since July 19. In contrast, natural gas rigs increased by three to 102, marking their highest count since mid-July.
  
  The rig count has significantly declined, dropping around 20% in 2023 after substantial increases of 33% in 2022 and 67% in 2021. This year's reduction has been driven by weaker oil and gas prices, rising labor and equipment costs due to inflation, and companies' focus on reducing debt and increasing shareholder returns rather than expanding production.
  
  This reduced drilling activity is expected to lead to a slight decline in U.S. natural gas production, which is projected to fall to 103.4 billion cubic feet per day (bcfd) in 2024, down from a record high of 103.8 bcfd in 2023, according to the EIA.
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