Court ruling puts US Gulf of Mexico O&G leases at risk
Judge Amit Mehta of the...
Judge Amit Mehta of the US District Court for the District of Columbia has ruled that the Biden administration violated the National Environmental Policy Act by moving forward with a US Gulf of Mexico oil and natural gas lease sale without adequate consideration of climate impacts and threats to an endangered whale species. The American Petroleum Institute, a party in the case, said it's weighing next steps and argued the lawsuit reflects a broader trend of environmental groups exploiting the permitting process to stall energy development.
TG Natural Resources Wins Chevron's Haynesville Assets for $525MM
TG Natural Resources (TGNR) is the winning bidder against other Haynesville...
TG Natural Resources (TGNR) is the winning bidder against other Haynesville Shale E&Ps in year-long negotiations with Chevron Corp. for what is considered the last block of undeveloped Haynesville leasehold.
Chevron Corp. reported that TGNR will pay $525 million for a 70% interest in the property. Of this, Chevron will receive $75 million in cash and $450 million as a capital carry to fund D&C of the leasehold’s Haynesville rights.
Chevron retains a 30% non-operated interest in the joint venture and an overriding royalty interest (ORRI) in the assets. Chevron estimates the deal is valued to it at $1.2 billion at current Henry Hub futures.
Tokyo Gas’ Houston-based Haynesville pureplay TGNR will gain the 70% working interest in 71,000 net contiguous acres, all in Panola County, Texas. The Japan-based utility confirmed the deal in a separate announcement.
Tomorrow, on a day selected to show he wasn’t joking,...
Tomorrow, on a day selected to show he wasn’t joking, President Trump is expected to impose a slew of new tariffs in what he is calling “Liberation Day,” with hopes of rebalancing global trade in America’s favor. While it’s not entirely clear what the president plans to announce, it’s likely to include reciprocal tariffs that will reflect the duties that allies and adversaries alike put on incoming US goods, as well as import taxes on specific industries, like a previously announced 25% tariff on autos and possibly a promised tariff on pharmaceuticals.
Newsmax soared 735% in its first trading day. Retail...
Newsmax soared 735% in its first trading day. Retail traders are all-in on cable news: People who get their stock tips on Reddit helped send Newsmax buzzing the moon in its first trading session following the conservative media outlet’s IPO. Despite trading being halted multiple times for volatility, its share price soared, giving Newsmax a value of $10.7 billion and the best first day of trading any company has had since 2022. Newsmax’s hot streak stands in contrast to CoreWeave’s hotly anticipated trading debut, which led to questions about whether AI is still what investors crave after it traded flat on its first day Friday and dipped almost 10% yesterday.
Harvard’s federal funding, totaling $9 billion, is being reviewed as part of the Trump administration’s investigation into whether universities are adequately addressing claims of antisemitism.
BlackRock CEO Larry Fink said private markets should be open to all investors, not just the wealthy few in his annual letter to investors. (You can read all 27 pages of it here.)
The Supreme Court appeared likely to side with Catholic Charities during oral arguments in a case over whether charities run by religious groups must pay unemployment taxes for their workers.
Elon Musk gave two Wisconsin voters checks for $1 million ahead of today’s closely watched state supreme court election in which he’s backing the conservative candidate.
Private jets are likely to offer more privacy now that the FAA has created a system to let owners hide their registration information, which plane-watchers had used to track celebrities like Taylor Swift.
Oil inches up as investors await Trump's actions on Russian oil, Iran
U.S. benchmark oil prices on Monday looked to end the...
U.S. benchmark oil prices on Monday looked to end the month higher, buoyed by threats to global supplies, but they were still registering a loss for the quarter as the Trump administration's plan to implement reciprocal tariffs on Wednesday raised the potential for demand destruction.
President Donald Trump might call April 2 “Liberation Day,” but for oil bulls, it could shape up more like “correction day,” said Stephen Innes, managing partner at SPI Asset Management. “If sentiment surveys prove self-fulfilling and the hard U.S. data rolls over, crude could make a beeline south before you can say ‘demand destruction,’” he said.
On Monday, U.S. benchmark West Texas Intermediate crude for May delivery closed up $2.12, at $71.48 a barrel on the New York Mercantile Exchange. Based on the front month, prices were trading roughly 2.5% higher for the month, but down about 0.3% for the quarter.
Brent Crude for May deliveryclosed up $1.11 at $74.74 a barrel, while Natural Gas for May closed up 5.4 cents, at $4.119 MMBtu,after hitting a high for the day of $4.25.
