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• Apollo to Buy, Take Private U.S. Silica in $1.85B Deal
  Investment firm Apollo has agreed to buy and take private U.S. Silica...
  Investment firm Apollo has agreed to buy and take private U.S. Silica Holdings, a proppant services company, in an all-cash transaction valued at $1.85 billion, the companies said on April 26. As part of a definitive agreement, Apollo will give U.S. Silica a 45-day window to seek a more attractive offer.
  
  The deal comes amid consolidation among service companies in the wake of upstream deals that have in the past year created behemoth E&Ps, particularly in the Permian Basin.
  
  Under the terms of the agreement, U.S. Silica stockholders will receive $15.50 per share in cash for each share of common stock owned as of the closing of the transaction.
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• New rule requires federal buildings to go fossil fuel-free
  The Biden administration...
  The Biden administration has issued a final rule that mandates new federal buildings to phase out fossil fuel use, thwarting the natural gas industry's longstanding efforts to block the regulation. Under the rule, federal buildings built between 2025 and 2029 must cut fossil fuel use by 90%, while those built after 2030 must completely eliminate on-site fossil fuel use.
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• Mix of factors signal possible relief at the pump
  Easing geopolitical tensions, Russia's swift refinery repairs and the...
  Easing geopolitical tensions, Russia's swift refinery repairs and the end of US refinery maintenance season are expected to help soften US gasoline prices before the summer driving season begins. "Money managers were reducing their bets on higher energy prices last week, in what appears to be an unwind of the positions added the prior week when it seemed like we might have an all-out war between Israel and Iran," wrote traders at wholesale fuel supplier TACenergy.
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• US shale drillers deploy new tech to boost productivity
  After years of declining shale productivity, breakthroughs such as three-mile...
  After years of declining shale productivity, breakthroughs such as three-mile laterals, simultaneous fracking tech, and electric pumps are breathing new life into US shale operations, promising to make fracking more efficient and economical. Adoption of simul-fracking, which can slash well costs by $200,000 to $400,000 each, is rising, despite barriers such as high upfront costs and the necessity to have multiple pre-drilled wells that can be fracked simultaneously.
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• ☕️What Else is Brewing Friday Morning
  Big Tech earnings roundup. Alphabet, Microsoft, and...
  Big Tech earnings roundup. Alphabet, Microsoft, and Snap reported Q1 earnings yesterday, and the vibes were generally good. Alphabet issued its first-ever dividend and authorized $70 billion in stock buybacks after it beat Wall Street’s revenue expectations. Microsoft also beat revenue forecasts on the strength of its cloud services. And Snap shares soared after it topped estimates and impressed investors with its 422 million global daily active users. It was a much-needed boost for the sector after Meta spooked the market with how much it’s spending on AI gizmos.
  
  USC canceled its May commencement ceremony over worries that pro-Palestinian protesters would disrupt it.
  
  Southwest Airlines is pulling out of four US airports, including Houston’s George Bush Intercontinental Airport, amid Boeing’s delivery issues.
  
  The FCC voted to restore net neutrality, classifying the internet as a public utility, which will make it harder for providers to play favorites with certain websites.
  
  Haiti Prime Minister Ariel Henry resigned as the country is overrun with gang violence.
  
  The Chicago Bears selected USC quarterback Caleb Williams with the first overall pick in this year’s NFL Draft.
  
  
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