Dow Tumbles, Oil Surges—and What Else Is Happening in the Stock Market Today
Stocks were down Monday after news over the weekend that the U.S. is imposing new sanctions on Russia....
Stocks were down Monday after news over the weekend that the U.S. is imposing new sanctions on Russia. Investors were awaiting the latest developments as officials from Russia and Ukraine met for talks.
In afternoon trading, the Dow Jones Industrial Average fell 390 points or 1.2%, after the index ended 834 points higher Friday. The S&P 500 fell 1%, with the Nasdaq Composite down 0.5%. The Dow was underperforming the Nasdaq as investors ditched the more economically-sensitive stocks and favored technology stocks.
The price of WTI crude oil was up more than 4% to over $95 a barrel Monday. That’s near a multi-year closing high, and it lands the commodity at a gain of 27% for the year.
Occidental to Buy Back $2.5 Billion of Debt as Oil Prices Soar
Occidental Petroleum Corp. is buying back $2.5 billion of its bonds as the junk-rated...
Occidental Petroleum Corp. is buying back $2.5 billion of its bonds as the junk-rated company seeks to cut debt after reporting better-than-expected earnings with rising crude prices.
The oil producer launched a tender offer Monday to repurchase 15 tranches of notes with maturities ranging from 2023 to 2049. The $663 million of 4.1% unsecured notes due in 2047 vaulted 5 cents to 92.5 cents on the dollar Monday morning, according to data compiled by Bloomberg.
The company expects net debt to fall below $25 billion by end of the first quarter. It ended 2021 with around $28.4 billion of total debt and $2.8 billion of unrestricted cash.
Indicative of what is happening to the crude oil supply in the U.S., the amount in storage at...
Indicative of what is happening to the crude oil supply in the U.S., the amount in storage at the Cushing hub in Oklahoma fell again in the past week.
The U.S. Energy Information Administration reported 23.8 million barrels of oil are on hand at the northern Oklahoma hub. That’s a decline of 2+ million barrels of oil over a week.
At the start of the year, Cushing had storage of 34.8 million barrels of oil.
A year ago, the hub had storage of 48.0 million barrels of oil.
PDC Energy acquiring Great Western Petroleum - Denver-based DJ Basin operator
PDC Energy announced it has entered into a definitive purchase agreement with Great...
PDC Energy announced it has entered into a definitive purchase agreement with Great Western Petroleum, LLC and certain sellers under which PDC will acquire Great Western in a transaction valued at approximately $1.3 billion, including net debt of approximately $500 million. Great Western is a Denver-based DJ Basin operator owned by affiliates of EIG, TPG Energy Solutions, L.P. and The Broe Group. Under the terms of the agreement, the Acquisition will be financed through the issuance of approximately 4.0 million shares of common stock to existing Great Western shareholders and approximately $543 million of cash, subject to customary post-closing adjustments. The transaction is expected to close in the second quarter of 2022 and is expected to be financed with cash on hand and borrowings under the Company’s credit facility. PDC does not expect its pro forma leverage ratio to exceed 1.0x upon closing.
