CrownRock Offloads Oxy Shares Two Weeks After Closing $12B Deal
Fresh off a $12 billion cash-and-stock deal...
Fresh off a $12 billion cash-and-stock deal with Occidental Petroleum, CrownRock LP owners are taking their shares to the market quickly.
Occidental reported that about 29.56 million shares of its common stock were offered for sale and that the offering closed on Aug. 14. The shares being sold are held directly by CrownRock Holdings LP and Midland, Texas-based general partner CrownRock Holdings GP LLC.
Jonathan Farber, J. McLane, Timothy M. Dunn and Robert W. Floyd are the directors of CrownRock Holdings GP.
Fury Resources Lowers Offer for Permian E&P Battalion by 29%
Permian producer Battalion Oil is reviewing...
Permian producer Battalion Oil is reviewing an amendment to Fury Resources' planned acquisition that would lower the deal’s purchase price by nearly 29% per share.
Battalion said Fury’s amendment to the original merger agreement, announced in December, would reduce the amount of merger consideration payable to Battalion’s stockholders from $9.80 per share to $7 per share, the company reported in second-quarter earnings on Aug. 14.
“The modified offer is contingent on the existing holders of the company's Series A through Series A-4 preferred equity rolling 100% of their preferred equity into new preferred equity in the surviving company following the merger in order to help support the transaction,” Battalion wrote in a filing.
Europe receiving record volumes of US diesel, gasoil
Diesel and gasoil exports from the US Gulf Coast to Northwest Europe...
Diesel and gasoil exports from the US Gulf Coast to Northwest Europe and the Mediterranean are on track to hit a record this month after climbing to an all-time high of 11.2 million barrels in July, according to S&P Global Commodities at Sea data. Low freight rates, favorable prices and constrained domestic arbitrage opportunities are fueling the export boom.
RRC faces backlash over orphan well blowouts, leaks
The Railroad Commission of Texas is facing criticism over inadequate...
The Railroad Commission of Texas is facing criticism over inadequate oversight of abandoned oil wells, which are reactivating and causing environmental hazards that landowners say the regulator is slow to address. A recent Southern Methodist University study linked a major 2022 orphan well blowout to increased underground pressure from nearby wastewater injection operations, and critics say poor well-plugging practices and lax enforcement are exacerbating the problem.
Walmart’s smash quarter headlined a retail resurgence. The...
Walmart’s smash quarter headlined a retail resurgence. The recession that Bloomberg Economics projected with 100% certainty faded further from imagination yesterday when the Commerce Department revealed that retail sales were up 1% last month—much better than expected. One of the main beneficiaries of US consumer spending was Walmart, which said sales increased by 4.2% last quarter, operating income jumped by 8.5%, and digital sales rocketed up 22%. The retailer also raised its outlook for the rest of the year as shoppers power through their weariness about inflation.
Subway reportedly convened an “emergency” meeting of franchisees to reveal plans to boost foot traffic amid a major sales slump.
Edgar Bronfman Jr., the heir to the Seagram beverage empire, is “close” to making a competing offer to buy Paramount Global, which already has an agreement in place to merge with Skydance Media, Bloomberg reported.
Lockheed Martin bought Terran Orbital for $450 million in a bid to take the spacecraft-maker private.
North Korea is set to reopen to tourists for the first time since the start of the Covid pandemic.
Gaza cease-fire talks resumed yesterday among the US, Qatar, Egypt, and Israel—but without Hamas.
Here’s what to know about the alleged hack of 2.9 billion records, including Social Security numbers.
