Oil prices eased on Wednesday after government data showed U.S. crude...
Oil prices eased on Wednesday after government data showed U.S. crude oil stockpiles rose unexpectedly last week, prompting investor concerns of excess supplies.
Brent crude futures settled down 54 cents, or around 0.81%, to $66.09 a barrel. U.S. West Texas Intermediate crude slipped 52 cents, or 0.82%, to $63.15.
Both benchmarks traded close to their highest in two weeks in the previous session, lifted by a temporary cut in U.S.-China tariffs.
The benchmarks fell after data from the Energy Information Administration showed crude stockpiles rose by 3.5 million barrels to 441.8 million barrels last week.
TXO Acquires White Rock's Williston Assets for $350MM
TXO Partners LP has agreed to acquire producing assets in the Elm Coulee...
TXO Partners LP has agreed to acquire producing assets in the Elm Coulee Field of the Williston Basin from White Rock Energy, a Quantum Capital Group portfolio company.
The total cash consideration for TXO is approximately $350 million, of which $70 million will be deferred and payable a year after the deal’s closing, according to a May 13 press release.
The release stated that the transaction is expected to add approximately 6,800 boe/d (~93% liquids) to TXO’s footprint and proved developed reserves of approximately 25 MMboe.
The transaction is expected to close in the third quarter of 2025.
The agreement was signed in partnership with North Hudson Resource Partners, whose affiliates will acquire a 30% non-operated interest in the White Rock assets for approximately $125 million.
The total consideration for White Rock’s Elm Coulee assets is $475 million, according to the release.
President Trump’s trip to Saudi Arabia yesterday—the first leg of...
President Trump’s trip to Saudi Arabia yesterday—the first leg of a four-day Middle East tour—was eventful. Trump and Saudi Crown Prince Mohammed bin Salman said that Saudi Arabia would invest $1 trillion in the US, although experts cautioned the actual figure will likely be significantly less than that ($1 trillion is about the size of Saudi’s entire GDP). Per the White House, the investment includes a $142 billion defense pact. Trump also made news by announcing that the US will lift sanctions on Syria “in order to give them a chance at greatness” after Bashar al-Assad’s totalitarian regime was toppled last year.
The US automaker revealed it’s developing a “groundbreaking” battery...
The US automaker revealed it’s developing a “groundbreaking” battery technology to boost the range of its electric trucks and SUVs at a cheaper cost by 2028. Instead of using cobalt and nickel, GM will use lithium manganese-rich (LMR) cells, which have been around for decades but with a much shorter lifespan (until now). Ford is working on launching similar battery technology by 2030, but GM expects to be first to market. The ultimate goal is to lower the barrier of entry for consumers to adopt EVs.
UnitedHealth’s CEO abruptly stepped down. Andrew...
UnitedHealth’s CEO abruptly stepped down. Andrew Witty is leaving the post for “personal reasons,” the healthcare giant said yesterday, ending a rough tenure for the British executive. While Witty was CEO, the company experienced a massive cyberattack, federal investigations, and the murder of UnitedHealthcare CEO Brian Thompson. It’s also reeling from higher-than-expected medical costs, which forced the company to cut its annual outlook. Shares were down following last month’s dire earnings report, and they fell again yesterday on the news of Witty’s departure. Chairman Stephen Hemsley will return as CEO, effective immediately.
Inflation rose by 2.3% in April, less than economists feared, though the rate likely still doesn’t show the full effect of tariffs.
United Airlines unveiled a new ultra-premium seating option with noise-canceling headphones, caviar service, and what the Wall Street Journal is calling “luxe jammies.”
Microsoft is cutting 3% of its workforce, or about 6,000 employees, in order to reduce layers of management, a spokesperson told CNBC.
Airbnb now allows users to hire on-site professionals, including private chefs, massage therapists, and personal trainers.
TGI Fridays changed 85% of its menu, which now includes three different flavors of mozzarella sticks.
