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• Baytex Raises Capital for $2.5 Billion Ranger Oil Deal
  Canada’s Baytex Energy Corp. moved a step closer toward finalizing its purchase of Ranger Oil...
  Canada’s Baytex Energy Corp. moved a step closer toward finalizing its purchase of Ranger Oil Corp.'s Eagle Ford assets with the closing of its private offering of $800 million aggregate principal amount of senior unsecured notes.
  
  The gross proceeds went into escrow pending satisfaction of release conditions. Proceeds will help fund the cash portion of the $2.5 billion Ranger Oil acquisition, which is expected to close in the second quarter of 2023.
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• Dow ends up over 500 points, Nasdaq jumps 2.4% in earnings-fueled rally
  Major U.S. stock indexes posted big gains on Thursday as Meta...
  Major U.S. stock indexes posted big gains on Thursday as Meta and other major technology companies embolden bullish investors with better earnings results than anticipated. The Dow Jones Industrial Average DJIA, +1.57% rose about 524 points, or 1.6%, ending near 33,826, while the S&P 500 index SPX, +1.96% gained 2%, according to preliminary FactSet figures. That marked the best daily percentage gains for both since Jan. 6, according to Dow Jones Market Data. The Nasdaq Composite Index COMP, 2.43% led the charge higher Thursday, jumping 2.4%, its best daily advance since Feb. 2. Meta Platforms Inc.’s META, +13.93% said Wednesday that the company’s profit declined less than expected in the first three months of 2023, and a revenue forecast pointed toward reinvigorated sales growth.
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• Suncor to Acquire TotalEnergies’ Canadian Assets for $4 Billion
  Suncor Energy is growing its position in the Canadian oil sands...
  Suncor Energy is growing its position in the Canadian oil sands through a major acquisition.
  
  Suncor will pay CA$5.5 billion in cash, or around US$4.1 billion at the current exchange rate, to acquire Total’s Canadian operations. The deal also calls for future additional payments of up to CA$600 million (US$440 million)depending on commodity benchmark pricing and achieving certain production targets.
  
  The deal includes Total’s 31.23% interest in the Fort Hills oil sands mining project and the French company’s 50% interest in the Surmont in situ oil sands asset.
  

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• Bill Gates stake in Microsoft gained $2 billion in value on Wednesday alone
  A record daily price increase in Microsoft Corp. shares made...
  A record daily price increase in Microsoft Corp. shares made co-founder Bill Gates $2 billion richer.
  
  Gates remains one of the largest shareholders in Microsoft MSFT, +7.24%, with 103 million shares in the company that amount to a 1.38% stake, according to FactSet. After Microsoft’s stock price increased by $19.95 to $295.37 in Wednesday’s session, Gates’s Microsoft holdings are worth about $2 billion more.
  

  
  
  Microsoft shares, which advanced 7.2% in Wednesday trading, logged their best single-day percentage gain since Nov. 10, 2022, when they rose 8.2%. More significantly, the shares recorded a milestone when looking on an absolute basis they had previously failed to rise by more than $19.77 in a single session.
  
  
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• ☕️What Else is Brewing Thursday Morning
  Pope Francis will let women vote at an upcoming bishop’s meeting for the first time ever as part of...
  Pope Francis will let women vote at an upcoming bishop’s meeting for the first time ever as part of reforms aimed at giving laypeople more power in the Catholic Church.
  
  Ukrainian President Volodymyr Zelensky and China’s Xi Jinping connected on the phone for the first time since Russia invaded Ukraine. Zelensky called their conversation “long and meaningful.”
  
  Rapper Pras Michel, a former member of the Fugees, was found guilty of participating in a scheme to influence the US government backed by a fugitive Malaysian financier.
  
  Freddie Mercury’s upcoming estate sale at Sotheby’s will include his art collection, Fabergé clocks, and the original lyrics for “We Are the Champions.”
  
  Jacinda Ardern, the former prime minister of New Zealand and everyone’s parasocial bestie, is heading to Harvard in the fall to study online extremism.
  
  
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