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• S&P 500 scores 3rd record close of 2025, Dow and Nasdaq also end higher
  U.S. stocks finished higher on Wednesday, with the S&P...

  U.S. stocks finished higher on Wednesday, with the S&P 500 reaching its third record close of the year, after minutes of the Federal Reserve's last meeting suggested officials still remain biased toward easing.

  
  

  Meanwhile, 2- and 10-year Treasury yields slipped for the third time in the past four sessions after the Fed's January meeting minutes were released.

  
  

  The Dow Jones Industrial Average finished up by 71.25 points, or almost 0.2%, at 44,627.59, based on preliminary data. It ended higher for the fifth time in the past seven sessions.

  
  

  The S&P 500 closed higher by 14.57 points, or 0.2%, at 6,144.15 — surpassing Tuesday's previous record high of 6,129.58.

  
  

  The Nasdaq Composite ended higher by 14.99 points, or less than 0.1%, at 20,056.25.

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• Devon Energy Reports Strong Q4 2024 Earnings, Sets Up for a Promising 2025
  Devon Energy (NYSE: DVN) delivered a solid performance in Q4 2024,...

  Devon Energy (NYSE: DVN) delivered a solid performance in Q4 2024, capping off a year of record production and strong financial results. The company reported impressive oil and total volume growth, generated substantial free cash flow, and executed strategic acquisitions to strengthen its portfolio. Looking ahead, Devon has outlined an ambitious 2025 strategy that prioritizes capital efficiency, operational improvements, and shareholder returns.

  
  
  

  Q4 2024 Performance Highlights

  
  

  Devon continued to execute its operating plan effectively, achieving record oil production of 398,000 barrels per day, surpassing its guidance. The company generated $738 million in free cash flow, reinforcing its commitment to disciplined capital allocation. Shareholder returns remained a priority, with $444 million in cash distributed during the quarter through dividends and share repurchases.

  
  

  Operationally, Devon maintained efficient capital spending, spending $872 million—3% below its guidance. The successful integration of the Grayson Mill acquisition in the Rockies has also exceeded expectations, contributing to production growth and operational synergies.

  
  
  

  Strategic Moves and Future Growth

  
  

  One of the key developments in Q4 was Devon’s decision to dissolve its Eagle Ford partnership with BPX, securing operatorship of 46,000 net acres in the Blackhawk field. This move grants the company greater development flexibility and is expected to result in significant drilling and completion (D&C) savings, enhancing the asset’s net present value (NPV) and overall returns.

  
  

  For 2025, Devon projects production growth of 10% year-over-year, with total volumes expected to range between 805,000 and 825,000 barrels of oil equivalent per day (BOE/d). The company anticipates generating $3.0 billion in free cash flow at $70 WTI, while total capital expenditures are expected to be between $3.8 billion and $4.0 billion, slightly lower than previous guidance.

  
  

  Key asset focus areas for 2025 include:

  
  
  

  
  
  • Delaware Basin: This core asset will receive over 50% of Devon’s capital allocation, with an emphasis on balancing internal rate of return (IRR) and NPV while optimizing inventory.
  
  
  • Rockies – Grayson Mill: Continued integration will drive cost synergies and operational efficiencies.
  
  
  • Eagle Ford: Operatorship is expected to reduce well costs and improve returns.
  
  
  • Anadarko Basin: The company extended its 49-well joint venture with Dow, with the first well expected to be drilled in Q2 2025.
  
  

  
  

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• The US and Russia talked (without Ukraine)
  Senior officials from both countries, including US Secretary of State...
  Senior officials from both countries, including US Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov, met in Saudi Arabia yesterday for the first high-level talks in years to discuss the war in Ukraine. Notably absent were any Ukrainian officials—namely, President Volodymyr Zelensky, who postponed a different trip to Saudi Arabia to protest being left in the cold. The US’ allies in Europe and experts around the world have expressed concern that the talks are likely to end on favorable terms for Vladimir Putin and Russia. In addition to negotiating how to end the war, the officials also reportedly discussed the potential to rekindle business ties between the two countries, which were largely severed following Russia’s invasion of Ukraine in 2022.
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• ☕️What Else is Brewing Wednesday Morning
  New York Gov. Kathy Hochul mulls removing NYC Mayor Eric Adams. Hochul...
  New York Gov. Kathy Hochul mulls removing NYC Mayor Eric Adams. Hochul met with leaders in the Democratic Party to determine if Adams is fit to remain mayor in the wake of corruption allegations. Meanwhile, a federal judge ordered Adams and Justice Department prosecutors to appear in court today to explain the DOJ’s request to dismiss those charges. Danielle Sassoon, an interim US attorney and a Trump appointee, resigned last week rather than carry out the DOJ’s order. Hochul, who has the power to remove Adams from his post, could make a decision shortly after Adams meets with the judge today.
  
  Lime, the e-bike and scooter company, reported 30% growth in bookings last year as it reportedly eyes going public.
  
  Huawei launched its trifold Mate XT phone outside of China for the first time at a hefty $3,660 price point.
  
  Coca-Cola launched a prebiotic soda brand, Simply Pop, to challenge industry leaders Poppi and Olipop—the latter of which recently earned a $1.85 billion valuation.
  
  Southwest Airlines cut 15% of its corporate workforce in a cost-cutting move its CEO said was “unprecedented.”
  
  The Saturday Night Live 50th anniversary special was watched by nearly 15 million people, making it NBC’s most-watched prime-time entertainment broadcast in five years, the Associated Press reported.
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• OKC Winter Storm: Roads remain hazardous as bitter cold persists
  A significant winter storm has made its way into Oklahoma, bringing a...
  A significant winter storm has made its way into Oklahoma, bringing a combination of freezing rain, sleet, and snow.
  
  Road conditions remain hazardous across much of Oklahoma, particularly in northern and central areas. Highways and city streets are still covered in ice and snow, making travel dangerous.
  
  Snow continues to fall in central and eastern Oklahoma, with areas east of Tulsa receiving up to 5-6 inches. In the Oklahoma City metro, snowfall totals range from a dusting to over an inch in some spots.
  
  By 8 p.m., the snow is expected to be east of I-35, with lingering flurries possible. By 10 p.m., the system should exit Oklahoma completely.
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