BP Products North America Inc., a wholly-owned subsidiary of BP p.l.c., has acquired TravelCenters of...
BP Products North America Inc., a wholly-owned subsidiary of BP p.l.c., has acquired TravelCenters of America Inc. (TA) for $86 per share, approximately $1.3 billion in total equity value, BP and TA announced in separate press releases on Feb. 16.
The acquisition adds a network of 280 travel centers along major U.S. highways across 44 states to BP’s convenience and mobility business. Averaging about 25 acres, the travel stops include about 600 full-service and quick-stop restaurants and repair and maintenance services for trucks.
The energy sector is off to a lower start, pressured by weakness...
The energy sector is off to a lower start, pressured by weakness in the underlying commodities and broader equity futures.
WTI and Brent crude oil futures are down sharply in early trading, pressured by concerns of more U.S. Federal Reserve interest rate hikes that could weigh on demand and signs of ample supply. Two Fed officials warned additional hikes in borrowing costs are essential to lower inflation to desired levels. Additionally, heightened rate hike expectations boosted the U.S. dollar, pressuring oil futures further.
Natural gas futures are trading near new lows not seen since the end of 2020 as the clock ticks down on an extremely mild winter.
Bolstered by strong oil prices, Marathon Oil reported adjusted...
Bolstered by strong oil prices, Marathon Oil reported adjusted net earnings of 88 cents per share for the fourth quarter, surpassing analysts' expectations. The company expects to spend between $1.9 billion and $2 billion this year, an increase from last year, and to produce 395,000 barrels of oil equivalent per day on average.
US crude exports having an impact on global market
The increase in US exports of West Texas Intermediate crude...
The increase in US exports of West Texas Intermediate crude and a spike in daily trading of WTI-linked derivatives at CME Group and Intercontinental Exchange has shifted traders' attention to Texas. S&P Global Commodity Insights head of market reporting and trading solutions Dave Ernsberger says the change to contracts linked to WTI marks "the rebirth of US oil as the driving force of global oil price."
Dow ends down over 400 points as Fed speakers talk up bigger rate hikes
U.S. stocks suffered their worst drop in a month on Thursday...
U.S. stocks suffered their worst drop in a month on Thursdayafter hotter-than-expected data on wholesale prices and talk of more aggressive interest-rate hikes rattled markets. The S&P 500 SPX, fell 57.19 points, or 1.4%, to 4,090.41. The Dow Jones Industrial Average DJIA, shed 431.20 points, or 1.3%, at 33,696.85. The Nasdaq Composite COMP dropped by 214.76 points, or 1.8%, to 11,855.83.
