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• Sunoco to Acquire NuStar Energy for $7.3B
  DALLAS - Sunoco LP (NYSE:...
  DALLAS - Sunoco LP (NYSE:SUN) and NuStar Energy L.P. (NYSE:NS) announced the signing of a definitive agreement that will see Sunoco acquire NuStar in an all-equity transaction. The deal, valued at approximately $7.3B, includes the assumption of debt.
  
  Under the agreement terms, NuStar common unitholders will receive 0.400 Sunoco common units for each NuStar common unit they hold, representing a 24% premium based on the 30-day volume-weighted average prices (VWAP) of both companies as of January 19, 2024. Sunoco has arranged a $1.6B bridge term loan to refinance various NuStar debt instruments.
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• Demand is robust for clean-energy tax credits
  Deal flow in a budding market for clean-energy tax breaks, created in the 2022 climate law, has been...
  Deal flow in a budding market for clean-energy tax breaks, created in the 2022 climate law, has been strong. A Wall Street Journal review of Treasury Department figures indicates that some 100 companies expect to sell tax credits in the new market. The market likely saw between $7 billion and $9 billion worth of transactions last year, according to the online marketplace Crux.
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• Winter freeze bites US oil refining capacity
  The winter deep freeze across the US Gulf Coast has knocked out some 15% of the region's oil-refining...
  The winter deep freeze across the US Gulf Coast has knocked out some 15% of the region's oil-refining capacity – equivalent to 1.5 million barrels a day – leading to temporary fuel production outages. While the disruptions are expected to be brief, some may extend into the planned maintenance season.
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• ☕️What Else is Brewing Monday Morning
  Markets: The world may be on edge, but investors...
  Markets: The world may be on edge, but investors haven’t noticed. The S&P 500 enters the week at an all-time high, buoyed by a resilient US economy, lower inflation, and hype around tech advances. Netflix shares have been surging ahead of its earnings report tomorrow.
  
  A big red flag for the economy just popped up. New Fed data shows bank credit levels have fallen for three straight quarters, a first since 2010. That’s a sign companies are borrowing less, which means less spending on projects that lead to economic growth.
  
  Nearly 90 people have died across the US connected to the past week’s deep freeze. Much warmer weather is coming.
  
  Movie musicals are so back, as Mean Girls topped the box office for the second straight week.
  
  Nick Dunlap, a University of Alabama sophomore, became the first amateur to win a PGA Tour event since Phil Mickelson in 1991. Unfortunately, he is not eligible to collect the $1.5 million first-place check.
  
  Chicago’s infamous rat hole was filled by an unknown assailant early Friday, but residents banded together to restore the hole later that day. If you know who vandalized the hole, reporting them to authorities would make you a—well—you know.
  
  A study found a strong correlation between Bigfoot sightings and the local black bear population.
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• The U.S. Rig Total Count Inches Higher
  This week, U.S. energy firms added oil and natural gas rigs for the first time in three...

  This week, U.S. energy firms added oil and natural gas rigs for the first time in three weeks, Baker Hughes reported as the combined oil and gas rig count rose by one to 620 in the week to Jan. 19.

  
  

  U.S. oil rigs fell by two to 497 this week, their lowest since mid-November, while gas rigs rose by three to 120.

  
  

  The U.S. combined count is still 151 less than a year ago when the total of oil and gas rigs was 771. In the past year, the decline included 116 oil rigs and 36 gas rigs.

  
  

  Oklahoma slipped by one to 42 rigs, still far below the 64 rigs reported a year ago.

  
  
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