US Energy Development Acquires 20,000 Acres in Permian
U.S. Energy Development Corp. (USEDC) has acquired approximately 20,000...
U.S. Energy Development Corp. (USEDC) has acquired approximately 20,000 net acres in Reeves and Ward counties from an undisclosed seller for $390 million, significantly expanding its holdings in the Permian Basin.
The position includes a substantial proved producing component and multi-year drilling inventory to supplement the firm’s existing footprint in the area. It's the largest acquisition in the company’s 45-year history.
USEDC plans to run a dedicated drilling rig on the acquired acreage, making this acquisition a key component of USEDC’s 2025 plan to invest up to $1 billion in U.S. oil and gas properties.
In 2024, the firm deployed approximately $850 million in operated and non-operated oil and gas projects in the basin. The firm’s team continues to evaluate opportunities that align with its disciplined investment strategy and can deliver value to our partners.
Dow falls 150 points, S&P 500 and Nasdaq end lower as stocks snap 2-day bounce
U.S. stocks finished modestly lower on Tuesday in a quiet...
U.S. stocks finished modestly lower on Tuesday in a quiet trading day as investors digested first-quarter earnings from some large financial institutions in the absence of major trade-policy updates.
The Dow Jones Industrial Average was off 0.4%, to finish near 40,368, snapping a two-day winning streak, according to preliminary data from FactSet.
The S&P 500 fell 0.2%, to end around 5,396.
The Nasdaq Compositewas off less than 0.1%, leaving it nearly flat at around 16,823.
Stocks started the day strong but the rally eventually fizzled out as reports of trade talks between the US and EU making “little progress” left all three major indexes in the red.
The dreaded death cross has arrived: The S&P 500’s 50-day moving average is now below the 200-day moving average for the first time since 2022, a bearish technical indicator that has investors worried.
10-year Treasury yields fell to a one-week low, letting traders breathe a small sigh of relief after tariffs upended the status quo last week.
US Energy Secretary Chris Wright expects average energy prices to be lower during President Donald Trump's second term than during the previous administration, but expressed confidence that the US shale industry "is going to survive and thrive." With crude falling under $65 per barrel, below breakeven for many shale producers, Wright emphasized the industry's track record of weathering downturns through cost-cutting, efficiency improvements and innovation.
China pullback frees up WTI barrels for other Asian buyers
As China retreats from US crude purchases amid steep new tariffs, North...
As China retreats from US crude purchases amid steep new tariffs, North and Southeast Asian refiners may seize the opportunity to snap up discounted WTI Midland barrels loaded onto re-routed VLCCs. However, traders and feedstock managers say actual uptake will depend on refining margins, regional demand and price spreads with Persian Gulf grades.
Thanks to market volatility, Goldman Sachs took in its highest stock...
Thanks to market volatility, Goldman Sachs took in its highest stock trading revenue ever over the first three months of the year, raking in $4.19 billion—a 27% jump from the same period a year before. It’s not the only big bank making bank off the market chaos: JPMorgan and Morgan Stanley also recently announced record equities trading revenue for the quarter. Even though the volatility has been a boon, Goldman CEO David Solomon noted that the uncertainty caused by the trade war is a threat to the economy, saying, “We are hopeful that feedback from companies, large and small, institutional investors and, ultimately, consumers will support an approach that will lead to greater economic certainty and long-term growth.”
