Global tensions are amplifying the Permian Basin's strategic importance,...
Global tensions are amplifying the Permian Basin's strategic importance, according to Jefferies Financial Group's Pete Bowden, who expects Permian oil production to peak at just over 7 million barrels per day by 2030. Strong demand for high-quality Lower 48 resources will continue to drive deal-making activity and renew exploration efforts in new and emerging plays in the Permian and beyond.
Matador Consolidates Midstream Subsidiary, JV in $600MM Deal
Matador (MTDR) is set to...
Matador (MTDR) is set to contribute its Pronto Midstream subsidiary to San Mateo Midstream, a joint venture with Five Point Energy, in a strategic move valued at approximately $600 million. The transaction involves Pronto's 45-mile natural gas gathering network in New Mexico and San Mateo's 140-mile natural gas gathering and processing assets in Texas. TD Cowen notes that the market currently undervalues these midstream assets.
Upon closing, Matador will receive around $220 million in cash from Five Point, which the company plans to use for debt reduction. The deal includes agreements for sour gas treatment in Lea County, with Pronto set to deliver sour gas to Northwind Midstream, a Five Point affiliate. TD Cowen highlighted the transaction's attractiveness, estimating a 2.4x return on invested capital and a 9x EBITDA multiple. The deal is expected to be completed before the end of the year.
California earthquake triggered brief tsunami warning. A...
California earthquake triggered brief tsunami warning. A 7.0-magnitude quake off the coast of Northern California caused authorities to issue a tsunami warning for nearby coastal areas, including San Francisco. Police in Berkeley, home to the founding campus of the University of California, ordered an evacuation, though the tsunami warning was canceled about an hour after it was announced when the National Tsunami Warning Center recorded only a small change in ocean height. Despite some power outages in the area, there have been no reports of major damage.
Waymo announced it will expand to Miami next year as it grows more confident in its self-driving vehicles.
McDonald’s confirmed it is bringing back the fan-favorite Snack Wrap to US locations in 2025.
Oura smart rings added a feature that can tell when you’re coming down with a respiratory illness.
Taylor Swift’s Eras Tour book sold more than 800,000 copies in its first weekend, making it the second best-selling nonfiction book launch behind only Barack Obama’s A Promised Land.
Major Indexes Retreat From Record Ahead of Payrolls Report
CNBC - U.S. stocks were lower on Thursday as investors awaited Friday’s big jobs report. The ...
CNBC - U.S. stocks were lower on Thursday as investors awaited Friday’s big jobs report.
The Dow Jones Industrial Averagedipped 248.33 points, or 0.55%, to close at 44,765.71. Meanwhile, the Nasdaq Compositeslipped 0.18% to end at 19,700.26. The S&P 500 dropped 0.19%, settling at 6,075.11.
The three major averages saw solid gains in the previous session, posting record closes.
“The problem you have is that valuations are stretched across the board,” said Keeley Teton portfolio manager Brian Leonard in an interview with CNBC. “You’re sitting at records, but there’s not a lot of enthusiasm or euphoria. Historically, when the records happened, the valuations were more reasonable.”
Traders on Thursday looked ahead to key U.S. employment data on Friday. Economists polled by Dow Jones forecast the U.S. economy added 214,000 jobs in November.
Oil Falls as Investors Weigh Ample 2025 Supply Outlook
HOUSTON, Dec 5 (Reuters) - Oil prices fell on Thursday...
HOUSTON, Dec 5 (Reuters) - Oil prices fell on Thursday as investors weighed an ample supply outlook for next year against OPEC+ delaying its planned output increase by three months to April 2025.
Brent crude settled down 22 cents,or 0.3%, at $72.09 a barrel, while U.S. West Texas Intermediate (WTI) settled down 24 cents, or 0.35%, at $68.30 a barrel.
OPEC+, the Organization of the Petroleum Exporting Countries plus allies including Russia, had been planning to start unwinding cuts from October 2024, but slowing global demand and booming production outside of the group forced it to postpone the plans on several occasions.
