EOG to Buy Utica Shale Oil Producer Encino for $5.6B
EOG Resources will buy Encino Acquisition Partners from Canada Pension...
EOG Resources will buy Encino Acquisition Partners from Canada Pension Plan Investment Board (CPP) and Encino Energy, a top producer in Ohio Utica Shale, for $5.6 billion.
EOG said the transaction, which will be purchased with $3.5 billion in debt and $2.1 billion cash, will create a leading producer in the Utica.
"This acquisition combines large, premier acreage positions in the Utica, creating a third foundational play for EOG alongside our Delaware Basin and Eagle Ford assets," said EOG chairman and CEO Ezra Y. Yacob during a May 30 conference call with investors.
"Encino's acreage improves the quality and depth of our Utica position, expanding EOG's multi-basin portfolio to more than 12 billion barrels of oil equivalent net resource,” he said.
The acquisition adds 675,000 net core acres to EOG's Utica position for a combined 1.1 million net acres, representing more than 2 Bboe of undeveloped net resource. Pro forma production is estimated at 275,000 boe/d.
JPMorgan CEO predicted calamity for US bond market. Jamie...
JPMorgan CEO predicted calamity for US bond market. Jamie Dimon, who has served as the bank’s chief executive since 2006, did not go quietly into a summer Friday last week. He appeared at the Reagan National Economic Forum in Simi Valley, CA, and predicted that the US bond market is going to crack. “I just don’t know if it’s going to be a crisis in six months or six years,” he said. Dimon pointed to the tax legislation currently wending its way through Congress, post-Covid overstimulation of the economy, and regulations on banks set following the 2008 financial crisis that make it harder for them to hold bonds as contributors to the problem. Treasury Secretary Scott Bessent, however, played down Dimon’s concerns on Face the Nation yesterday, saying, “For his entire career he’s made predictions like this. Fortunately none of them have come true.”
“Tariffs are not going away,” Commerce Secretary Howard Lutnick said on Fox News Sunday, in response to recent legal challenges.
Ukrainian secret services said the country inflicted $7 billion in damage on Russian air bases in drone strikes launched on Sunday.
Stanley Fischer, a prominent economist and former central banker in the US and Israel, died on Saturday. He was 81.
Inside the NBA on TNT aired for the last time on Saturday night after nearly 40 years on the network. The show will appear on ESPN and ABC next season.
Lilo & Stitch, the live-action remake, surpassed Sinners to become the second-highest-grossing film at the US box office so far this year. It still trails the shooting star that is A Minecraft Movie.
(Reuters) - U.S. crude futures fell on Friday as traders expected OPEC+...
(Reuters) - U.S. crude futures fell on Friday as traders expected OPEC+ would decide on Saturday to boost oil output for July beyond previous forecasts.
Brent crude futures settled down 25 cents, or 0.39%, at $63.90 a barrel. U.S. West Texas Intermediate crude finished down 15 cents, or 0.25%, at $60.79 a barrel, having dropped more than $1 a barrel earlier.
The Brent July futures contract is due to expire on Friday. The more liquid August contract was down 71 cents, or 1.12%, at $62.64 a barrel.
The front-month benchmark contracts were headed for weekly losses of over 1% at these levels.
Prices dipped into negative territory after Reuters reported that OPEC+ may discuss an increase in July output larger than the 411,000 barrels per day (bpd) rise that the group decided on for May and June.
U.S. stocks end mixed, claw back earlier losses as S&P seals best May since 1990
U.S. stocks ended a holiday-shortened week on a mixed...
U.S. stocks ended a holiday-shortened week on a mixed note Friday, but saw the S&P 500 book its strongest May advance since 1990.
The Dow Jones Industrial Average shook off pressure tied to renewed U.S.-China trade tensions, ending with a gain of 54.34 points, or 0.1%, at 42,270.07. The S&P 500 saw a fractional loss of just 0.48 point to end at 5,911.69, while the Nasdaq Composite shed 62.11 points, or 0.3%, to close at 19,113.77.
Stocks saw modest pressure in early trade after President Donald Trump, in a social-media post, blasted China — accusing it of failing to live up to a preliminary agreement, reached earlier this month, that saw both countries mutually cut tariffs that had topped 100% amid April's trade tensions. Equities briefly extended losses after a news report that said the U.S. was planning to widen sanctions on China's tech industry.
But stocks clawed back those losses by the bell, putting a cap on a winning week that had seen equities buoyed by strong earnings from chip giant and artificial-intelligence bellwether Nvidia Corp. Investors were also dealing with increased trade uncertainty after a U.S. trade court late Wednesday ruled to void the bulk of Trump's tariff measures, but saw that ruling stayed Thursday by an appeals court, pending appeal.
After three straight monthly declines, stocks saw big May gains, with the S&P 500 up 6.15%, while the Dow advanced 3.94% and the Nasdaq gained 9.56%. That marked not only the best May since 1990 for the S&P 500, but the best performance of any month for both the S&P 500 and Nasdaq since November 2023, according to Dow Jones Market Data.
Chevron plans to cut nearly 800 jobs in Midland County, Texas, by July...
Chevron plans to cut nearly 800 jobs in Midland County, Texas, by July 15 as part of a broader push by the oil major to reduce its global workforce by up to 20% by the end of next year. This move comes amid other cost-cutting measures and challenges, including an arbitration dispute over its planned acquisition of Hess and a revoked Venezuelan operating license.
