Expand Energy: Chesapeake’s Bankruptcy to Largest Gas Producer in US
Chesapeake Energy’s $7.4 billion merger with Southwestern Energy closed...
Chesapeake Energy’s $7.4 billion merger with Southwestern Energy closed on Oct. 1, ending a push-pull dynamic with federal regulators that delayed the deal by a quarter. The newly dubbed Expand Energy is now trading on the Nasdaq with the ticker symbol “EXE.”
The two natural gas players said they had cleared the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in late September. Expand Energy will become the largest gas producer in the U.S. with its massive dual footprints in both the Appalachia and Haynesville shale plays.
The all-stock acquisition of Southwestern by Chesapeake was first announced in January; Chesapeake exchanged Southwestern shares on a 0.0867:1 basis, but additional scrutiny and information requests by the U.S. Federal Trade Commission caused some delays. The new Expand name was only announced in late September.
Oxy Divests Some Powder River Basin Assets to Anschutz
Occidental Petroleum has reduced its Powder...
Occidental Petroleum has reduced its Powder River Basin interest in a sale to privately held Rockies explorer Anschutz Exploration.
Oxy has been marketing property this year towards reducing debt from its $12 billion cash-and-stock purchase of Permian Basin-focused CrownRock LP that was closed this summer.
The amount of working interest and net acres involved in Wyoming’s Powder River Basin sale have not been disclosed.
Trump named his “border czar.” Tom Homan, who served...
Trump named his “border czar.” Tom Homan, who served as the acting director of Immigration and Customs Enforcement (ICE) during Donald Trump’s first term, “will be in charge of all Deportation of Illegal Aliens back to their Country of Origin,” the president-elect said in a social media post yesterday. Homan was one of the architects of the Trump administration’s controversial family separation policy, and will now be tasked with overseeing the mass deportations that were a focus of his 2024 campaign. Private prison stocks rose sharply after Trump announced Homan’s appointment.
Mattel apologized after it accidentally printed the URL for a porn site on the packaging for its new Wicked dolls.
NBCUniversal redesigned its Los Angeles headquarters to look more like a college campus.
Israel’s finance minister, the far-right Bezalel Smotrich, pushed to annex West Bank settlements, saying Trump’s victory is an “opportunity” to apply Israeli sovereignty.
Boeing’s head of quality will retire next month after less than a year in the role, which was created following January’s infamous door plug incident.
Costco had to recall 80,000 pounds of butter because the labels failed to mention that it includes milk. That gets a resounding zero booms from the Costco Guys.
WTI, Brent oil futures settle at their lowest in nearly 2 weeks
Oil futures finished lower on Monday, with...
Oil futures finished lower on Monday, with U.S. and global benchmark prices at their lowest in almost two weeks.
Crude prices face headwinds from "familiar factors, with analysts remaining skeptical that Chinese stimulus measures will be sufficient for boosting lackluster crude demand," said Robbie Fraser, associate director of global research and analytics at Schneider Electric.
West Texas Intermediate crude for December delivery fell $2.34, or 3.3%, to settle at $68.04 a barrel on the New York Mercantile Exchange. January Brent crude, the global benchmark, dropped $2.04, or 2.8%, to $71.83 a barrel on ICE Futures Europe. According to Dow Jones Market Data, Brent and WTI marked their lowest settlements since Oct. 29.
S&P 500 closes above 6,000 for first time as U.S. stocks extend gains
Stocks ended higher Monday, with the Dow, S&P 500...
Stocks ended higher Monday, with the Dow, S&P 500 and Nasdaq Composite building on last week's record run.
The Dow closed above 44,000 for the first time, while the S&P 500 ended just above the 6,000 milestone after temporarily trading above that threshold in Friday's session. The U.S. bond market was closed Monday for the Veterans Day holiday.
The Dow ended 304.14 points higher, up 0.7%, at 44,293.13
The S&P 500 rose 5.81 points, or 0.1%, to 6,001.35.
The Nasdaq Composite finished at 19,298.76, up 11.99 points, or 0.1%
