Earthstone Launches Another Deal to Add Titus’ Delaware into the Fold
Roughly four weeks after proclaiming itself the “new” Earthstone Energy Inc., The...
Roughly four weeks after proclaiming itself the “new” Earthstone Energy Inc., The Woodlands, Texas-based company announced yet another transaction June 28: the acquisition of Titus Oil & Gas and a 26% increase in production in the Delaware Basin.
The $627 million acquisition adds 86 net locations in the Permian Basin in Eddy and Lea counties, N.M., on 7,900 net acres of leasehold. It isn’t clear how much of the leasehold might be on federal acreage.
The deal also marks Earthstone’s seventh acquisition since 2021, a span that includes the closing of roughly $1.89 billion in acquisitions in the Permian Basin.
Earthstone agreed to pay Titus Oil & Gas Production LLC and Titus Oil & Gas Production II LLC, privately held companies backed by NGP Energy Capital Management LLC, $575 million in cash and the equivalent of $52 million in stock (3.9 million shares of its Class A common stock based on the June 24 closing price).
MarketWatch: Dow ends down nearly 500 points as stocks suffer back-to-back losses
U.S. stocks closed sharply lower Tuesday, falling for a second straight day, as a fresh reading on consumer...
U.S. stocks closed sharply lower Tuesday, falling for a second straight day, as a fresh reading on consumer confidence slumped more than expected. The Dow Jones Industrial Average DJIA, -1.56% dropped around 490 points to close about 1.6% lower, while the S&P 500 SPX, -2.01% slid about 2% and the Nasdaq tumbled COMP, -2.98% around 3%, according to preliminary FactSet data. The Conference Board said Tuesday that its consumer confidence index dropped in June to the lowest level since February 2021 on concerns over inflation, particularly rising prices of food and gas. Energy was the sole sector of the S&P 500 to post gains Tuesday, climbing sharply as oil prices rose amid supply fears.
Continental Resources holder Bill Smead says Hamm trying to `steal' shale driller
Continental Resources (NYSE:...
Continental Resources (NYSE:CLR) holder Bill Smead said that billionaire Harold Hamm is trying to "steal" the shale driller from shareholders.
"Harold Hamm is trying to steal the rest of the company away from us minority shareholders because he doesn't think he's being treated well in the stock market," Smead said in a CNBC interview. "He thinks his stock is worth $30 or $40/share more than it's trading at and the only solution is to take it private. Wait until someday when people get out of their ESG coma."
Smead Capital, which owned 7.29 million shares or a 1.99%, stake in Continental Resources, is the largest shareholder after Hamm and his family.
Smead's remarks come after Hamm earlier this month offered to buy the remainder of the shale driller he and his family don't already own for $4.3 billion, or $70/share.
Key details: A measure of how consumers feel about the economy right now dipped to...
Key details: A measure of how consumers feel about the economy right now dipped to 147.1 from 147.4, The nonprofit Conference Board said Tuesday.
A similar confidence gauge that looks ahead six months fell more sharply to 66.4 from 73.7.
The numbers: A survey of U.S. consumer confidence dropped in June to a 16-month low of 98.7, as Americans grew more worried about high gas and food prices and the health of the economy.
Economists polled by The Wall Street Journal had forecast the index to drop to 100 from a revised 103.2 in April.
Big picture: The U.S. economy has slowed and is likely to keep slowing with the Federal Reserve raising interest rates to try to tame the highest inflation in 40 years. Gas prices have soared, the cost of groceries have risen the most in decades and housing is very expensive.
Home-price advance in top U.S. cities accelerates further: Case-Shiller
The numbers: The S&P CoreLogic Case-Shiller 20-city index posted a 21.2% year-over-year...
The numbers: The S&P CoreLogic Case-Shiller 20-city index posted a 21.2% year-over-year gain in April, up slightly from 21.1% in the previous month.
In April, the 20-month index rose a seasonally adjusted 2.3%. A separate report from the Federal Housing Finance Agency showed a 1.6% monthly gain. And over the last year, the FHFA index was up 18.8%.
Key details: Tampa, Miami and Phoenix reported the highest year-over-year gains among the 20 cities in April.
Big picture: Sharply declining affordability should start to restrain house price appreciation over the remainder of the year, but industry reports don’t suggest any slowdown in April, said Lou Crandall, chief economist of Wrightson ICAP, in a note prior to the release of the data.
