U.S. trade deficit recedes from 19-month high as oil exports rise
The numbers: The trade deficit fell by 2.5% in...
The numbers: The trade deficit fell by 2.5% in June and receded from a 19-month high, owing to higher exports of aircraft and U.S.-produced oil and gas.
Government data showed that the deficit dropped to $73.1 billion in June from $75.0 billion in May.
Still, a bigger trade gap in the second quarter shaved 0.7 percent points off the 2.8% annual rate of growth in the second quarter. Higher deficits subtract from the gross domestic product.
Cheniere, Galp Sign LNG Agreement for Sabine Pass Expansion
Cheniere Energy Inc.’s subsidiary Cheniere...
Cheniere Energy Inc.’s subsidiary Cheniere Marketing LLC signed a long-term LNG sale and purchase agreement (SPA) with Galp Energia subsidiary Galp Trading SA, the companies announced in an Aug. 5 press release.
Under the 20-year SPA, Galp Trading will purchase 0.5 million tonnes per annum (mtpa) from Cheniere Marketing on a free-on-board basis for a Henry Hub purchase price and a fixed liquefaction fee.
Deliveries will begin in the early 2030s and remain subject to a final investment decision on the second train of the Sabine Pass Liquefaction Expansion Project. Galp will purchase a limited number of cargoes before the start of the second train.
Diamondback, on Hold for Endeavor Deal, Divests in Delaware Basin
Diamondback Energy, still awaiting regulatory approval to close its $26...
Diamondback Energy, still awaiting regulatory approval to close its $26 billion acquisition of Endeavor Energy Resources, has started to prune non-core assets from its portfolio, the company said in an Aug. 5 letter to shareholders.
During the second quarter, Diamondback said it received proceeds of approximately $150 million due to continued “portfolio optimization,” according to a letter from Diamondback Chairman and CEO Travis D. Stice.
“This included a $95 million sale of non-operated properties in the Delaware Basin as well as other smaller non-core transactions,” Stice said.
Oklahoma’s gross production tax revenue dropped 37% in past year
The Oklahoma Treasurer’s office announced an overall revenue increase for the state in July but a more...
The Oklahoma Treasurer’s office announced an overall revenue increase for the state in July but a more than $600 million drop in revenue from the Gross Production Tax.
Treasurer Todd Russ stated that the Gross Production Tax totaled $1.1 billion but was off $639.9 million, or 37%, for the last 12 months.
The 7% gross production tax applies to natural gas and oil production and is seen as an alternative to property tax.
Bangladesh’s prime minister resigned amid deadly anti-government...
Bangladesh’s prime minister resigned amid deadly anti-government protests. Prime Minister Sheikh Hasina has stepped down and left Bangladesh, causing celebration among protesters, some of whom stormed her former official residence. Bangladesh’s military said it is working toward forming an interim government. The change in leadership comes after weeks of deadly clashes between police and protesters who demanded an end to quotas for filling government jobs that benefit the descendants of those who fought for Bangladesh’s independence from Pakistan.
Debby made landfall as a Category 1 hurricane in Florida, causing catastrophic flooding before weakening to a tropical storm and heading for Georgia and the Carolinas.
Elon Musk sued OpenAI and Sam Altman, claiming they’ve ignored the organization’s mission to develop AI to benefit humanity. If that sounds familiar, it’s because Musk already filed and dropped a similar suit.
Meanwhile, OpenAI continues to have leadership drama: The Information reports that co-founder John Schulman has decamped to rival Anthropic, President Greg Brockman has taken an extended leave of absence, and experienced Product Manager Peter Deng has also left.
More US companies made it onto Fortune’s Global 500 List than Chinese ones this year for the first time since 2018. Walmart kept its No. 1 spot.
Justice Clarence Thomas did not disclose a 2010 flight from Hawaii to New Zealand aboard Republican donor Harlan Crowe’s private jet, a Democratic senator said, adding to a list of concerns about his financial disclosures.
An Army officer from Michigan was crowned Miss USA this weekend after the original winner stepped down.
