Saudi Arabia and Iran formally reestablished diplomatic relations yesterday, a significant milestone in the relationship between two of the largest powers in the Middle East. The pair cut off ties seven years ago after Saudi embassies in Iran were attacked following the Saudi execution of a popular Shia cleric.
Saudi Arabia and Iran have been engaged in a regional power struggle for decades, exacerbated by the differing sectarian religious views—Saudi is roughly 90% Sunni Muslim, while Iran is about 90% Shia Muslim (see background). The regional conflict has also become a proxy for greater world powers, with Saudi Arabia generally working with the West and Iran forging close ties with Russia and China.
Vital Energy Closes $214 Million Midland Basin Acquisition
Vital Energy Inc, formerly known as Laredo Petroleum, has closed an acquisition of a Midland Basin leasehold...
Vital Energy Inc, formerly known as Laredo Petroleum, has closed an acquisition of a Midland Basin leasehold in Upton and Reagan counties, Texas, in a cash and stock deal worth roughly $214 million. The acquisition included 11,200 net acres that averaged 5,400 boe/d (63% oil).
Vital Energy, which announced the deal on Feb. 14, purchased the assets from Driftwood Energy Operating LLC. The deal closed on April 3, according to filings with the Securities and Exchange Commission.
Vital Energy, based in Tulsa, Oklahoma, said the acquisition would extend its oil-weighted inventory life with the addition of 23 net operating horizontal drilling locations in the Wolfcamp B Formation.
The U.S. stock market is closed Friday, April 7, for the Good Friday holiday, but the bond market will be briefly open.
Friday morning has seen the release of the monthly jobs report for March, a key piece of economic data that households, investors and industry leaders will be following for clues to how much further progress the Federal Reserve has been making in its inflation fight.
Benchmark U.S. crude oil for May delivery rose 9 cents to $80.70 a barrel Thursday. Brent crude for June delivery rose 13 cents to $85.12 a barrel.
Wholesale gasoline for May delivery fell 1 cent to $2.81 a gallon. May heating oil fell 7 cents to $2.66 a gallon. May natural gasfell 14 cents to $2.01 per 1,000 cubic feet.
U.S. stocks finish higher ahead of Friday's jobs report
U.S. stocks eked out modest gains on Thursday after a choppy...
U.S. stocks eked out modest gains on Thursday after a choppy session, helping the S&P 500 avoid a third day of losses as investors await Friday’s jobs report. The S&P 500 SPX, +0.36% gained 14.61 points, or 0.1%, to finish at 4,104.99, according to preliminary closing data from FactSet. The Nasdaq Composite COMP, +0.76% rose by 91.09 points, or 0.8%, to 12,087.96. The Dow Jones Industrial Average DJIA, +0.01% finished just 2.63 points, or less than 0.1%, higher at 33,485.35. Cash trading in stocks will be closed Friday when the March report from the Department of Labor is released. Economists polled by the Wall Street Journal have a median forecast for 238,000 jobs to have been created.
