DCP Midstream to Sell Interests to Phillips 66 for $3.8 Billion
Phillips 66, looking to grow its NGL business, will acquire more...
Phillips 66, looking to grow its NGL business, will acquire more than 43% of DCP Midstream LP for $3.8 billion, the companies said in Jan. 6 news releases.
The cash deal, which includes the assumption of debt, will increase Phillips 66’s interest in DCP Midstream to 86.8%. Phillips 66 said it has targeted operational and commercial synergies of at least $300 million, with the transaction expected to close second-quarter 2023.
The deal comes after a flurry of December midstream deals worth billions of dollars.
The nation’s number of oil and gas rigs actively pursuing new energy sources dropped by 7 in the past...
The nation’s number of oil and gas rigs actively pursuing new energy sources dropped by 7 in the past week according to Baker Hughes Co. which released new figures on Friday.
The national count fell to 772 and Oklahoma’s count dropped by 3 to 66.A year ago, there were 49 active rigs in the state.
Nationally, the decline included 3 oil rigs, leaving 618 still in service. The number of gas rigsfell by 43 to 152. The U.S. rig count is still 184 higher than a year ago when the number stood at 588. In the past year, the increase in rigs included 137 more oil rigs and 45 gas rigs.
Texas still has the highest count with 378, which is a gain of 2 from a week ago. New Mexico’s count of 100 was a drop of 2 in the past week while North Dakota stayed at 39. Louisiana’s count slipped by 2 to 66.
Natural gas tumbles 3rd week in row, down 17% on week
Three weeks counting and natural gas is still tumbling. America’s...
Three weeks counting and natural gas is still tumbling. America’s premier heating fuel fell 17% on the week and for a third straight week that erased more than 50% in total from the market’s value.
Gas futures’ benchmark February contact on the New York Mercantile Exchange’s Henry Hub settled at $3.71 per mmBtu on Friday, down 10 cents, or 2.6%. For the week, the market was off 76.50 cents, or 17.1% to be precise.
Dow ends up about 700 points Friday as stocks notch weekly gains
U.S. stocks logged their biggest daily advance in more than 5...
U.S. stocks logged their biggest daily advance in more than 5 weeks on Friday as investors reacted to data showing the labor market and wage growth finally starting to cool. The S&P 500 SPX, +2.28% gained roughly 87 points, or 2.3%, to finish at 3,895 as the index snapped a four-week losing streak. The Dow Jones Industrial Average DJIA, +2.13% climbed 700 points, or 2.1%, to finish at roughly 33,630. The Nasdaq Composite COMP, 2.56% advanced 264 points, or 1.6%, 10,569. Labor Department data showed the U.S. economy added 233,000 jobs last month, which was fewer than the prior month, while beating economists’ expectations for 200,000 new jobs. Wages grew by a modest 0.3% last month.
Citigroup and JPMorgan Chase are on the Kentucky state treasurer's...
Citigroup and JPMorgan Chase are on the Kentucky state treasurer's list of 11 financial institutions that the state claims are boycotting energy companies. The list was developed under a state law, similar to ones in Texas and West Virginia, that sets a time frame for Kentucky governmental entities' divestment from the institutions that do not "cease engaging" in what the state says are energy company boycotts.
