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• Ovintiv to Sell ‘Noncore’ Bakken, Uinta Assets for $250 Million
  Ovintiv Inc. agreed on July 6 to sell portions of its assets located in the Bakken and Uinta...
  Ovintiv Inc. agreed on July 6 to sell portions of its assets located in the Bakken and Uinta basins for total proceeds of roughly $250 million, which will be used to accelerate the doubling of shareholder returns.
  
  “These transactions continue our track record of portfolio optimization, and this means we will double our cash returns to shareholders starting now,” Ovintiv CEO Brendan McCracken commented in a company release.
  
  Starting immediately for the third quarter, Ovintiv will increase its returns to shareholders to 50% of the previous quarter’s non-GAAP free cash flow after base dividends. Cash returns in the third quarter are anticipated to be delivered through share buybacks.
  
  Previously, the company had planned to increase cash returns to the 50% level starting Oct. 1.
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• China Oil Imports from Russia Soar, Surpass Top Supplier Saudi
  China’s crude oil imports from Russia soared 55% from a year earlier to a record level in May,...
  China’s crude oil imports from Russia soared 55% from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow over its invasion of Ukraine.
  
  Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, totaled nearly 8.42 million tonnes, according to data from the Chinese General Administration of Customs.
  
  That’s equivalent to roughly 1.98 million bbl/d and up a quarter from 1.59 million bbl/d in April.
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• What Else is Brewing Thursday Morning
  Elon Musk quietly had twins last year with Shivon Zilis, a top executive at his company Neuralink, Insider reported. Musk, who has repeatedly warned of “population collapse,” now has nine known children.
  
  Juul products are being sold again after the FDA suspended—but didn’t totally rescind—its ban.
  
  Leaders of the FBI and MI5 made their first-ever joint appearance to warn of the “immense” threat that China poses to economic and national security.
  
  Taco Bell ran out of its menu items featuring a massive Cheez-It less than a week after they began a test run.
  
  Chevy held an auction (twice) for its first NFT, and it drew exactly 0 bids.
  
  
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• U.S. initial jobless claims edge upward to 235,000 in July 2 week
  The numbers: Some 235,000 people applied for jobless benefits last week, marking the...
  The numbers: Some 235,000 people applied for jobless benefits last week, marking the highest number in six months and possibly signaling that layoffs are on the rise as the U.S. economy slows.
  
  New jobless claims rose by 4,000 from 231,000 in the prior week.  Economists polled by the Wall Street Journal forecast initial jobless claims to total 230,000 in the seven days ended July 2.
  

  
  
  New filings had fallen to as low as 166,000 in late March — the second-fewest on record — before moving higher over the past several months.
  
  The four-week average of new jobless claims, which smooths out the temporary ups and downs, rose to 232,500. That’s the highest level since January.
  
  
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• U.K. Prime Minister Boris Johnson announces he will step down
  U.K.'s Boris Johnson on Thursday said he would step down in a defiant address in which...
  U.K.'s Boris Johnson on Thursday said he would step down in a defiant address in which he talked of his administration's achievements and noted his standings in the polls despite a difficult economic backdrop. "When the herd moves, it moves," said Johnson of his fellow Conservative parliamentary members. He thanked voters for an "incredible mandate" but said a "Darwinian" system would produce a new leader. He said he will stay on as caretaker leader until a replacement is found.
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