Phillips 66 Sells Stake in Gulf Coast Express for $865MM
Phillips 66 plans to sell its 25% stake in the Gulf Coast Express (GCX) natural gas pipeline to an ArcLight...
Phillips 66 plans to sell its 25% stake in the Gulf Coast Express (GCX) natural gas pipeline to an ArcLight Capital Partners affiliate for $865 million, with the sale expected to close in January 2025. The 500-mile pipeline system, which has a 2 Bcf/d capacity connecting the Permian Basin to the Agua Dulce hub in South Texas, will then be owned by ArcLight and Kinder Morgan. The sale aligns with Phillips 66's strategy to focus on downstream assets. CEO Mark Lashier noted that the transaction represents an estimated EBITDA multiple of 10.6x for 2025 and will support the company's priorities of shareholder returns and debt reduction.
Delek to Buy Permian's Gravity Water Midstream for $285MM
Delek Logistics is expanding its water infrastructure portfolio with a $285 million acquisition of Gravity...
Delek Logistics is expanding its water infrastructure portfolio with a $285 million acquisition of Gravity Water Midstream, announced late last week and expected to close in the first quarter of 2025. The deal includes $200 million in cash and $85 million in Delek shares, adding over 200 miles of permanent pipeline and 46 saltwater disposal facilities in the Midland and Williston Basins, marking Delek's second water infrastructure purchase since September.
New Jersey senator says drone sightings are “almost certainly planes.
Sen. Andy Kim (D-NJ) spent a night ...
Sen. Andy Kim (D-NJ) spent a night drone chasing with local police in the Garden State, and while he did say he saw some drones in the sky, he concluded that “most of the possible drone sightings that were pointed out to me were almost certainly planes.” The FBI concurred: “Many of the reported drone sightings are, in fact, manned aircraft being misidentified as drones.” Investigations into the sightings that began in November have found no illegal activity and no evidence of any wrongdoing by foreign adversaries. But Sen. Chuck Schumer (D-NY) and other frustrated officials are demanding answers—he called for the Department of Homeland Security to deploy technology that can track the drones back to their landing spots.
The Fed will cut rates in its final meeting of the year. Nothing...
The Fed will cut rates in its final meeting of the year. Nothing in this world is a given, but confidence is extremely high that the Fed will give us one final quarter-point rate cut when JPow and friends convene this week. The Fed’s rate path for 2025, however, is the big question mark: Inflation is proving to be more stubborn than anticipated, and President-elect Trump’s economic policies (e.g., tariffs) could complicate the picture even more. A Bloomberg survey of 50 economists resulted in median estimates of three rate cuts in the coming year.
Two Russian oil tankers were significantly damaged from a storm in the Black Sea, causing one of the ships to spill oil into the water.
At least several hundred people were killed from a cyclone in the French territory of Mayotte in the southwestern Indian Ocean. It was Mayotte’s worst cyclone in 90 years.
Former OpenAI researcher and whistleblower Suchir Balaji, who said publicly that the company violated US copyright laws, was found dead in his SF apartment nearly three weeks ago. Authorities ruled his death a suicide.
San Francisco residents were awakened on Saturday to the city’s first ever tornado warning, less than two weeks after weather officials issued a tsunami warning. A tornado did hit another Northern CA town.
Author James Patterson delivered $500 holiday bonuses to 600 independent bookstore employees, continuing a practice he began in 2015.
The permanent shutdown of about 1 million barrels per day of refining...
The permanent shutdown of about 1 million barrels per day of refining capacity in the US and Europe is expected to bolster global diesel prices next year after a weak 2024, according to analysts and traders. A projected demand increase of 95,000 barrels per day next year will also help stabilize margins, even as the industry faces long-term pressure from clean energy transitions.
