Chevron closes $53b Hess deal after vanquishing Exxon’s legal challenge
Big Oil got a little bit bigger yesterday when Chevron ...
Big Oil got a little bit bigger yesterday when Chevron closed its acquisition of its smaller rival Hess, securing access to coveted oil reserves off the shore of Guyana. Chevron and Hess struck the deal back in 2023, but Exxon brought a legal challenge to block it in the biggest oil feud since somebody shot JR. Exxon claimed Hess was contractually obligated to offer to sell Exxon its stake in a Guyana development the companies operate in partnership with the China National Offshore Oil Corp. before making another deal, but yesterday arbitrators from the International Chamber of Commerce in Paris denied that claim. Chevron quickly wrapped up the deal with Hess a few hours later.
The GENIUS Act is the law of the land. President Trump ...
The GENIUS Act is the law of the land. President Trump signed the bill into law yesterday, setting up a framework for regulating stablecoins—digital currency pegged to traditional assets—that are linked to the US dollar. It’s a big win for the crypto industry, and Trump said it was a “giant step to cement American dominance of global finance and crypto technology.” The law could help push stablecoins into the mainstream, and major companies like Walmart and Amazon have been said to be considering launching their own.
President Trump sued Rupert Murdoch, Dow Jones, and two reporters for libel over a Wall Street Journal story that claimed he sent a racy letter to celebrate Jeffrey Epstein’s 50th birthday, which the president has denied.
Ten American prisoners held in Venezuela were freed in prisoner swap for 250 Venezuelan migrants whom the US had sent to prison in El Salvador.
AmEx announced record-breaking earnings yesterday, saying its high-flying customers are still spending big.
Insurers selling plans on ACA exchanges are expected to hike premiums next year as subsidies on them are set to expire, with the average person expected to be paying 75% more, according to an analysis from the nonpartisan research group KFF.
Union Pacific and Norfolk Southern reportedly in talks to merge, which would create the largest railroad in North America, linking the East and West Coasts.
North Korea has banned foreigners from its new beach resort, so your plans to build sand castles with Kim Jong Un have been dashed.
Oil steadies as mixed US economic and tariff news offset new Russia sanctions
(Reuters) - Crude oil futures were little changed on...
(Reuters) - Crude oil futures were little changed on Friday on mixed U.S. economic and tariff news and worries about oil supplies following the European Union's latest sanctions against Russia for its war in Ukraine.
Brent crude futures fell 24 cents, or 0.3%, to settle at $69.28 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 20 cents, or 0.3%, to end at $67.34.
That put both crude benchmarks down about 2% for the week.
In Europe, the EU reached an agreement on an 18th sanctions package against Russia over its war in Ukraine, which includes measures aimed at dealing further blows to Russia's oil and energy industries.
"New sanctions on Russian oil from the U.S. and Europe this week were met by a muted market reaction," analysts at Capital Economics said in a note. "This is a reflection of investors doubting President Trump will follow through with his threats, and a belief that new European sanctions will be no more effective than previous attempts."
The EU will also no longer import any petroleum products made from Russian crude, though the ban will not apply to imports from Norway, Britain, the U.S., Canada and Switzerland, EU diplomats said.
U.S. stocks end mixed Friday, but S&P 500 and Nasdaq book weekly gains
The U.S. stock market ended mixed on Friday, with the...
The U.S. stock market ended mixed on Friday, with the S&P 500 and Nasdaq Composite logging weekly gains as companies reported their latest quarterly earnings.
The Dow Jones Industrial Average fell 142.30 points on Friday to close 0.3% lower at 44,342.19.
The S&P 500 slipped 0.57 point, or less than 0.1%, to finish nearly flat at 6,296.79.
The Nasdaq Composite rose 10.01 points, eking out a gain of less than 0.1% to notch a fresh record high at 20,895.66.
Big Tech stocks mostly rose on Friday, but the S&P 500's 11 sectors ended the trading session mixed. Investors continued to monitor tariff-related risks, with consumer-price-index data released earlier this week showing some early signs of inflationary pressures from tariffs.
The S&P 500 finished Friday just shy of its all-time high on Thursday, with a weekly gain of 0.6%, according to Dow Jones Market Data. The technology-heavy Nasdaq climbed 1.5% on the week, after rising for a fifth straight day. The Dow had a slight weekly loss of 0.1%, booking back-to-back weekly losses.
Talen Energy Corp. agreed to acquire two combined-cycle gas turbine...
Talen Energy Corp. agreed to acquire two combined-cycle gas turbine (CCGT) plants in the PJM power market for approximately $3.5 billion net, according to a July 17 press release. The Moxie and Guernsey transactions are expected to close in the fourth quarter.
Talen is purchasing Caithness Energy’s Moxie Freedom Energy Center in Pennsylvania and Caithness’ and BlackRock’s Guernsey Power Station in Ohio. The purchase price comes out to $3.8 billion gross.
Moxie is a 1,045-megawatt (MW) CCGT located 3 miles from Talen’s Susquehanna nuclear power plant. Guernsey is a 1,836-MW CCGT near Columbus, according to Talen’s investor relations presentation.
