Chevron shifts from growth to cash generation in the Permian
Chevron is nearing its production target of 1 million barrels of oil...
Chevron is nearing its production target of 1 million barrels of oil equivalent per day in the Permian Basin and plans to maintain that level through 2040. The company is scaling back rigs and frack crews and expects to grow its annual free cash flow from the region to $5 billion by 2027, assuming $60 Brent crude, which will support shareholder returns.
UConn team extracts cleaner lithium from geothermal brine
University of Connecticut researchers are developing more sustainable...
University of Connecticut researchers are developing more sustainable methods to extract lithium from geothermal brine to support a domestic supply chain for electric vehicle batteries. Their process combines carbon capture, on-site recycling of precipitating agents and digital simulations to cut CO2 emissions by 50% and lower production costs. "Without environmentally sustainable, affordable solutions, we are reaching a tipping point where demand will far outweigh lithium supply availability," said lead researcher Burcu Beykal.
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.
