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• Oil majors hedge near-term downturn with long-cycle bets
  Major oil companies are reacting to a bleak short-term outlook by trimming...
  Major oil companies are reacting to a bleak short-term outlook by trimming costs, jobs and share buybacks, even as they double down on long-cycle projects based on the view that slowing supply growth later this decade could lift prices into the 2030s, writes Ron Bousso. BP has committed $5 billion to a Gulf of America development due in 2030, while ExxonMobil is holding firm on $27-29 billion in 2025 spending and scouting for deals.
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• Oxy Sells Chemicals Business to Berkshire Hathaway for $9.7B
  Occidental Petroleum will...

  Occidental Petroleum will sell its chemicals business to Berkshire Hathaway for $9.7 billion in cash. An Occidental affiliate will continue to retain OxyChem’s legacy environmental liabilities. The deal is expected to close in the fourth quarter.

  
  

  OxyChem produces basic chemical and vinyl products from 21 manufacturing sites spread across the U.S., Canada, and Chile.

  
  
  

  
  

  
  

  “This transaction strengthens our financial position and catalyzes a significant resource opportunity we’ve been building in our oil and gas business for the last decade,” said Occidental CEO Vicki Hollub. “I’m incredibly proud of the impressive work the team has done to create this strategic opportunity that will unlock 20-plus years of low-cost resource runway and deliver meaningful near and long-term value.”

  
  

  
  

  
  

  The sale of OxyChem will allow Occidental to reduce debt and focus on “high-return oil and gas projects,” the company said Oct. 2. Occidental plans to use $6.5 billion in proceeds to reduce leverage below a $15 billion target set after it acquired Permian oil producer CrownRock in 2023.

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• ☕️What Else is Brewing Thursday Morning
  Trump admin freezes $18b in NYC infrastructure funding. The...
  Trump admin freezes $18b in NYC infrastructure funding. The administration announced yesterday that it had put on hold federal funds that had been awarded to major projects in New York City, including the construction of a new rail tunnel between New York and New Jersey, and the extension of the Second Avenue Subway. Office of Management and Budget Director Russell Vought said the decision was made “to ensure funding is not flowing based on unconstitutional DEI principles,” with Transportation Secretary Sean Duffy later raising questions about the contracting process for the projects. The move may also be intended to get at Democratic congressional leaders amid the government shutdown, as Chuck Schumer and Hakeem Jeffries both represent New York.
  
  President Trump’s budget director said firings of federal workers would begin in “one to two days,” and Vice President Vance also said layoffs would start soon “if the shutdown continues.”
  
  The Israeli Navy intercepted boats from a flotilla attempting to bring humanitarian aid to Gaza, detaining the activists on board, including Greta Thunberg.
  
  Amazon debuted a new grocery brand for price-sensitive shoppers, with most items selling for under $5. In other grocery news, Walmart announced plans to remove artificial dyes from its house brands.
  
  Peloton wants to get you back on the bike you haven’t pedaled since the lockdowns ended with higher membership fees and new hardware with AI-powered features.
  
  Google laid off 100 employees with design roles in its cloud computing unit as it prioritizes its investment in AI.
  
  Chunk, a 1,200-pound brown bear with a broken jaw, was crowned the winner of Fat Bear Week, after narrowly missing the crown in previous years.
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• DAILY OIL PRICE: October 1, 2025
  Crude Oil: 61.78   (-0.59)....
  
  
  • Crude Oil: 61.78   (-0.59).
  
  
  • Nymex MTD AVG: 61.7800.
  
  
  • Natural Gas: 3.476   (+0.173).
  
  
  • Gasoline: 1.8859   (-0.0870).
  
  
  • Spreads: November/December (+0.39)     December/January (+0.25).
  
  
  • Plains WTI Posting: 58.26   (-0.59).
  
  

  
  Source: Odessa American
  
  
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• Dow, S&P 500 carve out new record closing highs despite government shutdown
  All three major U.S. stock indexes closed higher on Wednesday,...

  All three major U.S. stock indexes closed higher on Wednesday, with the Dow Jones Industrial Average and S&P 500 reaching fresh all-time highs, amid expectations that the government's temporary shutdown will end up being short and having a minimal economic impact.

  
  

  The Dow rose 43.21 points, or less than 0.1%, to finish at 46,441.10, based on preliminary data.

  
  

  The S&P 500 advanced 22.74 points, or 0.3%, to end at 6,711.20.

  
  

  The Nasdaq Composite climbed 95.15 points, or 0.4%, to close at 22,755.16.

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