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• Kimmeridge Builds Stake in California Resources to Push for Changes
  Kimmeridge Energy Management Co. LLC has amassed a stake in California Resources...
  Kimmeridge Energy Management Co. LLC has amassed a stake in California Resources Corp. and is pushing the oil and gas producer to make changes that include selling some acreage to real estate developers, people familiar with the matter said.
  
  The energy-focused activist investment firm owns more than 3 million shares in California Resources, equivalent to about a 4% stake and has been in talks with the company's management in recent weeks about how to boost its valuation, the sources said.
  
  The ideas pushed by Kimmeridge include divesting California Resources' Huntington Beach acreage in Orange County, which it believes could fetch around $800 million if sold for conversion to residential real estate, according to the sources.
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• What Else is Brewing ☕️This Tuesday Morning
  Rudy Giuliani, the former NYC mayor and personal lawyer of former President Trump, has been told he’s the target of a criminal investigation into election interference in Georgia.
  
  Walmart inked a deal with Paramount Global to offer streaming service Paramount+ to its Walmart+ members for free.
  
  Starbucks asked the National Labor Relations Board to temporarily halt union elections at US stores, alleging that NLRB officials and union organizers were in cahoots during one union election in the spring.
  
  HBO Max laid off 14% of its staff—around 70 employees—as part of the broader reorganization under parent company Warner Bros. Discovery.
  
  Capri Sun is recalling thousands of pouches over possible contamination with cleaning solution.
  
  
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• Venezuelan Oil Continues Slow Recovery Trajectory
  Venezuela, OPEC’s lone member country...
  
  

  
  
  Venezuela, OPEC’s lone member country in Latin America and the Caribbean, is on track to achieve average production of nearly 678,000 bbl/d in 2022, according to OPEC data.
  
  It’s a 3% increase from July supply, but still less than the 695,000 bbl/d average for the first six months of the year.
  
  If production remains steady for the remaining five months of 2022, it will mark the second consecutive year of production growth after reaching a low of 512,000 bb/d in 2020, when Washington sanctions began and the Covid-19 pandemic temporarily drove down demand for oil and other goods.
  
  

  
  
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• Energy remains a sweet spot for investors. Here’s a list of ‘energized’ stocks to think about.
  Consisting of 21 companies, the S&P 500 energy sector is tracked by the Energy Select Sector SPDR...
  Consisting of 21 companies, the S&P 500 energy sector is tracked by the Energy Select Sector SPDR Fund XLE, -1.95%, up 41% so far this year, and 12% in the latest quarter. The S&P, meanwhile, is down 10%, but up more than 12% in the latest quarter.
  
  Evercore has screened for what they call “energized energy” stocks — names from the Russell 3000 index RUA, +0.37% with high short interest that are down more than that index from the highs, with positive 2023 earnings per share revisions since the end of the second quarter.
  
  Names on that list include Coterra Energy CTRA, -1.08%, Haliburton , ConocoPhilips COP, -1.49%, Schlumberger SLB, -3.72% and Marathon Oil MRO, -2.79%. Here’s their full list:
  
  
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• Hurricane center begins tracking a system in the Caribbean
  The National Hurricane Center has been jumping around the last few days tracking short-lived systems...
  The National Hurricane Center has been jumping around the last few days tracking short-lived systems with the potential to form into a tropical depression or storm. Late Monday, the NHC began looking at the Caribbean Sea.
  
  As of the NHC’s 8 p.m. Eastern time tropical update, a tropical wave located in the central Caribbean is forecast to move across Central America and emerge over the southwestern Gulf of Mexico where it could develop into the season’s next named system.  The NHC gives the system a 20% chance of formation in the next five days.
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