Continental Resources Agrees to Harold Hamm’s Boosted Take-private Offer
Continental Resources Inc. agreed to be acquired by its founder,...
Continental Resources Inc. agreed to be acquired by its founder, Harold G. Hamm, in a $4.3 billion cash acquisition that would take the U.S. shale giant private.
The Oklahoma City-based company said on Oct. 17 it entered a merger agreement to be acquired by Omega Acquisition Inc., an entity owned by Hamm, for $74.28 per share. The offer price represents a 15% premium to the closing price on June 13—the day before Hamm’s family disclosed their initial $70 per share proposal.
Crude oil prices slipped today after the U.S. Energy Information...
Crude oil prices slipped today after the U.S. Energy Information Administration reported crude oil inventories had shed 1.7 million barrels in the week to October 14.
This compared with an inventory build of 9.9 million barrels for the previous week and an API estimate of declines in both crude and fuels for the week to October 14.
In gasoline stocks, the EIA reported a draw of 100,000 barrels, which compared with a build of 2 million barrels for the previous week.
Gasoline production averaged 9.4 million bpd in the week to October 14, which compared with 9.2 million bpd during the previous week.
In distillate fuels, the EIA reported an inventory increase of 100,000 barrels for last week. This compared with two consecutive weekly draws of a combined 8.3 million barrels.
Coterra Energy Schedules Third-Quarter 2022 Results Conference Call for Friday, November 4, 2022
HOUSTON, ...
HOUSTON, Oct. 18, 2022 /PRNewswire/ -- Coterra Energy Inc. ("Coterra" or the "Company") (NYSE: CTRA) announced it will host a conference call on Friday, November 4, 2022, at 9:00 AM CT (10:00 AM ET) to discuss third-quarter 2022 financial and operating results. The Company plans to announce third-quarter 2022 results after the market closes on Thursday, November 3, 2022.
Oil bounces as U.S. supplies show decline, while Biden administration plans another SPR release
Oil futures bounced Wednesday, finding support as industry data showed a fall in U.S. supplies and as...
Oil futures bounced Wednesday, finding support as industry data showed a fall in U.S. supplies and as traders debated the impact of the Biden administration’s plan to release more crude from the Strategic Petroleum Reserve.
West Texas Intermediate crude for November deliveryCL.1, 0.41%rose $1.07, or 1.3%, to $83.89 a barrel on the New York Mercantile Exchange. December WTI CL00, +0.44%, the most actively traded contract, rose 92 cents, or 1.1%, to $82.99 a barrel.
December Brent crudeBRN00, 0.44%the global benchmark, was up 71 cents, or 0.8%, at $90.74 a barrel on ICE Futures Europe.
Back on Nymex, November gasoline RBX22, +0.63% rose 0.8% to $2.572 a gallon, while November heating oil HOX22, -3.16% shed 1.7% to $3.926 a gallon.
November natural gasNGX22, -3.92% fell 0.7% to $5.706 per million British thermal units.
Investors' cash pile is the largest since April 2001. Why is that significant? Well,...
Investors' cash pile is the largest since April 2001. Why is that significant? Well, according to Bank of America's fund managers' survey, it "screams" capitulation.
That's according to BofA chief US investment strategist Michael Hartnett, who writes that the October survey "screams macro capitulation, investor capitulation, and crucially start of policy capitulation."
The survey shows that cash as a percentage of portfolios stands at 6.1%, a 21-year high. That's compared to a long-term average of 4.8%.
