Hamm’s “take private” offer under review by Continental directors
The Board of Directors at Oklahoma City’s Continental Resource, Inc. indicated this...
The Board of Directors at Oklahoma City’s Continental Resource, Inc. indicated this week it has moved to explore founder Harold Hamm’s $70-a-share offer in a bid to take the company private.
His $4.4 billion cash “take private” offer was made in mid-June and the Board confirmed Wednesday it had formed a special committee of independent directors to evaluate and consider the Hamm Family’s proposal. The special committee also hired independent legal and financial advisors and the committee’s “evaluation is ongoing.”
Continental shares closed Wednesday at $63.30, a gain of 34 cents or about half a point.
Nearly 2,400 barrels of oil a day were reported as the combined production of two single-pad wells in...
Nearly 2,400 barrels of oil a day were reported as the combined production of two single-pad wells in Canadian County.
Ovintiv Inc. in reports filed this week with Oklahoma regulators, said the Peters 1407 4h-15x, located at 15 14N 7W, a site about 3 miles southeast of Okarche, had initial production of 1,375 barrels of oil a day and 1,076 Mcf of natural gas when completed in January. Drilling depth was 19,517 feet in the Mississippian formation following a May 2021 spud date according to the completion report.
The sister well, the Peters 1407 5h-15x, drilled at a depth of 19,935 feet, produced 1,013 barrels of oil a day and 1,048 Mcf of natural gas. It too had a May 2021 spud date as stated in the completionreport.
The heat already has raised power demand to record levels in Texas and other parts of the U.S. as homes and businesses crank up their air conditioners.
Front-month Nymex natural gas (NG1:COM) for August delivery settled +8.5% to $6.689/MMVtu, the highest close since June 22.
MarketWatch: U.S. stocks end lower for fourth straight day after June inflation report
U.S. stocks closed lower on Wednesday for the fourth day in a row after the latest consumer price index...
U.S. stocks closed lower on Wednesday for the fourth day in a row after the latest consumer price index showed that headline inflation climbed to its highest level in 40 years last month. The S&P 500 SPX, -0.45% retreated 17.02 points, or 0.5%, to 3,801.78. The Dow Jones Industrial Average DJIA, -0.67% lost 208.54 points, or 0.7%, to 30,772.79. The Nasdaq Composite Index NDX, -0.14% shed 17.15 points, or 0.2%, to 11,247.58. Traders of Fed funds futures, a derivatives market used to place bets on the direction of the Federal Reserve's benchmark interest rate, priced in higher than 80% odds that the Federal Reserve would deliver a one percentage point rate later this month. Meanwhile, the yield on the two-year Treasury eclipsed that of the 10-year Treasury by more than 23 basis points, marking the deepest inversion of the Treasury yield curve since 2000.
J.P. Morgan: The Energy Sector Offers the Most Attractive Risk-Reward Profile. Here Are 2 Stocks With Over 50% Upside
Sometimes it’s good to take a worm’s eye view of the markets, to narrow down the search and the market...
Sometimes it’s good to take a worm’s eye view of the markets, to narrow down the search and the market analysis to a particular industry or a particular sector. The zoomed-in view offers some advantages that the macro lacks – greater detail, or a look at opportunities that might get lost in the shuffle of a larger market trend.
And that’s what we have here. Markets are trending down right now, but J.P. Morgan energy sector expert Christyan Malek sees a chance for investors to find an attractive risk-reward in oil stocks. In an attention-grabbing headline, Malek described the energy sell-off as ‘overdone,’ and says that demand remains ‘solid on lower oil.’
Read More on the Antero and Marathon stock recommendations
