Occidental Clears FTC Scrutiny to Close $12B CrownRock Deal
Occidental Petroleum expects to close its acquisition...
Occidental Petroleum expects to close its acquisition of Permian producer CrownRock LP next month after clearing antitrust hurdles.
The waiting period for the company’s $12 billion acquisition of CrownRock LP under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired, Occidental announced after markets closed on July 18.
"We look forward to closing our transaction with CrownRock in August and welcoming their high-performing team into our organization," Occidental President and CEO Vicki Hollub said. “We are progressing with the divestiture program that we believe will ultimately high-grade our portfolio and optimize returns for our shareholders.”
US Drillers Add Oil, Gas Rigs for Second Time in Three Weeks
U.S. energy firms added oil and natural gas rigs for the second time in three...
U.S. energy firms added oil and natural gas rigs for the second time in three weeks, according to Energy Services firm Baker Hughes, in its closely followed report on July 19.
The total number of oil and gas rigs, an early indicator of future output, rose by two to 586 in the week ending July 19, its highest level since late June.
Despite this week's rig increase, Baker Hughes said the total count was still down 83 rigs, or 12%, below this time last year.
Oil rigs fell by one to 477 this week, their lowest since December 2021, while gas rigs rose by three to 103, their highest since mid-May.
Benchmark U.S. crude oil for August delivery fell $2.69to $80.13 per barrel Friday. Brent crude for September delivery fell $2.48 to $82.63 per barrel.
Wholesale gasoline for August delivery fell 7 cents to $2.45 a gallon. August heating oilfell 7 centsto $2.42 a gallon. August natural gas was flat at $2.13 per 1,000 cubic feet.
U.S. stocks end lower Friday as S&P 500 logs worst week since April
The U.S. stock market finished down Friday, with the S&P 500’s...
The U.S. stock market finished down Friday, with the S&P 500’s information-technology sector under pressure this week.
The Dow Jones Industrial Average finished 0.9% lower, while the S&P 500 index fell 0.7% and the Nasdaq Composite dropped 0.8%, according to preliminary data from FactSet. The S&P 500’s tech sector fell a sharp 1.3%, increasing its weekly decline to more than 5%.
For the week, the S&P 500 dropped 2%, its worst performance since April, the preliminary data show. The Dow saw a weekly gain of 0.7%, while the tech-heavy Nasdaq fell around 3.7% for the week.
Midwest gasoline prices up as refinery outage cuts supply
Power outages from severe storms forced the shutdown of ExxonMobil's...
Power outages from severe storms forced the shutdown of ExxonMobil's 251,800-barrel-per-day Joliet refinery in Illinois, prompting a gasoline rush among refineries and driving up prices in the Midwest. As a result, Chicago CBOB differentials for Wolverine and Buckeye barrels shifted into premiums over NYMEX August RBOB futures this week.
