Kosmos Energy Ltd. has decided not to proceed with an acquisition of Tullow Oil, despite previous discussions...
Kosmos Energy Ltd. has decided not to proceed with an acquisition of Tullow Oil, despite previous discussions about a potential all-stock deal. Both companies confirmed these talks on December 12th but were still in the preliminary stages. After the announcement, Kosmos shares, which had dropped 15.5% after the news, rose by about 10%. Meanwhile, Tullow Oil's shares fell by approximately 4%. Based in Dallas, Kosmos focuses on deepwater assets across the Atlantic Margins, including the U.S. Gulf of Mexico and parts of Africa. London-based Tullow Oil operates mainly in West Africa, with significant activities in Ghana, Gabon, and Cote d'Ivoire. Kosmos has a market value of roughly $1.75 billion, whereas Tullow Oil's market value is about $483 million.
Vitesse Energy to Buy Bakken Pureplay Lucero in $220MM Deal
Vitesse Energy has agreed to acquire Lucero Energy Corp. in an all-stock transaction valued at $222 million,...
Vitesse Energy has agreed to acquire Lucero Energy Corp. in an all-stock transaction valued at $222 million, with Lucero shareholders receiving 0.01239 shares of Vitesse stock for each Lucero share. The deal will result in a pro forma company owned 80% by Vitesse stockholders and 20% by Lucero stockholders. Based in Calgary and focused on the Bakken/Three Forks region, Lucero currently produces around 6,400 boe/d (58% oil) and brings 25 net remaining locations and 20 well recompletion locations to Vitesse, expanding the company's asset portfolio in the Williston Basin.
Trump considers privatizing the US Postal Service. The ...
Trump considers privatizing the US Postal Service. The Washington Post reported that the president-elect has been asking his close associates for their opinions on ending government subsidies for the agency. In his first term, Trump tussled with the USPS and tried to get it to hand personnel decisions and rate-setting powers to the Treasury Dept. (which it did not). Now, the post office could be a prime target for the incoming administration’s DOGE cost-cutting effort. Advocates fear that without the postal service’s “universal service” obligation, which means it must provide delivery to people regardless of the profitability of doing so, rural and remote communities will be impacted and that small businesses will suffer without the ability to send parcels at USPS rates, which are often cheaper than other carriers.
Federal workers who won’t return to the office will be fired, President-elect Trump said during a news conference at Mar-a-Lago yesterday.
Canada’s finance minister quit abruptly after disagreeing with Prime Minister Justin Trudeau over how to plan for Trump’s tariffs.
Oil sags on soft Chinese spending, investor pause before US Fed rate move
(Reuters) - Oil futures slipped from the highest levels in several weeks...
(Reuters) - Oil futures slipped from the highest levels in several weeks on Monday due to weakness in consumer spending in China, the world's largest oil importer, and investors paused buying ahead of the U.S. Federal Reserve's interest rate decision.
Brent crude futures settled at $73.91 a barrel, down 58 cents, or 0.8% lower, after settling on Friday at their highest since Nov. 22.
U.S. West Texas Intermediate crude settled at $70.71 a barrel, also shedding 58 cents, and also down 0.8% the session after it registered its highest close since Nov. 7.
Last week, oil benefited from the expectation that supply would tighten with additional sanctions on crude producers Russia and Iran, while possible lower interest rates in the U.S. and Europe would spur demand.
Chinese retail sales were slower than expected, keeping pressure on Beijing to ramp up stimulus for a fragile economy facing U.S. trade tariffs under a second Trump administration.
"It's just a very bearish scenario where there's not a lot hope of demand growth for crude oil," said Bob Yawger, director of energy futures at Mizuho in New York.
The war in Ukraine has escalated, with Russia issuing increasingly dire threats against Kyiv and its supporters. President-elect Donald J. Trump is set to take office in the United States, raising new questions over Europeans’ trade relations and military defense. The government of France — Germany’s partner in leading Europe — fell earlier this month.
And now, Europe’s largest economy will be in the hands of a caretaker government ahead of elections early next year.
On Monday, German lawmakers voted to dissolve the existing government by a vote of 394 to 207, with 116 abstaining.
