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• Phillips 66 explores sale of REX pipeline stake worth $1B-plus
  Phillips 66 is exploring a sale of its 25% stake in the Rockies Express...
  Phillips 66 is exploring a sale of its 25% stake in the Rockies Express Pipeline that it hopes could be worth more than $1B including debt, Reuters reported Tuesday.  REX is a 1,700-mile interstate natural gas pipeline stretching from Wyoming and Colorado to eastern Ohio.
  
  The company is working with its advisors on talks with potential buyers, which include P-E firms and infrastructure funds, according to the report.
  
  Phillips 66 (NYSE:PSX), which is aiming to raise ~$3B from asset sales this year, hopes to get a premium to the stake's current book value of $451M, the report said, adding bidders would need to assume debt obligations worth more than $500M associated with the stake.
  
  Source: Seeking Alpha
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• Texas oil producers are exploring new frontiers
  Texas drilling activity,...
  Texas drilling activity, typically concentrated in Martin and Midland counties, is extending into different areas of the Midland Basin such as Dawson County, where horizontal well completions have increased roughly fivefold since 2021, driven by companies including Birch Operations, SM Energy and IKE Operating, according to Enverus Intelligence Research Managing Director Dane Gregoris. These companies have achieved increased productivity by drilling longer laterals and targeting the Dean and Middle Spraberry formations, Gregoris noted.
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• API Reports Build In Crude Oil Inventories
  Crude oil inventories in the United States rose this week by...
  Crude oil inventories in the United States rose this week by 9.337 million barrels for the week ending March 22, according to The American Petroleum Institute (API). The API reported a 1.519-million-barrel drop in crude inventories in the week prior. 
  
  On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by another 0.7 million barrels as of March 22. Inventories are now at 363 million barrels—the highest point since last April.
  
  Cushing inventories also rose this week, gaining 2.392 million barrels after climbing by 325,000 barrels in the previous week.
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• Macquarie: More growth ahead for US oil production
  Cost reductions and efficiency gains will push US oil production to a...
  Cost reductions and efficiency gains will push US oil production to a record of around 14 million barrels per day by the end of 2024 and about 14.5 billion bpd by the end of 2025, Macquarie Group analysts predicted. "This year's headwinds could flip to tailwinds in a scenario where the growth impulse from private companies recharges and public companies attack high-graded resource bases next year," the analysts said.
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• ☕️What Else is Brewing Wednesday Morning
  Visa and Mastercard agree to $30 billion deal to cap swipe fees. After...
  Visa and Mastercard agree to $30 billion deal to cap swipe fees. After a nearly 20-year legal battle, the credit card behemoths said they’ll slightly reduce the 2% fees that they charge retailers every time a consumer uses one of their cards. Retailers will also be able to adjust prices at checkout depending on the type of card used. The banks that issue cards—like JPMorgan Chase, Citigroup, and Bank of America—will likely bear the brunt of the changes, as they typically receive most of the revenue from swipe fees.
  
  Adam Neumann bid upward of $500 million to acquire WeWork out of bankruptcy.
  
  The NFL will play two games on Christmas Day this year (a Wednesday) in a reversal of the league’s initial stance.
  
  Florida Gov. Ron DeSantis signed a bill banning children under 14 in the state from having their own social media accounts.
  
  Disney+ changed its logo to make it look more like Hulu’s as the two streaming services prepare to merge.
  
  Nadeem Anjarwalla, a Binance executive detained in Nigeria, reportedly escaped custody using a fake passport.
  
  
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