Shell Sells Pipeline, Terminal Assets to Edgewater Midstream
Shell is selling its Sinco pipeline system...
Shell is selling its Sinco pipeline system and Colex terminal to Edgewater Midstream, according to an Aug. 29 press release.
The assets were part of Shell’s remaining portfolio connected to the Deer Park Refinery on the Houston Ship Channel.
Shell sold its majority stake in the Deer Park Refinery to Pemex in 2022 for an estimated $596 million. However, Shell maintained ownership of Sinco and Colex, which were historically integrated into Deer Park operations.
Rising Phoenix Royalties Adds Permian Basin Mineral Interests
Rising Phoenix Royalties (RPR) has closed a deal for mineral interests...
Rising Phoenix Royalties (RPR) has closed a deal for mineral interests in Dawson County, Texas, encompassing 230 net royalty acres (NRA) on leasehold operated by SM Energy Co.
The transaction builds on the momentum from a July announcement that the company had acquired its first non-operated working interest acquisition in the Denver-Julesburg Basin, the company said in an Aug. 29 press release.
Apple is reportedly in talks to invest in OpenAI. According...
Apple is reportedly in talks to invest in OpenAI. According to the Wall Street Journal, the iPhone-maker is part of a funding round that includes Microsoft and venture capital firm Thrive Capital, which will value the artificial intelligence startup at more than $100 billion. Apple previously partnered with OpenAI to use ChatGPT to power the more complex tasks in its Apple Intelligence platform, while it uses its own technology for more basic functions. The investment—unusual because Apple rarely invests in startups—would further the company’s commitment to AI and solidify its access to OpenAI tech.
Japan told 4 million people to evacuate as Typhoon Shanshan made landfall, bringing hurricane-force winds and storm surges to the southern part of the country.
Gap shares were halted for much of Thursday morning after the retailer accidentally reported its earnings early, showing that it beat revenue estimates.
The US Army rebuked former President Trump’s 2024 campaign for an altercation at Arlington National Cemetery this week.
Bill Ackman is reportedly reviving his attempt to take Pershing Square public after the previous effort was shelved due to weak demand.
United Airlines raised concerns with the Biden administration about the proposed merger between Alaska and Hawaiian Airlines, Bloomberg reported.
Dow survives late-session pullback to seal 25th record close of year
U.S. stocks closed higher on Thursday despite a sharp...
U.S. stocks closed higher on Thursday despite a sharp pullback late in the afternoon session. The blue-chip Dow Jones Industrial Average clinched another record close. Traders await the Federal Reserve's favored PCE inflation gauge, due on Friday, ahead of the long Labor Day weekend.
The Dow rose 243.63 points, or 0.6%, to end at 41,335.05, marking its 25th record finish of the year. According to Dow Jones Market Data, this was a fresh record close.
The S&P 500 shed less than a point, ending at 5,591.96.
The Nasdaq Composite closed 39.60 points lower, or 0.2%, at 17,516.43
Marathon Stockholders Give $17.1B ConocoPhillips Merger Thumbs Up
The companies said on Aug. 29 that ConocoPhillips'...
The companies said on Aug. 29 that ConocoPhillips' path to acquiring Marathon Oil Corp. has passed another milestone. Marathon shareholders voted to approve an all-stock transaction for approximately $17.1 billion.
The deal, which is valued at $22.5 billion, including $5.4 billion of net debt, was first announced in May. The Federal Trade Commission is still reviewing the merger after seeking a second request for information from the companies in July.
ConocoPhillips said the Marathon acquisition is adjacent to its own assets across the Lower 48, adding significant scale to its positions in the Eagle Ford, Bakken, and the Delaware Basin. (Source: ConocoPhillips)
