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• 🌀Lee Moves Toward the Caribbean
  Tropical Storm...
  Tropical Storm Lee became the fourth hurricane of the year yesterday, strengthening into a Category 4 storm as it moved across the open Atlantic Ocean near the northeast Caribbean. Forecasts suggest it may continue to intensify, likely reaching Category 5 status today, with winds above 160 mph. Whether (or where) the system will make landfall remains unclear. 
  
  Lee's current trajectory (see here) has it passing north of the Lesser Antilles and Puerto Rico, though the region is expected to see tropical storm-like conditions through the weekend. The system is currently tracking toward the southeastern US coast; however, most models predict the storm will turn and head northward. The timing of Lee's pivot northward will determine to what degree it impacts—or makes landfall—along the US East Coast or Canada sometime during the second half of next week. Only four storms have made landfall as Category 5 hurricanes in US history.
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• 🔔 Before the opening bell
  US stock futures fell ...
  US stock futures fell early Friday as traders continued to weigh the risk of rate hikes.
  
  Apple lost $191 billion in market capitalization over two days. Its stock also fell 5.1%, thanks to China reportedly banning government officials from using iPhones for work. Plus, on the same day (Wednesday), the European Commission named Apple as one of six gatekeepers to online services.
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• Peak 10 Energy Launches with Permian Basin Acquisition
  Peak 10 Energy Holdings has launched as an oil...
  Peak 10 Energy Holdings has launched as an oil and gas investment platform for the acquisition of long-lived assets in the U.S.—particularly in the Permian Basin, the company announced in an Aug. 30 press release.
  
  Peak 10 will build on its asset base of non-operated oil and gas properties in Reeves, Fisher, Scurry, Gaines, Dawson and Andrews counties, Texas, with more than 100 producing wells and a multi-year drilling program of Tier 1 undeveloped drilling opportunities.
  
  Peak 10’s first acquisition closed on Aug. 23 with a private seller and is of non-operated upstream oil and gas and associated water handling and recycling assets in the Eastern Shelf of the Permian in Fisher and Scurry counties, Texas.
  
  The company is actively developing the Strawn Formation and holds approximately 57,150 net acres and more than 13,950 net mineral acres, according to Peak 10’s website.
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• Permian Resources Offers $500MM Notes to Help Finance Earthstone Deal
  Permian Resources Corp. intends to offer a private...
  Permian Resources Corp. intends to offer a private placement sale of $500 million in senior unsecured notes to help repay debt and facilitate its $4.5 billion acquisition of Earthstone Energy Inc.
  
  While the deal is an all-stock transaction, Permian Resources will assume Earthstone’s debt when the transaction closes. In conjunction with the transaction, Permian Resources, based in Midland, Texas, secured a $500 million incremental commitment under its credit facility from Wells Fargo Bank.
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• Closing Oil & Gas Prices for Thursday
  Benchmark U.S. crude oil for October delivery...
  Benchmark U.S. crude oil for October delivery fell 67 cents to $86.87 a barrel Thursday. Brent crude for November delivery fell 68 cents to $89.92 a barrel.
  
  Wholesale gasoline for October delivery rose 2 cents to $2.62 a gallon. October heating oil rose 2 cents to $3.21 a gallon. October natural gas rose 7 cents to $2.58 per 1,000 cubic feet.
  
  
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