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All articles tagged with #business energy

business-energy1 year ago

"Surging Gas Prices: California's Struggle at the Pump"

Gas prices in California have surged to an average of $5.27 per gallon, driven by refinery challenges and speculative buying in global markets. The state's special blend requirements, high taxes, and fees also contribute to its traditionally higher gasoline prices. While demand is expected to continue growing during the summer driving season, experts anticipate demand destruction if prices become too high. California recently passed a law to regulate gas prices, but concerns remain about potential supply shortages and the impact on importers doing business in the state.

via Yahoo Finance|
#business-energy#california#demand
business-energy1 year ago

"SLB's $8 Billion Acquisition of ChampionX Signals Energy Sector Consolidation"

Oilfield services company SLB has announced its acquisition of smaller rival ChampionX in an all-stock deal valued at $7.75 billion, marking its second acquisition in a week and the biggest purchase since 2016. The deal is part of a trend of consolidation in the North American energy sector, with SLB aiming to strengthen its operations by adding production chemicals and artificial lift technologies to its portfolio. ChampionX shareholders will receive 0.735 shares of SLB common stock, or $40.59 per share, representing a 14.6% premium to ChampionX's last closing price. SLB expects annual pre-tax savings of about $400 million in the first three years after the deal closure, which is expected before the end of 2024.

via Reuters|
#acquisition#business-energy#championx
business-energy1 year ago

"Oil Prices Surge, Pushing Gas Prices Over $3.50 Per Gallon"

Gasoline prices in the US have risen to over $3.50 per gallon, surpassing last year's average due to increasing oil prices, declining inventories, and the introduction of a more expensive summer blend of gas. The national average is nearly $0.10 higher than a year ago, with California experiencing prices approaching $4.97 per gallon. Rising crude oil futures, OPEC+ output cuts, and Russian refinery interruptions have contributed to the increase. Despite this, a slight slowdown in price increases is expected in the Midwest following the resumption of operations at BP's Whiting refinery. Higher gas prices have also been a factor in the recent rise in inflation.

via Yahoo Finance|
#business-energy#gasoline-prices#inflation
business-energy1 year ago

"Surging Gas Prices: Will the Trend Continue?"

Gas prices have surged to a four-month high due to increased demand and challenges faced by refineries, with the switch from winter to summer gasoline blends adding further costs. The national average for regular gasoline is currently at $3.39 per gallon, and while prices typically peak in June and July before falling, ongoing refinery outages and global supply issues could lead to continued price increases. Energy analyst Phil Flynn warned that if crude oil surpasses $80 a barrel, it could further elevate gasoline prices during the summer driving season.

via Fox Business|
#business-energy#crude-oil#demand
business-energy1 year ago

"Energy Giant EQT's $35 Billion Megadeal: Acquiring Equitrans and Mountain Valley Pipeline Owner"

EQT Corp has agreed to buy back former unit Equitrans Midstream Corp for about $5.5 billion in stock, gaining control of the controversial Mountain Valley Pipeline project. The acquisition is expected to create annual cost savings of $250 million and help EQT cut its break-even point, reduce the need for hedging, and enhance its agility to cash in on increases in gas prices. The deal reflects a trend in the US fossil fuel sector favoring the vertical integration of upstream, midstream, and downstream assets, and is part of a series of recent transactions in the North American midstream industry.

via Yahoo Finance|
#business-energy#eqt-corp#equitrans-midstream-corp
business-energy1 year ago

"Aramco Maintains Dividend Growth Despite Profit Decline"

Despite a 25% drop in profits to $121bn, Saudi Aramco is increasing dividends to $98bn, the second-highest profit ever for the state-backed company, as it looks to invest in China and diversify its economy amidst falling oil prices and production cuts. The firm aims to make announcements on renewable investments in Saudi Arabia and is also considering opportunities to invest in Chinese refineries and potentially in a tie-up with French carmaker Renault and China's Geely for hybrid car engines.

via BBC.com|
#business-energy#dividends#investments
business-energy1 year ago

Aramco's Dividend Boost Despite 25% Profit Fall

Saudi oil giant Aramco reported a 25% decline in profit to $121.3 billion in 2023, down from $161.1 billion in 2022, but still representing its second-highest net income on record. Despite the earnings decline, Aramco raised its dividend payout to $31 billion, with the Saudi government receiving a significant portion. The company also transferred an additional 8% of shares to Saudi Arabia's Public Investment Fund, strengthening the fund's financial position and boosting its ability to invest on behalf of the Saudi state. Aramco confirmed it would halt plans to raise its oil production capacity and instead focus on increasing gas production and growing its liquids-to-chemicals business.

via CNBC|
#aramco#business-energy#dividends
business-energy1 year ago

Aramco's 2022 Profit Falls, Dividends Rise

Saudi oil giant Aramco announced a $121 billion profit for last year, down from its 2022 record, due to lower energy prices. Despite the decrease, it marked the company’s second highest ever result, and it boosted dividends to over $31 billion in the fourth quarter. The company's overall revenue was $440 billion, down from $535 billion in 2022. Saudi Arabia, a leader in the OPEC cartel, has allied with Russia and others outside of the group to keep production down to boost global oil prices. Crown Prince Mohammed bin Salman aims to pivot the kingdom off oil sales with ambitious projects, while activists criticize the profits amid global concerns about climate change.

via The Associated Press|
#aramco#business-energy#oil
business-energy1 year ago

"US Regulators Extend Construction Deadline for Tellurian's Driftwood LNG Project Amid FERC Approval for Gas Export Projects"

Tellurian Inc. reported its full year 2023 financial results, highlighting progress on the Driftwood LNG project and securing the FERC Certificate for its pipelines. The company also made amendments to its senior secured notes and senior convertible notes to provide financial flexibility. Despite a net loss for the year, Tellurian's improved liquidity is expected to enhance engagement with potential counterparties and financing sources. CEO Octávio Simões emphasized the project's differentiation and intensified commercial discussions, while also noting favorable feedback on the potential sale of upstream assets.

via Yahoo Finance|
#business-energy#driftwood-lng#ferc-certificate
business-energy1 year ago

"Texas Oil Industry Sees Surge in Billion-Dollar Deals"

Wall Street is embracing the era of Big Shale as a result of a series of deals totaling $250 billion in the US oil and natural gas sector, consolidating small wildcatters into larger corporations. Diamondback Energy's takeover of Endeavor Energy Resources LP marks the latest in this trend, with the stock jumping 11% upon the announcement. The consolidation wave is seen as a remedy for years of overspending by shale drillers, and it signifies a shift towards a "big-company game" driven by demands for scale, efficiency, and cash returns. The evolution of the shale industry is expected to lead to an era of survival of the biggest, with Diamondback set to double its market value and become a major player in the Permian Basin.

via Yahoo Finance|
#business-energy#diamondback-energy#mergers-and-acquisitions
business-energy1 year ago

"Canadian Graphite Producer Secures Major Investments and Offtake Deals with GM, Panasonic for EV Battery Material Operations"

Nouveau Monde Graphite Inc. secures multiyear offtake agreements with Panasonic Energy and General Motors for its active anode material, covering 85% of its planned Phase-2 production, and receives a total investment of US$87.5 million from anchor customers and strategic investors to advance its ore-to-battery-material graphite operations. The investments will support the development of NMG’s Matawinie Mine and Bécancour Battery Material Plant, with future funding potential of up to US$275 million from anchor customers. The company aims to become the first fully integrated natural graphite active anode material producer in North America, providing a carbon-neutral source for the electric vehicle and lithium-ion battery market.

via Yahoo Finance|
#business-energy#general-motors#graphite-operations
business-energy1 year ago

"Texas Oil Giants Diamondback and Endeavor Merge in $26 Billion Deal"

Diamondback Energy has announced a $26 billion cash-and-stock deal to acquire Endeavor Energy Partners, solidifying its position as the third-largest oil and gas producer in the Permian Basin. The consolidation trend in the industry continues, with the combined company expected to pump 816,000 barrels of oil and gas per day. The deal is aimed at boosting ongoing production and securing future drilling inventory, with Diamondback expecting $550 million in annual synergies. The acquisition is set to close in the fourth quarter, with Diamondback stockholders owning 60.5% of the combined entity and Endeavor owning the rest.

via Reuters.com|
#business-energy#diamondback-energy#endeavor-energy-partners
business-energy1 year ago

"Texas Oil Giants Merge in $50 Billion Deal to Dominate Permian Basin"

Diamondback Energy has agreed to acquire Endeavor Energy Resources in a $26bn deal, creating a company valued at about $50bn. This merger is part of a trend of acquisitions in the oil and gas industry, driven by higher oil prices and the rush to increase output. The deal is focused on extracting more oil and gas from the US’s Permian oilfield, with Endeavor shareholders set to receive about 117m Diamondback shares plus $8bn in cash.

via The Guardian|
#acquisition#business-energy#diamondback-energy
business-energy1 year ago

"Diamondback Energy and Endeavor Energy Set to Merge, Creating $50 Billion Giant"

U.S. shale oil companies Diamondback Energy and Endeavor Energy Resources are close to finalizing a $25 billion cash-and-stock deal that would create an oil and gas company valued at over $50 billion, making it the third largest producer in the Permian Basin. The deal is expected to be announced soon and would give Diamondback's shareholders more than half of the combined companies. The consolidation reflects a trend in the industry as major players seek to secure future drilling inventory and output from the largest U.S. oilfield.

via Reuters|
#acquisition#business-energy#diamondback-energy