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Oil & Gas

Oil & Gas

Chevron to pay Woodside $400 mln in stake swap deal for energy tasks

Australia's Woodside Energy said on Thursday it had gotten in into a deal with Chevron to exchange stakes in a number of energy tasks, with the U.S. oil and gas giant making a money payment of up to $400 million to Woodside. Under the regards to the deal, Woodside will acquire Chevron's 16.67% stake in the North West Rack (NWS) Task, the NWS Oil Project and its 20% stake in the Angel Carbon Capture and Storage Job, all located in Western Australia. On the other hand, Woodside will transfer its 13% non-operated interest in the Wheatstone and its 65% operated...

Oil & Gas Exploration

Devon Energy beats second-quarter earnings estimates, raises FY production projection

U.S. oil and gas manufacturer Devon Energy beat experts' quotes for second-quarter profit on Tuesday and raised its full-year production forecast. Shares were up 2.6% at $43.05 in aftermarket trade. Based upon our strong efficiency for the very first half of 2024, we now anticipate our full-year 2024 production guidance to be 5 percent greater than our original outlook, CEO Rick Muncrief said. The Oklahoma-based firm now expects 677,000 barrels of oil equivalent daily (boepd) to 688,000 boepd for the present year. Devon Energy, in July, stated it had actually participated in an offer to obtain Williston Basin service of...

Oil & Gas Exploration

Coterra Energy misses profit estimates on weak natural gas prices

U.S. oil and gas manufacturer Coterra Energy missed out on analysts' estimates for secondquarter earnings on Thursday, injured by subdued natural gas rates. U.S. natural gas costs have tumbled this year amid lukewarm need due to a hotter-than-expected winter season and a build-up in storage. The business's typical list prices for gas fell to $ 1.26 per thousand cubic feet (mcf) compared with $1.65 per mcf a year earlier, with prices at the Permian Basin dropping below no. Total production increased to 669,200 barrels of oil equivalent per day (boepd) from 664,900 boepd. However, natural gas production declined. It sees...

Renewable Fuels

Oil and corn groups team up against Biden's tailpipe emissions guidelines

The top U.S. oil and corn industry lobby groups said on Tuesday they were suing President Joe Biden's administration over its strategies to slash planetwarming tailpipe emissions from cars and trucks and trucks, arguing the regulations will cause economic harm. The U.S. Epa this spring finalized new rules for designs of semi-trucks, buses and other heavy-duty lorries launched from 2027 to 2032 in a quote to cut 1 billion tons of greenhouse gas emissions through 2055. It also announced regulations to decrease emissions from cars and trucks and other light and medium duty cars in a different set of requirements...

Crude Oil

Ithaca Energy PLC Reveals Combination with Eni UK For Consideration Shares Worth C. ₤ 754 Million

Ithaca Energy PLC: * ITHACA ENERGY PLC DELEK GROUP - DLEKG - TRANSFORMATIONAL COMBINATION WITH ENI UK * ITHACA ENERGY PLC: FACTOR TO CONSIDER SHARES DESERVE C. ₤ 754. MILLION * ITHACA ENERGY PLC: MIX OF ITHACA ENERGY AND. SUBSTANTIALLY ALL OF ENI S.P.A.'S UK UPSTREAM OIL AND GAS PROPERTIES * ITHACA ENERGY PLC: ANTICIPATED 2024 COMBINED PRODUCTION OF. 80,000. TO 87,000 BARRELS OF OIL EQUIVALENT PER DAY FOR COMBINATION * ITHACA ENERGY PLC: AMBITION FOR AS MUCH AS $500 MILLION OVERALL. DIVIDEND IN 2024 FOR MIX * ITHACA ENERGY PLC: ITHACA ENERGY BOARD HAVE DETERMINED. THAT. MIX REMAINS IN...

Oil & Gas

MORNING BID AMERICAS-Rates angst, China cut and charge card offer

A look at the day ahead in U.S. and worldwide markets from Mike Dolan Wall St returns from its vacation to a mix of rate of interest cut doubts, retailer updates and the biggest U.S. corporate deal of the year - while China's newest monetary easing was brushed off by markets overseas. With the Federal Reserve launching minutes of its January policy meeting on Wednesday, the rates market has actually been dragged kicking and yelling back more detailed to where the Fed had initially indicated at the end of last year. After sparky brand-new year customer and manufacturer rate readings...

Fossil Fuels

Oil & Gas Exploration

Kosmos Energy in early talks for Tullow Oil takeover

U.S. oil and gas business Kosmos Energy stated on Thursday it was in early talks for an all-share acquisition of West Africa-focused Tullow Oil. Earlier in the day, Tullow resolved current media speculation by revealing that there is no certainty of any deals being made or of the regards to any possible deals. Kosmos Energy has a deadline of 5 p.m. London time on Jan. 9, 2025, to decide whether to reveal a firm intention to make a deal or to declare that it will not pursue the acquisition. The Dallas, Texas-based business has a market cap of $1.75 billion,...

Fossil Fuels

London-listed DCC to exit health care to concentrate on energy

Dublinbased corporation DCC said on Tuesday it would put its healthcare division up for sale and take a look at options for its innovation company in order to concentrate on energy, its biggest and fastest growing unit. Chief Executive Donal Murphy said DCC had been a varied group because it was established more than thirty years back, however that its greatest opportunity was now in the energy shift. We have chosen it remains in the very best interest of shareholders to focus exclusively on the energy service, he informed Reuters. Shares in DCC leapt as much as 18% to 5,865...

Fossil Fuels

Australian shares go higher as banks and miners gain

Australian shares rose on Thursday driven by gains in heavyweight miners and financials, while mining giant Rio Tinto offered to purchase U.S.based Arcadium Lithium in a $6.7 billion deal a day earlier. The S&P/ ASX 200 index increased 0.5% to 8,225 by 2331 GMT. The standard ended 0.1% greater on Wednesday. After the marketplace closed on Wednesday, Rio Tinto said it will buy Arcadium Lithium in an all-cash deal to end up being the world's. third-largest lithium miner. Shares of the iron ore miner increased as much as 0.8% to. A$ 119.220. The mining sub-index snapped a two-day losing streak....

Mining

Mineral Resources

Mineral Resources

Arcadium Lithium investors approve $6.7 bln Rio Tinto deal

Arcadium Lithium said on Monday its investors have actually voted in favor of a $6.7 billion sale to Australian mining giant Rio Tinto. Shares of Arcadium Lithium rose about 7% in extended trading after the business stated that about 98% of its investors had enacted favor of the sale. The deal, expected to close in mid-2025, will catapult Rio Tinto to the world's third-largest lithium miner position, simply behind Albemarle and SQM. Arcadium is facing legal obstacles, as some investors have submitted claims versus it declaring misrepresentation, concealment and neglect relating to the takeover offer, the business revealed in a...

Mineral Resources

De Beers upbeat on Botswana diamond pact after meeting brand-new president

De Beers' CEO said he anticipated settlements on a brand-new diamond sales pact with Botswana's federal government to be concluded within weeks, after meeting the nation's brand-new president. De Beers, a system of Anglo American, last year agreed a brand-new sales pact with Botswana, the world's top diamond manufacturer by worth, but it has yet to be signed. Botswana's new President Duma Boko has criticised his predecessor's handling of the settlements with De Beers, saying the relationship might have been damaged and the company had considered leaving. Both sides are extremely positive that we will reach positioning on those contracts...

Mineral Resources

Ahead of Rio Tinto buyout, Arcadium's earnings dips on moving lithium prices

Arcadium, the lithium producer that has consented to sell itself to Rio Tinto, published an 82% drop in quarterly earnings on Thursday that missed Wall Street's expectations due to sliding prices of the electric vehicle battery metal. Much of the lithium industry is competing with a supply glut brought on in part by a softening of aggressive EV adoption rates and oversupply from China. Yet that market imbalance is predicted to end later on this years, making Arcadium's portfolio of leading lithium projects across the globe a prime target for Rio, which is paying $6.7 billion for the company. Rio...

Mineral Resources

Arcadium deal to rise Rio Tinto into lithium supplier big league

Rio Tinto stated on Wednesday it would get Arcadium Lithium for $6.7. billion in an allcash offer that would make it one of the. world's biggest lithium producers. The international miner would gain access to Arcadium's wide range. of mines, processing facilities and deposits in addition to a. consumer base that includes automakers Tesla, BMW. and General Motors. Rio's Rincon project in Argentina is because of begin producing. later this year, while its Jadar task in Serbia might take at. least 2 years to secure all the needed licenses. Below is a list of the leading lithium manufacturers on the...

Environment

Wall Street Journal - Oct 9

The following are the leading stories in the Wall Street Journal. Reuters has actually not confirmed these stories and does not attest their accuracy. - Rio Tinto said it has agreed to a $6.7. billion takeover of Arcadium Lithium, propelling it. into the ranks of the leading manufacturers of a key commodity used in. batteries for electric lorries. - The U.S. Justice Department sent a filing on Tuesday. that presented a federal court with a variety of potential. alternatives-- from conduct constraints to a breakup-- aimed at ending. what a judge stated was Google's unlawful monopoly in. search. - Newmont...

Mineral Resources

Arcadium's vast lithium portfolio entices Rio at the correct time

From northern Quebec's tundra to Argentina's Andes Mountains and the plateaus of Western Australia, Arcadium's lithium portfolio, brought together over nearly 40 years, has actually lured Rio Tinto as it bids to be a top manufacturer of the EV battery metal at an advantageous point in the market cycle. Arcadium's mix of active mines, lithium deposits filled with decades of supply, and some of the industry's most advanced processing centers would complement Rio's output of copper, iron ore and other important minerals and assist the Anglo-American mining giant expand its footprint in the worldwide energy shift. So far the market...

Mineral Resources

Banks, miners lift Aussie shares; Rio Tinto slips after Arcadium bid

Australian shares ended higher on Monday as gains in heavyweight banking stocks exceeded a decrease in top miner Rio Tinto's shares after it confirmed it remained in speak with purchase Arcadium Lithium. The S&P/ ASX 200 benchmark index closed 0.7% higher at 8,205.4 points. The standard fell 0.8% recently. Monetary stocks rose 1.5%, with the Big 4 banks advancing between 1.2% and 2.1%. Global funds are buying banks and miners to keep the market higher, stated Mathan Somasundaram, CEO of DeepData Analytics. Banks are far more liquid and have a larger weightage compared to other sectors, and for that reason,...

Mineral Resources

Rio Tinto in talks to purchase lithium miner Arcadium, sources state

Rio Tinto has been holding speak with buy lithium miner Arcadium, three sources with direct knowledge of the settlements said, an offer that would make Rio the thirdlargest manufacturer of the electric lorry battery metal. Arcadium shares surged 36% in extended trading on Friday. Talks have actually been continuous and continued in London today throughout the LME Week conference, among the sources stated. An deal is expected to come in the near future, according to the second source. Talks are continuous and may not necessarily result in an offer, the sources stated. Philadelphia-based Arcadium might be valued between $4. billion...

Mineral Resources

U.S. manufacturing ETFs win possessions as financiers bet on 'reshoring'.

Financiers are piling into exchange traded funds concentrated on business that are restoring or expanding production in the U.S. and benefiting from federal government subsidies. Some $2.25 billion has streamed into a little group of ETFs highlighting the so-called reshoring theme this year, bringing their total assets to a record $9.67 billion by the end of August. Companies keep describing reshoring as a long-lasting driver of their development, and our goal is to find beneficiaries or enablers of that pattern before that theme is mainstream, said Chris Semenuk, who oversees the actively managed Tema American Reshoring ETF, introduced last year....

Mineral Resources

United States looks to suppress low-value Chinese shipments under $800 'de minimis' exemption

The Biden administration said on Friday it was moving to curb lowvalue deliveries going into the U.S. dutyfree under the $800 de minimis limit that has been exploited by Chinese ecommerce companies such as Shein and PDD Holdings' Temu. White House authorities stated they will propose the brand-new trade guidelines to deny the duty-free exemption to bundles that contain low-value items subject to the Section 301 tariffs on Chinese products, the Area 232 tariffs on steel and aluminum products and Area 201 on secure tariffs on items including solar products and washing machines. The proposed rule includes new info disclosure...

Mineral Resources

Australia's lithium market seen bearing force of supply cuts

Arcadium Lithium on Wednesday signed up with a growing list of manufacturers evaluating lithium operations in Australia amidst a thrashing in rates for the battery basic material that is expected to lead to more production cuts. The lithium market is reeling from rapid supply growth that has actually surpassed strong projections for need from several years ago as uptake of electrical lorries has been slower than expected. Arcadium is reassessing its Mount Cattlin operations in Western Australia provided high expenses and falling prices of raw product spodumene, CEO Paul Graves stated on Wednesday as the miner revealed a round of...

Mineral Resources

Middle ages mummies 'beyond repair work' after fire in Dublin church

Five middle ages mummies protected in the crypt of a Dublin church have likely been damaged beyond repair by a fire and water utilized to splash the flames, a church official said on Wednesday. The five sets of remains, preserved for hundreds of years in the crypt of the 11th century St. Michan's Church in main Dublin, include the remains of a crusader and are a tourist destination in the city. A burglar broke into the crypt on Tuesday afternoon and began the fire and firemens used water to put it out, the Church of Ireland Archbishop of Dublin, Michael...