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...Texas, the leading US oil-producing state, has declared Climate Action 100+ to be anti-oil and blocked financial companies, including BlackRock, from doing business with the government....
...Over the past 10 years the size of its buyback scheme dwarfs both its R&D spend and the buyback schemes from peers, adding up to a total of $658bn, according to data from S&P Global....
...The revision comes after the company pledged to devote a higher proportion of spending to oil and gas last year, and other oil groups such as BP have slowed their retreat from oil....
...The deal would make Ithaca one of the biggest independent oil producers in the North Sea and could spur further consolidation, as companies seek scale to fund investment and the cost of decommissioning legacy...
...Much of his firepower derives from a humble source: a small oil refining and nitrogen fertiliser company in the US heartland....
...And yes, they’d be right. A PIK note tends to give the issuer options....
...The second, on oil and gas producers, unsurprisingly finds that companies in the sector are “severely misaligned”, with an average implied temperature rise of 4.2 degrees....
...Assume, then, that TMTG’s weighted average cost of capital falls from more than 20 per cent to 5-6 per cent, the S&P 500’s average WACC. Even then, we’re only at $51....
...The company produced an average of 10.7mn b/d of crude oil and other liquids last year, down from 11.5mn b/d in 2022....
...The S&P 500 hit another all-time high yesterday. More importantly, Trump Media & Technology Group rose another 14 per cent, right after we wrote that it looked a bit overvalued....
...The outlook for oil demand this year remains unclear. The IEA predicts oil demand will grow by 1.2mn b/d, about half the pace of 2023, while Opec believes demand growth will be higher at 2.2mn b/d....
...More than half of BlackRock’s $10tn in assets under management are retirement savings, including institutional pension funds, corporate defined contribution plans known as 401(k)s and individual accounts...
...Financial data company S&P Global is nearing a deal to buy research platform Visible Alpha that could value it at more than $500mn from a consortium of investment banks including Goldman Sachs, Jefferies...
...Sadly, mainFT’s Ian Johnston has delivered, with this unlisted offering from Oil Brokerage, a London-based, uh, oil brokerage....
...Looking at it another way, here are some stats (courtesy of Wood Mackenzie): Ten companies will now control more than 6.4mn barrels of oil equivalent a day of the Permian’s 12.1mn boe/d of overall output...
...That means the company has 3mn b/d of spare capacity that it could bring online to meet any sudden rise in demand, reducing the immediate need to increase its maximum output further, said the person familiar...
...One reason for the modest outlook, Buffett writes, is that his company is so big now — 6 per cent of the S&P 500’s total shareholders’ equity — that there are no companies in the US or abroad that are (a...
...Saudi Arabia’s energy ministry on Tuesday asked the state oil company Saudi Aramco to halt a planned 1mn barrels per day expansion in oil production to 13mn b/d. This had been due by 2027....
...In an ideal world, active sustainable funds would be genuinely active: the managers would use their voting rights, they’d engage with all their companies and they’d have strict policies about shunning companies...
...US production rose by roughly 1.5mn b/d to a record 13.5mn b/d in 2023 while that of Iran increased to an average of roughly 3.9mn b/d from about 3mn b/d a year earlier, said Claudio Galimberti, North America...
...Walmart was the second-worst performer on the benchmark S&P 500 in the afternoon in New York, falling more than 8 per cent....
...Chesapeake produced 3.4bn cubic feet of gas a day in the third quarter of 2023, according to S&P Capital IQ; Southwestern produced 4bn cu ft/d....
...Combined, the companies will produce about 7.4bn cubic feet of gas a day, according to S&P Capital IQ, overtaking the current number-one producer EQT, which produces about 5.4bn cu ft/d....
...The IEA report contrasts with Opec’s analysis, which predicts that oil demand will continue to grow steadily, by about 2.3mn b/d this year, before falling to a still “robust” 1.8mn b/d in 2025....
...The US oil major told my FT colleagues in Brussels that “recent developments in Europe have not instilled confidence in long-term, predictable policies”....
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