Exxon Expects Regulator To Greenlight $60-Billion Pioneer Deal in June

ExxonMobil continues to expect that the U.S. antitrust authority will give the green light to its proposed $60-billion all-stock acquisition of Pioneer Natural Resources by the end of the second quarter, Exxon’s chief financial officer Kathy Mikells told Bloomberg in an interview on Friday. Exxon said in its Q1 earnings release today that it expects the transaction, which has been approved by Pioneer shareholders, to close in the second quarter of 2024, pending regulatory approval.    The Federal Trade Commission…

Read more at: https://oilprice.com/Energy/Energy-General/Exxon-Expects-Regulator-To-Greenlight-60-Billion-Pioneer-Deal-in-June.html

Russia’s LNG Expansion Plans Hit the Wall

Russian oil production has remained strong despite sanctions imposed by Western countries in the wake of Russia’s invasion of Ukraine. The country’s gas and liquefied natural gas (LNG) industries, on the other hand, have suffered due to limited pipeline infrastructure and reliance on Western companies. Rystad Energy expects Russian piped gas to China to increase due to new infrastructure, but the outlook for Russian LNG is less rosy. The Kremlin has set an ambitious plan to commission 100 million tonnes of LNG capacity by 2030 but our…

Read more at: https://oilprice.com/Energy/Natural-Gas/Russias-LNG-Expansion-Plans-Hit-the-Wall.html

TotalEnergies Beats Q1 Profit Forecast Despite Lower Natural Gas Prices

TotalEnergies (NYSE: TTE) saw its first-quarter adjusted net income drop by 22% from a year ago, but the French supermajor’s adjusted earnings beat the consensus estimate. Stable oil prices and healthy refining margins failed to fully offset a decline in natural gas prices, but helped TotalEnergies beat analyst forecasts as it reported Q1 earnings on Friday. The company announced additional share buybacks and an increase in the first interim dividend for 2024. TotalEnergies posted an adjusted net income of $5.1 billion for the first…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Beats-Q1-Profit-Forecast-Despite-Lower-Natural-Gas-Prices.html

TotalEnergies Mulls Primary New York Listing to Expand U.S. Shareholder Base

TotalEnergies CEO, Patrick Pouyanne, disclosed plans for a potential New York listing during an analyst briefing on Friday, citing the desire to attract a larger share of U.S. investors. With 47% of institutional shareholders and 39% of global investors based in the United States, TotalEnergies (TTEF.PA) aims to strategically position itself within the American financial landscape. While a definitive decision awaits board deliberations, Pouyanne emphasized the importance of adapting to investor preferences, especially in light of market dynamics…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Mulls-Primary-New-York-Listing-to-Expand-US-Shareholder-Base.html

U.S. Drilling Activity Slips

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 6 to 613 this week, compared to 755 rigs this same time last year. The number of oil rigs fell by 5 this week, after gaining 5 in the week prior. Oil rigs now stand at 506–down by 85 compared to this time last year. The number of gas rigs fell by 1 this week to 105, a loss of 56 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 2. Meanwhile,…

Read more at: https://oilprice.com/Energy/Energy-General/US-Drilling-Activity-Slips.html

Activist Investor Elliott to Build Stake in Anglo American After Failed BHP Bid

Mining giant Anglo American has rejected BHP Group’s £31.1bn proposal after it concluded the plan would undervalue its future prospects. The talk of a potential mega-deal between BHP and London-listed miner Anglo American had the mining world’s attention this week, and it seems to have attracted the attention of activist investor Elliott Investment Management. Bloomberg has reported that the hedge fund, known for its activist campaigns, has acquired a $1bn (£800m) stake in the miner. The news…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Activist-Investor-Elliott-to-Build-Stake-in-Anglo-American-After-Failed-BHP-Bid.html

Energy Efficiency is Critical for a Sustainable Future

As governments focus on developing their renewable energy capacity, many are overlooking a vital element to boosting clean energy security –energy waste management. Countries worldwide must fix their existing systems to ensure that energy is not lost in transit and use and that electricity grids are prepared for the influx of new clean energy projects expected over the coming decades.  The founder and chairman of the environmental non-profit organization Solar Impulse Foundation, Bertrand Piccard, is calling for greater focus on reducing…

Read more at: https://oilprice.com/Energy/Energy-General/Energy-Efficiency-is-Critical-for-a-Sustainable-Future.html

Outage At Norway’s Hammerfest LNG Extended Until Saturday

The Hammerfest LNG export plant offshore Norway is expected to remain offline until Saturday, April 27, following a gas leak earlier this week, according to the latest data from gas infrastructure operator Gassco published on Friday.   The gas treatment plant at Equinor’s Hammerfest LNG, the only large-scale LNG export plant in Europe, was taken offline on Tuesday in an unplanned outage after a gas leak prompted evacuation at the facility. The current assessment provided by Gassco is that the LNG export plant will return online…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Outage-At-Norways-Hammerfest-LNG-Extended-Until-Saturday.html

Washington’s Pleas Fall on Deaf Ears as Ukraine Strikes Russian Refineries

Just days after the Biden administration signed a new military aid package worth billions of dollars to Ukraine, Kyiv launched a series of suicide drone attacks on Russian oil refineries. Biden’s top officials have pleaded with Kyiv to stop attacks on Russia’s energy infrastructure because of the fears that turmoil in crude markets would send pump prices in the US higher ahead of the presidential elections in November.  “Our region is again under attack by Ukrainian UAVs,” Smolensk Governor Vasily…

Read more at: https://oilprice.com/Energy/Crude-Oil/Washingtons-Pleas-Fall-on-Deaf-Ears-as-Ukraine-Strikes-Russian-Refineries.html

Higher Oil Output Helps Chevron Beat Q1 Profit Estimates

Chevron Corporation (NYSE: CVX) booked slightly higher earnings for the first quarter than analysts had expected, thanks to higher oil and gas production that offset part of the weaker refined product margins and low natural gas prices. Chevron reported on Friday earnings of $5.5 billion, or $2.97 per share, for the first quarter of 2024, down from $6.6 billion, or $3.46 per share, for the first quarter last year.   Analysts had expected earnings per share of $2.92 for January to March 2024. The annual drop in Q1 earnings…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Higher-Oil-Output-Helps-Chevron-Beat-Q1-Profit-Estimates.html

Oil Prices Climb as Bullish Catalysts Build

Oil prices are set to post a gain this week as a combination of inventory declines, a slowdown in U.S. manufacturing, and escalating tensions in the Middle East boost bullish sentiment. Friday, April 26th 2024Even if headed towards the first weekly gain since early April, oil prices have so far failed to break out above the psychologically important $90 per barrel mark. A higher-than-expected draw in US crude inventories, a notable slowdown in US manufacturing that sparked hopes of a June interest rate cut, and continuing tensions in…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Climb-as-Bullish-Catalysts-Build.html

India Ratchets Up Its Renewable Energy Installations

1. BHP-Anglo Merger Could Create World’s Largest Copper Miner – The global mining sector might see a whirlwind of M&A activity over the upcoming weeks should the world’s largest miner BHP Group succeed in taking over Anglo American, its UK-based peer. – Potentially creating the world’s largest copper mining company, BHP’s power move is conditional upon AngloAmerican first splitting off its South African platinum and iron ore units. – AngloAmerican shareholders, with the company currently boasting a $34 billion…

Read more at: https://oilprice.com/Energy/Energy-General/India-Ratchets-Up-Its-Renewable-Energy-Installations.html

Oil Prices Move Higher After a Volatile Week

June West Texas Intermediate (WTI) crude oil futures have experienced significant volatility this week, ultimately poised to close higher following a late-week recovery. This recovery was significantly influenced by positive economic remarks from U.S. Treasury Secretary Janet Yellen, which countered earlier market fears driven by economic data and geopolitical developments. Economic Weakness and Market Sentiments Throughout the week, oil markets were beleaguered by concerns over a slowing economy exacerbated by persistently high interest rates.…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Move-Higher-After-a-Volatile-Week.html

Israel Claims to Have Dealt a Serious Blow to Hezbollah

Politics, Geopolitics & Conflict The UN envoy for Libya, Abdoulaye Bathily, has resigned from his post, slamming the country’s rival parties and external meddlers for making it impossible to work toward elections and political stability. Bathily sees further instability on the horizon in Libya. He also struck out against dangerous external actors who are meddling in other countries from Libya. While Bathily’s resignation is not hugely significant, the reasons for it are, and his absence is likely to lead to an uptick in destabilizing…

Read more at: https://oilprice.com/Energy/Energy-General/Israel-Claims-to-Have-Dealt-a-Serious-Blow-to-Hezbollah.html

How Will Energy Stocks Respond to This Earnings Season?

By the time you read this, it is likely that the two largest American oil companies, Exxon Mobil (XOM) and Chevron (CVX), will have reported their calendar Q1 results, due out on Friday morning. We cannot know at this point exactly what they will say, but based on analysts’ estimates we can be pretty sure that both will report EPS that is significantly less than they showed in the same quarter last year. That is a dynamic that is expected to apply to most of the energy sector, and yet, as this chart for the SPDR Energy sector ETF (XLE) shows,…

Read more at: https://oilprice.com/Energy/Energy-General/How-Will-Energy-Stocks-Respond-to-This-Earnings-Season.html

Intel used to dominate the U.S. chip industry. Now it’s struggling to stay relevant

Intel has missed most of the significant technology transitions over the past 15-plus years, losing its standing in the chip industry along the way.

Read more at: https://www.cnbc.com/2024/04/26/intel-dominated-us-chip-industry-now-struggling-to-stay-relevant.html

S&P 500 posts best week since November, Nasdaq surges 2% Friday as Alphabet soars: Live updates

Stocks jumped Friday as Big Tech names Alphabet and Microsoft rallied on strong earnings and traders pored through fresh U.S. inflation data.

Read more at: https://www.cnbc.com/2024/04/25/stock-market-today-live-update.html

All the data so far is showing inflation isn’t going away, and is making things tough on the Fed

The last batch of inflation news that Federal Reserve officials will see before their meeting next week is in, and none of it is very good.

Read more at: https://www.cnbc.com/2024/04/26/all-the-data-shows-inflation-isnt-going-away-making-things-tough-on-fed.html

Federal regulator finds Tesla Autopilot has ‘critical safety gap’ linked to hundreds of collisions

Federal authorities say a “critical safety gap” in Tesla’s Autopilot system contributed to at least 467 collisions, 13 resulting in fatalities.

Read more at: https://www.cnbc.com/2024/04/26/tesla-autopilot-linked-to-hundreds-of-collisions-has-critical-safety-gap-nhtsa.html

Dividend stocks are poised to outperform, says Bank of America. Here are names on its list

History shows in this economic environment, dividend stocks have led the way higher a majority of the time, Bank of America’s Savita Subramanian said.

Read more at: https://www.cnbc.com/2024/04/26/dividend-stocks-are-poised-to-outperform-says-bank-of-america-.html

Key Fed inflation measure rose 2.8% in March from a year ago, more than expected

The core personal consumption expenditures price index was expected to increase 2.7% from a year ago in March, according to the Dow Jones consensus estimate.

Read more at: https://www.cnbc.com/2024/04/26/pce-inflation-march-2024-key-fed-inflation-measure-rose-2point8percent.html

Bitcoin and ether dip to end the week, and crypto firm Consensys sues the SEC: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Lyn Alden, founder of Lyn Alden Investment Strategy and board director of Swan Bitcoin, provides insight into bitcoin’s performance in the face of macroeconomic pressures.

Read more at: https://www.cnbc.com/video/2024/04/26/bitcoin-ether-dip-end-week-crypto-firm-consensys-sues-the-sec-cnbc-crypto-world.html

Trump trial live updates: Prosecution calls longtime Trump secretary Rhona Graff

Prosecutors called Rhona Graff, who worked as Trump’s personal secretary for more than 30 years.

Read more at: https://www.cnbc.com/2024/04/26/trump-trial-defense-continues-cross-examination-of-national-enquirer-publisher-david-pecker-live-updates.html

Exxon is working on tech to remove CO2 from atmosphere but a breakthrough is needed to slash costs

Exxon CEO Darren Woods said the technology is currently unaffordable with CO2 removal costing between $600 to $1,000 per ton.

Read more at: https://www.cnbc.com/2024/04/26/climate-exxon-working-on-direct-air-capture-but-costs-need-to-fall.html

Alphabet soars most since 2015 on strong earnings, first dividend and $70 billion buyback

Alphabet shares shot up Friday after the company posted better-than-expected first-quarter results and greenlit its first-ever dividend along with a buyback.

Read more at: https://www.cnbc.com/2024/04/26/alphabet-stock-up-on-strong-earnings-first-ever-dividend-buyback.html

The new class war: A wealth gap between millennials

The surge in wealth among millennial heirs is creating new markets for wealth-management firms, luxury companies, travel firms and real estate brokers.

Read more at: https://www.cnbc.com/2024/04/26/wealth-gap-between-millennials-new-class-war.html

Why Americans worry changes to the U.S. retirement system could upend their plans

When it comes to retirement, Americans worry about uncertainties they cannot control, like a higher cost of living or changes to the retirement system.

Read more at: https://www.cnbc.com/2024/04/26/americans-worry-changes-to-retirement-system-will-upend-their-plans.html

American Airlines cuts some international flights into 2025, citing Boeing delivery delays

American is the latest carrier to tweak its growth plan, citing late-arriving planes from Boeing.

Read more at: https://www.cnbc.com/2024/04/26/american-airlines-cuts-some-international-flights-citing-boeing-delays.html

Port Of Baltimore Partially Reopens, Allowing Trapped Cargo Ships To Exit

Officials at the Port of Baltimore opened a fourth, 35-foot deep, temporary channel through the collapsed Francis Scott Key Bridge, allowing cargo ships trapped at the port to exit.

According to Bloomberg’s ship tracking data, four of seven ships trapped at the port navigated the new temporary channel and are sailing down the Chesapeake Bay.

On Thursday, the Balsa 94, a bulk carrier sailing under a Panama flag, transited the temporary channel for Saint John, Canada. Three other ships, including the Saimaagracht cargo vessel, the Carmen vehicle carrier, and the Phatra Naree bulk carrier, were also able to exit.

The general cargo ship Balsa 94 becomes the first ship to use the @portofbalt’s 35-foot-deep Limited Access Channel promised by t …

Read more at: https://www.zerohedge.com/commodities/port-baltimore-partially-reopens-allowing-trapped-cargo-ships-exit

US State Department Arabic Spokesperson Resigns Over Biden’s Gaza Policy

Via Middle East Eye

The Arabic language spokesperson of the US State Department has resigned over Washington’s Gaza war policy, in the third senior level resignation from the department since the war began.

Hala Rharrit, a Palestinian-American, posted her resignation on the LinkedIn social media site, stating: “I resigned April 2024 after 18 years of distinguished service in opposition to the United States’ Gaza policy.”

Hala Rharrit, Arabic language spokesperson for the State Department, has quit in protest. Image: State Dept.

Rharrit, who joined the State Department as a political and human rights officer, was also the department’s Dubai regional media hub deputy director.

When asked about the resignation, a State Department spokesperson told Reuters on Thursday that the department has cha …

Read more at: https://www.zerohedge.com/geopolitical/us-state-department-arabic-spokesperson-resigns-over-bidens-gaza-policy

IDF Shelling Hammers Rafah As Egypt Sends Top Intel Official To Avert Ground Offensive

Egypt is attempting a last ditch effort to reach a ceasefire between Hamas and Israel at a moment IDF shelling of Rafah has intensified, in what are seen as ‘softening’ operations ahead of an imminent ground offensive, despite international calls to cancel the operation.

The Egyptian government on Friday dispatched a high level delegation to Israel led by top intelligence official Abbas Kamel. The Associated Press reported he is presenting a “new vision” for prolonged ceasefire.

But key to a breakthrough is agreement on the remaining Israeli hostages being released, and the two sides seem no closer to achieving that. The Wall Street Journal cites that “Egyptian officials familiar with the negotiations say the talks toward a hostage deal have little chance of success, but hope to use the meetings to buy time for the U.S. and regional powers to pressure Israel to pause its plans to attack Rafah.”

Read more at: https://www.zerohedge.com/geopolitical/idf-shelling-hammers-rafah-egypt-sends-top-intel-official-avert-ground-offensive

The Constitutional Abyss: Justices Signal Desire To Avoid Both Cliffs On Presidential Immunity

Authored by Jonathan Turley,

Below is my column in the New York Post on yesterday’s oral arguments on presidential immunity. As expected, with the exception of the three liberal justices, the Court appears to be struggling to find a more nuanced approach that would avoid the extreme positions of both parties. Rather than take a header off either cliff, the justices seem interested in a controlled descent into the depths of Article II.

Here is the column:

Writer Ray Bradbury once said, “Living at risk is jumping off the cliff and building your wings on the way down.”

In Thursday’s case before the Supreme Court on the

Read more at: https://www.zerohedge.com/political/constitutional-abyss-justices-signal-desire-avoid-both-cliffs-presidential-immunity

Post Office paid widow in instalments for silence

The Horizon scandal inquiry reveals details of the biggest miscarriage of justice in UK legal history.

Read more at: https://www.bbc.com/news/articles/c88z431n2v5o

John Lewis job applicants get questions beforehand

The retail group hopes giving candidates sight of questions will make process fairer.

Read more at: https://www.bbc.com/news/articles/c6pyqjm1219o

Giant 3D printer that can build a house goes live

It’s hoped giant device will be able to print homes, bridges, boats and wind turbines.

Read more at: https://www.bbc.com/news/articles/cx7d34nl5vwo

Tech View: Nifty charts throw up dark clouds. What traders should do next week

Nifty’s short-term trend seems to have reversed down after a reasonable rise from the lows. Immediate support is placed at 22,300 and the weakness below this support could trigger more declines.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-throw-up-dark-clouds-what-traders-should-do-next-week/articleshow/109626621.cms

Bank of Maharashtra Q4 Results: Profit surges 45% YoY to Rs 1,218 crore

​State-owned Bank of Maharashtra (BoM) on Friday reported a 45 per cent jump in its net profit to Rs 1,218 crore for the March quarter, helped by a decline in bad loans and a rise in interest income. The Pune-based lender had earned a net profit of Rs 840 crore in the year-ago period.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/bank-of-maharashtra-q4-results-profit-surges-45-yoy-to-rs-1218-crore/articleshow/109620661.cms

IndusInd Bank shares fall 2% post Q4 results. How to trade now?

IndusInd Bank shares fell after March results with 15% YoY net profit rise. NII increased 13.9%. Provisions decreased. NIM at 4.26%. Deposits rose 14% YoY.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/indusind-bank-shares-fall-2-post-q4-results-should-you-buy-sell-or-hold/articleshow/109616291.cms

Treasury yields slip from 2024 highs after Fed’s favored inflation gauge meets expectations

Long-term Treasury yields finished off their highest levels of the year on Friday after the Federal Reserve’s preferred inflation gauge matched expectations, but they still notched their fourth straight week of advances.

Read more at: https://www.marketwatch.com/story/treasury-yields-dip-from-2024-highs-ahead-of-feds-favored-inflation-report-85d92c51?mod=mw_rss_topstories

Oil prices score weekly gain, breaking run of back-to-back weekly losses

Oil futures finished below Friday’s session highs after the latest U.S. inflation data raised doubts that the Federal Reserve will lower interest rates anytime soon.

Read more at: https://www.marketwatch.com/story/oil-prices-remain-on-track-for-weekly-gains-ahead-of-u-s-inflation-data-061c8d75?mod=mw_rss_topstories

IRS calls its free Direct File tax-prep tool a success. Will it be back in 2025?

The IRS’s Direct File platform prepared federal income-tax returns for nearly 141,000 households, exceeding officials’ goal of handling 100,000 returns.

Read more at: https://www.marketwatch.com/story/irs-calls-its-free-direct-file-tax-prep-tool-a-success-will-it-be-back-in-2025-283c94a5?mod=mw_rss_topstories