Exxon Mobil confirmed a deal to buy Pioneer Natural Resources on Wednesday, cementing itself as the dominant oil producer in the Permian Basin region of the U.S. The early assessment from several analysts is that Exxon is paying a reasonable price, buying a well-regarded producer at a modest valuation. After including Pioneer’s debt, Exxon (ticker:
Chevron (CVX) has agreed to buy Hess (HES) for $53 billion in stock to gain a bigger U.S. oil footprint and a stake in rival Exxon Mobil’s (XOM) massive Guyana discoveries, the latest in a series of blockbuster U.S. oil combinations. The Chevron deal announced on Monday and a $60 billion acquisition by Exxon earlier
The oil industry looks to be embarking on a new wave of megadeals. After Exxon Mobil and Chevron’s acquisitions, ConocoPhillips could be the next company looking to make a big purchase, according to KeyBanc analysts. Chevron’s (ticker: CVX) planned acquisition of Hess (HES) means that both it and Exxon Mobil (XOM) have agreed deals worth
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The copper market is in a state of extreme contango—a state of the futures curve where futures contracts trade at a premium to the spot price and signal weak prompt demand. The cash to three-month contango on the London Metals Exchange (LME) jumped at the end of September to the highest since at least 1994
The world’s largest copper producers have warned that there is a lack of mines under development to deliver enough of the metal to keep pace with the clean energy transition. The warning comes as miners struggle with falling metal prices because of the weakness of the global economy and cost inflation, which makes executives, investors