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☆ Suncor tops profit estimates on strong refining margins
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

The Suncor Energy logo is seen at the company's head office in Calgary, Alberta, Canada, April 17, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsNov 8 (Reuters) - Canada's Suncor Energy (SU.TO) beat market estimates for third-quarter profit on Wednesday, helped by strong refining margins and higher sales volumes from its oil sands operations. Refinery throughput declined marginally to 463,200 barrels per day (bpd) compared with a year earlier. Its net production of synthetic crude, a processed form of raw and heavy bitumen, rose to 469,300 bpd, compared with 405,100 bpd a year ago, due to lower maintenance activities. The company reported a net profit of C$1.54 billion, compared with a year-ago loss of C$609 million when it was hit by impairment charges.

Persons: Chris Wattie, Cenovus, Suncor, Mrinalika Roy, Sourasis Bose, Shilpi Majumdar Organizations: REUTERS, Energy, Thomson Locations: Calgary , Alberta, Canada, Saudi Arabia, Russia, U.S, Norway, Terra Nova, Bengaluru

☆ Sherwin-Williams Lifts Profit Forecast as Higher Prices Boost Q3 Results
▼ + stars: | 2023-10-24 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Sherwin-Williams raised its annual profit forecast on Tuesday after reporting better-than-expected quarterly results, as price hikes helped offset lower sales volumes across its businesses, sending its shares up 2% in premarket trading. Paints and coatings makers have been able to offset the impact of slower-than-expected recovery of key end markets by raising prices of their products. Chemical makers had flagged a potential blow in the second half of the year from a slower-than-expected recovery in China following its post-pandemic reopening and lower demand in Europe. The company raised its forecast, and now expects full-year adjusted income between $10.10 and $10.30 per share, compared to prior forecast of $9.30 to $9.70 per share. However, Morikis warned that "our fourth quarter is a seasonally smaller one, and we continue to expect choppiness by region and end market."

Persons: Sherwin, Williams, John Morikis, Morikis, Mrinalika Roy Organizations: Reuters Locations: China, Europe, Bengaluru

☆ Chevron to buy Hess Corp for $53 billion in all-stock deal
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Chevron has offered 1.025 of its shares for each Hess share held, or $171 per share, implying a premium of about 4.9% to the stock's last close. Chevron's shares were trading 3% lower premarket. Exxon and partners Hess and China's CNOOC (0883.HK) are the only active oil producers in the country. Hess Corp CEO John Hess is expected to join Chevron's board of directors once the deal closes around the first half of 2024. Goldman Sachs was the lead adviser to Hess while Morgan Stanley was the lead adviser to Chevron.

Persons: Liz Hampton, Hess, China's CNOOC, John Hess, Chevron, Goldman Sachs, Morgan Stanley, Mrinalika Roy, Nivedita Bhattacharjee Organizations: REUTERS, Chevron, U.S, Exxon Mobil, Natural Resources, Exxon, RBC, Pioneer, HK, Hess Corp, Thomson Locations: Chevron, Kersey , Colorado, U.S, Guyana, American, Brazil, Mexico, Bengaluru

Dealmaking in the U.S. oil and gas patch has picked up pace as producers sought to replenish their inventory after years of under-investment. The most-prized targets for Chevron could be Coterra Energy (CTRA.N) or Devon Energy (DVN.N), he added. Others mentioned included Matador Resources (MTDR.N), Permian Resources (PR.N) and Diamondback Energy (FANG.O). Still, the Exxon deal, the industry's largest since 2016, also set off worries about stiff regulatory scrutiny over anti-competitive concerns. Exxon does not anticipate antitrust hurdles to complete the deal, expected by early 2024.

Persons: Exxon Mobil's, Gabriele Sorbara, Siebert Williams Shank, Sorbara, Dado Ruvic, Andrew Dittmar, Elizabeth Warren, Sven Del Pozzo, Mrinalika Roy, Chris Sanders, Sriraj Organizations: Exxon, Natural Resources, Co, Chevron, ConocoPhillips, ExxonMobil, Pioneer, REUTERS, Devon Energy, Matador Resources, Diamondback Energy, U.S, P, Insights, Thomson Locations: U.S, Bengaluru, Washington

☆ Exxon-Pioneer mega deal adds to Permian M&A frenzy amid rush to boost reserves
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: 1 min

Oct 11 (Reuters) - Permian Basin dealmaking has got a major boost with Exxon Mobil (XOM.N) set to buy rival Pioneer Natural Resources (PXD.N) for nearly $60 billion, which will make it the biggest producer in the largest U.S. oilfield. Permian is a prime target for producers looking to increase their inventory. The shale patch, which lies between Texas and New Mexico, has robust infrastructure and is known for high productivity and large undeveloped reserves. Below is a list of Permian deals so far this year:Reporting by Mrinalika Roy, Tanay Dhumal and Sourasis Bose in Bengaluru; Editing by Sriraj Kalluvila, Shinjini Ganguli and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Mrinalika Roy, Tanay, Sourasis Bose, Sriraj Kalluvila, Shinjini Ganguli, Vinay Dwivedi Organizations: Exxon Mobil, Natural Resources, Thomson Locations: Texas, New Mexico, Bengaluru

Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Exxon shares were down 1.6%Friday's gains leave the stock short of the offer, as it is possible that the two companies will not reach an agreement. If the negotiations conclude successfully, an agreement between Exxon and Pioneer could be reached in the coming days, Reuters reported on Thursday, citing three sources. "Pioneer is the Permian's largest operator at 9% of gross production while Exxon is No. Combined amounts to 15% of operated Permian production, but only 6% of total US production.

Persons: Dado Ruvic, Andrew Dittmar, Enverus, Scott Hanold, Bill Smead, Mrinalika Roy, Sourasis Bose, Arunima Kumar, Sabrina Valle, Sriraj Organizations: Exxon Mobil, REUTERS, Natural Resources, Mobil, Reuters Graphics, Exxon, Pioneer, Reuters, RBC Capital, Smead Capital Management, Thomson, & $ Locations: Bengaluru, Houston

AIRLINES & AEROSPACE FIRMSPilots at several airlines including American Airlines (AAL.O), Delta Airlines (DAL.N), United Airlines Holdings (UAL.O), Spirit Airlines (SAVE.N) and Jetblue Airways (JBLU.O) negotiated new job contracts this year. Members of some unions like the Southwest Airlines Pilots Association have voted to authorize a strike if a new contract is not reached. MANUFACTURINGU.S. steel producer Cleveland-Cliffs (CLF.N) has reached a tentative agreement with the United Steelworkers union on a new three-year labor agreement for its Northshore mining operations. The Detroit Casino Council (DCC), which represents the workers, could call for strikes as soon as mid-October, when contracts expire. Labor unions secured new contract agreements at multistate operator-owned cannabis dispensaries in Illinois and in New Jersey in July.

Persons: Sergio Martinez, Mike Blake, Mack Trucks, isn't, Mrinalika Roy, Sriraj Organizations: REUTERS, U.S . Bureau of Labor Statistics, Reuters, Alliance, Television Producers, SAG, Hollywood, United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Chrysler, Volvo Group, United Parcel Service, FedEx, Pilots, AIRLINES & AEROSPACE, American Airlines, Delta Airlines, United Airlines Holdings, Spirit Airlines, Jetblue Airways, Southwest Airlines Pilots Association, United Steelworkers, U.S . Steel, Unions, Vegas, MGM, Detroit, MotorCity, Detroit Casino Council, Kaiser Permanente, Workers, Green Thumb Industries, Labor, Phillips, Thomson Locations: Los Angeles , California, U.S, Michigan , Ohio, Missouri, Wichita , Kansas, Cleveland, Detroit, Hollywood, Greektown, Los Angeles, New York City, Chicago, Illinois, New Jersey, Roxana , Illinois, Bengaluru

REUTERS/Charles Mostoller/File Photo Acquire Licensing RightsSept 21 (Reuters) - Magellan Midstream Partners' (MMP.N) unitholders on Thursday voted in favour of its sale to larger rival ONEOK Inc (OKE.N) for $18.8 billion, creating one of the largest U.S. energy pipeline companies. Independent proxy advisory firms Glass Lewis & Co and ISS had recommended a vote in favor of the sale. Magellan, in its proxy, cautions that the merger is not conditioned on the compensation vote and that if the acquisition is approved, the executive compensation is payable. Michael Mears, Magellan's previous chief executive officer, also would receive about $26.5 million in equity, while the company's current chief commercial officer and general council will receive multi-million dollar packages. Magellan, however, said it expects ONEOK to consider the outcome of the compensation vote, along with other factors, when considering future executive pay.

Persons: Charles Mostoller, unitholders, Glass, Aaron Milford, Jeff Holman, Michael Mears, Magellan's, ONEOK, Mrinalika Roy, Gary McWilliams, Sharon Singleton Organizations: REUTERS, Midstream Partners, ONEOK Inc, Energy, Partners, Glass Lewis, Co, ISS, Thomson Locations: Elliston , Virginia, U.S, Magellan, Bengaluru, Arathy, Houston

☆ US House panel asks Hawaiian Electric CEO to testify in wildfire probe
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

The shells of burned houses and buildings are left after wildfires driven by high winds burned across most of the town in Lahaina, Maui, Hawaii, U.S. August 11, 2023. Hawai'i Department of Land and Natural Resources/Handout via REUTERS/File Photo Acquire Licensing RightsCompanies Hawaiian Electric Industries Inc FollowSept 14 (Reuters) - The U.S. House Energy and Commerce Committee on Thursday asked utility company Hawaiian Electric (HE.N) CEO Shelee Kimura to testify at a hearing investigating the causes of the wildfire that killed at least 115 people and razed the historic town of Lahaina. Along with Kimura, the committee also summoned officials of the Hawaii Public Utilities Commission and the Hawai’i State Energy Office. Last month, the panel sent letters to Hawaiian Electric as well as state utility officials, seeking information about the wildfires. Reporting by Mrinalika Roy and Sourasis Bose in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Shelee Kimura, Kimura, Mrinalika Roy, Sourasis Bose, Pooja Desai Organizations: Hawai'i Department of Land, Natural Resources, REUTERS, Hawaiian Electric Industries, U.S . House Energy, Commerce, Electric, Hawaii Public Utilities Commission, Hawai’i, Energy Office, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Washington, United States, Bengaluru

☆ From UPS to Detroit Three automakers, US labor unions flex muscle
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +4 min

AIRLINES & AEROSPACE FIRMSPilots at several airlines including American Airlines (AAL.O), Delta Airlines (DAL.N), United Airlines Holdings (UAL.O), Spirit Airlines (SAVE.N), Jetblue Airways (JBLU.O) negotiated new job contracts this year. AUTOMOTIVEUnited Auto Workers (UAW) union has been embroiled in a dispute over wages and pension plans with the Detroit Three automakers. U.S. Steel (X.N), which is reviewing multiple proposals ranging from partial acquisition to an entire buyout, is embroiled in a tussle with the United Steel Workers union. Labor unions secured new contract agreements at multistate operator-owned cannabis dispensaries in Illinois and in New Jersey in July. If workers do not vote to ratify the contract, the union will vote the following week on whether to strike.

Persons: Sergio Martinez, Mike Blake, Mrinalika Roy, Sriraj Kalluvila, Shounak Organizations: REUTERS, Bureau of Labor Statistics, Reuters, Hollywood, United Parcel Service, FedEx, Pilots, AIRLINES & AEROSPACE, American Airlines, Delta Airlines, United Airlines Holdings, Spirit Airlines, Jetblue Airways, Southwest Airlines Pilots Association, United Auto Workers, UAW, Detroit Three automakers, Cliffs Inc, United Steelworkers, U.S . Steel, United Steel Workers, Workers, Green Thumb Industries, Labor, Phillips, Thomson Locations: Los Angeles , California, U.S, California, Wichita , Kansas, Cleveland, Los Angeles, New York City, Chicago, Illinois, New Jersey, Roxana , Illinois, Bengaluru

The deal is seen as a bet on the future of natural gas in a regulated market even as energy companies and consumers are transitioning to a greener future by phasing out fossil fuels. But some analysts were surprised at the timing, the scale and impact such a deal would have on the company's already leveraged balance sheet. Enbridge struck the deal just over a month after CEO Greg Ebel told analysts the company saw 'tuck-in' acquisition opportunities 'across the board'. By late morning, Enbridge shares were down 5.5% at C$45.50, while the benchmark Canadian share index was off 0.5%. Enbridge is selling new shares at a discount of 7.2% to its Tuesday close to part-fund the transaction.

Persons: Chris Helgren, Moody's, Morningstar, Stephen Ellis, Ellis, Enbridge, Greg Ebel, Wells, Mrinalika Roy, Denny Thomas, Anil D'Silva, Alexandra Hudson Organizations: REUTERS, Enbridge, Dominion Energy, East Ohio Gas, Public Service Co, Management, TC Energy, Alexandra Hudson Our, Thomson Locations: Calgary, North, Vancouver , British Columbia, Canada, North Carolina, North America, company's, Bengaluru

The logo of Calgary-based Enbridge, one of North America's largest energy infrastructure companies, is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. Analysts, however, were surprised at the timing, the scale and impact such a deal would have on the company's already leveraged balance sheet. "I don't see how you can keep piling more issuance - debt and equity - on this company at these rates. Enbridge shares provisionally closed down 5.9% at C$45.31, while the benchmark Canadian share index was off 0.9%. "While Enbridge paid a reasonable price, high leverage and funding gap could act as overhang," Wells Fargo analysts said in a note.

Persons: Chris Helgren, Ryan Bushell, Enbridge, Greg Ebel, Morningstar, Stephen Ellis, Ellis, Wells, Alan Armstrong, Mrinalika Roy, Nia Williams, Denny Thomas, Anil D'Silva, Alexandra Hudson, Devika, Marguerita Choy Organizations: REUTERS, Dominion Energy, Ohio Gas, Public Service Co, Newhaven Asset Management, Management, TC Energy, Williams Companies, Barclays CEO Energy, Power Conference, Thomson Locations: Calgary, North, Vancouver , British Columbia, Canada, North Carolina, North America, Newhaven, Enbridge, New York, Bengaluru

☆ Factbox: From UPS to Detroit Three automakers, US labor unions flex muscle
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +4 min

Teamster member Sergio Martinez yells out during a rally outside a UPS facility in downtown in Los Angeles, California, U.S. July 19, 2023. AIRLINES & AEROSPACE FIRMSPilots at several airlines including American Airlines (AAL.O), Delta Airlines (DAL.N), United Airlines Holdings (UAL.O), Spirit Airlines (SAVE.N), Jetblue Airways (JBLU.O) negotiated new job contracts this year. Members of some unions like the Southwest Airlines Pilots Association have voted to authorize a strike if a new contract is not reached. U.S. Steel (X.N), which is reviewing multiple proposals ranging from partial acquisition to an entire buyout, is embroiled in a tussle with the United Steel Workers union. Labor unions secured new contract agreements at multistate operator-owned cannabis dispensaries in Illinois and in New Jersey in July.

Persons: Sergio Martinez, Mike Blake, Mrinalika Roy, Sriraj Organizations: REUTERS, Bureau of Labor Statistics, Reuters, Screen, United Parcel Service, FedEx, Pilots, AIRLINES & AEROSPACE, American Airlines, Delta Airlines, United Airlines Holdings, Spirit Airlines, Jetblue Airways, Southwest Airlines Pilots Association, United Auto Workers, UAW, Detroit Three, Cliffs Inc, United Steelworkers, U.S . Steel, United Steel Workers, Workers, Green Thumb Industries, Labor, Thomson Locations: Los Angeles , California, U.S, Wichita , Kansas, Cleveland, Los Angeles, New York City, Chicago, Illinois, New Jersey, Bengaluru

☆ US health officials look to move marijuana to lower-risk drug category
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Tom Brenner/Pool/File Photo Acquire Licensing RightsAug 30 (Reuters) - The U.S. Department of Health and Human Services (HHS) has recommended easing restrictions on marijuana, a department spokesperson said on Wednesday, following a review request from the Biden Administration last year. Nearly 40 U.S. states have legalized marijuana use in some form, but it remains completely illegal in some states and at the federal level. The scheduling recommendation for marijuana was provided to the Drug Enforcement Agency (DEA) on Tuesday as part of President Biden's directive to HHS, the spokesperson said. "As part of this process, HHS conducted a scientific and medical evaluation for consideration by DEA. DEA will now initiate its review," a DEA spokesperson said.

Persons: Rachel Levine, Tom Brenner, Biden, Biden's, Karine Jean, Pierre said, Cannabis, George Archos, Sourasis Bose, Mrinalika Roy, Shilpi Majumdar, Shounak Dasgupta, Shailesh Organizations: Department of Health, Human Services, Health, Education, Labor, Capitol, REUTERS, U.S . Department of Health, Drug Enforcement Agency, HHS, DEA, Marijuana, Department of Justice, House Press, Tilray Brands, Cronos, Verano Holdings, Thomson Locations: Washington , U.S, U.S, United States, Canada, North America, Bengaluru

[1/2] A view of burned debris after wildfires devastated the historic town of Lahaina, Maui, Hawaii, U.S., August 10, 2023. Maui County sued Hawaiian Electric last week, accusing the utility of negligently failing to shut off power and causing the devastating fires that destroyed the coastal town of Lahaina and killed more than 114 people. "We were surprised and disappointed that the County of Maui rushed to court even before completing its own investigation," CEO Shelee Kimura said in a statement. Even with Monday's rally, shares are still down more than 60% since the wildfires started on Aug. 8. "To the extent HECO (Hawaiian Electric Co) has information of a second ignition source, HECO should offer that evidence now.

Persons: Shelee Kimura, HECO, John Fiske, Raymond James, Pavel Molchanov, Arunima Kumar, Mrinalika Roy, Louise Heavens, Mark Potter, Maju Samuel, Shounak Organizations: Hawai'i Department of Land, Natural Resources, REUTERS, Hawaiian Electric Industries, Hawaiian Electric, Electric, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Maui County, West Maui, Bengaluru

REUTERS/Brendan McDermid/File PhotoCompanies Conocophillips FollowOccidental Petroleum Corp FollowAug 3 (Reuters) - ConocoPhillips (COP.N) slightly raised its full-year output expectations on Thursday, even as it posted a lower-than-expected quarterly profit. That helped the company raise its full-year production outlook for a second time this year and now expects it to range between 1.80 million boepd and 1.81 million boepd. The company in May said it expected production between 1.78 million boepd and 1.80 million boepd. ConocoPhillips also narrowed its capital spending guidance range to between $10.8 billion and $11.2 billion, from previous guidance of $10.7 billion to $11.3 billion. Rival Occidental Petroleum (OXY.N) on Wednesday had also raised its full-year production forecast, but missed second-quarter profit expectations due to the slide in prices.

Persons: Brendan McDermid, Arathy Somasekhar, Mrinalika Roy, Shinjini Ganguli, Toby Chopra Organizations: ConocoPhillips, New York Stock Exchange, REUTERS, Conocophillips, Occidental Petroleum Corp, Rival Occidental Petroleum, Thomson Locations: New York, U.S, Houston, Bengaluru

REUTERS/Brendan McDermidAug 2 (Reuters) - Occidental Petroleum (OXY.N) on Wednesday raised its full-year production forecast by 1%, but missed second-quarter profit expectations due to a slide in oil and gas prices and took a writedown to exit some operations. Weak oil and gas prices have hit earnings of U.S. oil producers after a bumper year in 2022 when Russia's invasion of Ukraine buoyed energy prices. The better-than-expected output in the quarter also helped the company raise its full-year production guidance by 1% to between 1.19 million boepd and 1.24 million boepd, from a midpoint of 1.195 million previously. Meanwhile, rival U.S. oil producers Marathon Oil (MRO.N) and APA Corp (APA.O) reported quarterly earnings that beat analysts' estimates on higher than projected output. Apache said output was tracking in line with its full-year production guidance of 404,000 to 408,000 boepd.

Persons: Brendan McDermid, Mrinalika Roy, Arun Koyyur, Matthew Lewis Organizations: Occidental Petroleum, New York Stock Exchange, REUTERS, Oil, APA Corp, Apache, Thomson Locations: New York, U.S, Ukraine, Occidental, Suriname, Bengaluru, Arathy, Houston

Miniatures of solar panel and electric pole are seen in front of SolarEdge logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/IllustrationCompanies Solaredge Technologies Inc FollowAug 1 (Reuters) - SolarEdge Technologies (SEDG.O) forecast third-quarter revenue below Wall Street estimates as demand slows for its solar inverters in the United States and Europe, sending its shares nearly 13% lower in extended trading on Tuesday. The U.S. solar market has been dented by low electricity prices, high borrowing costs and a new metering reform in California, the country's largest solar market. SolarEdge expects third-quarter revenue to average between $880 million and $920 million, compared with analysts' estimates of $1.05 billion, according to Refinitiv data. U.S. solar revenue, however, decreased 23% compared with the last quarter.

Persons: Dado Ruvic, SolarEdge, Johnson Gordon, Zvi Lando, Lando, Mrinalika Roy, Sourasis Bose, Devika Organizations: REUTERS, Technologies, SolarEdge Technologies, Wall, Thomson Locations: United States, Europe, U.S, California, Herzliya, Israel, Germany, Bengaluru

☆ Chevron expects annual production at low-end of guidance
▼ + stars: | 2023-07-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

REUTERS/Brendan McDermid/File PhotoCompanies Chevron Corp FollowJuly 28 (Reuters) - Chevron Corp (CVX.N) on Friday said that its annual oil and gas production should stay near the low-end of the oil major's guidance due to unexpected stoppages in Canada and Thailand operations. For the current quarter, Chevron said it was expecting upstream turnarounds and downtime to reduce production by about 110,000 boepd. Chevron expects TCO's expanded operations, which are 98% complete, to deliver more than 1 million boepd in 2025, and to pump about 1.1 million boepd from the Permian by mid-decade. Its Permian production rose 5% from the first quarter to a record of 772,000 boepd, on track with its full-year guidance, the company said. 2 U.S. oil company also expects Permian output in the third quarter to be roughly flat before growing again in the fourth quarter.

Persons: Brendan McDermid, Michael Wirth, Wirth, We've, Sabrina Valle, Arunima Kumar, Mrinalika Roy, Shinjini Ganguli, Anil D'Silva, Marguerita Choy Organizations: Chevron, New York Stock Exchange, REUTERS, Companies Chevron Corp, Chevron Corp, Thomson Locations: New York City, U.S, Canada, Thailand, Tengizchevroil, Kazakhstan, Russia, East, Argentina, Houston, Bengaluru

☆ Enphase Energy slumps as lukewarm US demand weighs on revenue forecast
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

July 28 (Reuters) - Shares of Enphase Energy (ENPH.O) slumped nearly 11% on Friday, after the solar inverter maker's third-quarter revenue target fell well short of analyst estimates due to weak demand. The Fremont, California-based company forecast revenue between $550 million and $600 million for the quarter ending Sept. 30, compared with analysts' estimate of $746.5 million. Therefore, we are taking aggressive and prudent actions in the U.S. to manage down the channel inventory," said Enphase Energy CEO Badrinarayanan Kothandaraman. Enphase also announced a new $1 billion share buyback plan, which failed to stem the share selloff. Reporting by Medha Singh and Mrinalika Roy in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Badrinarayanan Kothandaraman, Wells Fargo, Enphase, Medha Singh, Mrinalika Roy, Krishna Chandra Organizations: Enphase Energy, SolarEdge Technologies, Thomson Locations: United States, Texas, Arizona, Fremont , California, U.S, Bengaluru

July 20 (Reuters) - New York Governor Kathy Hochul on Thursday directed state departments to investigate health risks associated with old lead-clad cables left by telecommunication companies. The Wall Street Journal this month reported that telecom companies, including AT&T (T.N) and Verizon Communications (VZ.N), had left toxic lead cables on poles, underwater and buried under ground across the U.S. including in New York. The investigation is to better understand the inventory and ownership of such cables in New York, Hochul said. "AT&T’s commitment to addressing our members’ exposure to lead must go beyond point-in-time testing of blood lead levels and incorporate proper follow up," the union said. U.S. Representative Pat Ryan of New York on Thursday wrote to the CEOs of Verizon, AT&T and industry group U.S. Telecom, demanding that they remove lead cables.

Persons: Kathy Hochul, Hochul, John Stankey, Jessica Rosenworcel, Rosenworcel, Pat Ryan, Ryan, Mrinalika Roy, Vinay Dwivedi, Marguerita Choy Organizations: Verizon Communications, Verizon, The Communications Workers, America, Federal Communications, Environmental Protection Agency, White House Council, Environmental, U.S . Telecom, Thomson Locations: New, New York, Bengaluru

☆ New York Governor Hochul directs agencies to probe toxic lead cables
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Democratic Governor Kathy Hochul on Thursday directed the public service, health and environmental conservation departments to investigate risks associated with old lead-clad cables left by telecommunication companies following a recent report. The Wall Street Journal earlier this month reported that telecom companies including AT&T (T.N) had left toxic lead cables on poles, underwater and buried under ground across the U.S. including the State of New York. The purpose of the investigation is to better understand the inventory and ownership of such cables in New York, according to a statement from the governor's office. "Lead-covered cables pose a serious threat to communities across New York ... We will hold the telecommunication companies responsible and take swift action to remediate any problems," Hochul said in a statement. Reporting by Mrinalika Roy in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Kathy Hochul, Hochul, Mrinalika Roy, Vinay Dwivedi Organizations: Democratic, Street, Thomson Locations: New York, Bengaluru

☆ US FDA reviewing concerns over Logan Paul's PRIME energy drink
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] Youtube personalities Logan Paul of the U.S. and rapper KSI of Britain, meet fans during a Prime soft drink promotional event in Copenhagen, Denmark, June 27, 2023. Ritzau Scanpix/Ida Marie Odgaard via REUTERS/File PhotoJuly 12 (Reuters) - The U.S. Food and Drug Administration said on Wednesday it is reviewing concerns raised by Senate Majority Leader Chuck Schumer against a popular influencer-created energy drink. Prime Energy contains 200 milligrams of caffeine per 12 ounces, equal to six cans of Coca-Cola or nearly two Red Bulls. Canadian health officials told Reuters on Wednesday the energy drink should not be sold in Canada as the product exceeds the acceptable caffeine limits. The Canada health agency is aware that some stores in Canada may be selling Prime Energy without approval and it is actively working to address this issue, a spokesperson said.

Persons: Logan Paul of, KSI, Ritzau Scanpix, Ida Marie Odgaard, Chuck Schumer, Schumer, Logan Paul, Khushi Mandowara, Mrinalika Roy, Shounak Dasgupta Organizations: REUTERS, U.S . Food, Drug Administration, YouTube, Prime Energy, Red Bulls, Reuters, Energy, Thomson Locations: Britain, Copenhagen, Denmark, U.S, Canada, Bengaluru

June 20 (Reuters) - Civitas Resources (CIVI.N) said on Tuesday it would acquire oil and gas operations in the Permian basin managed by private equity firm NGP Energy Capital Management for $4.7 billion, expanding its operations into the lucrative shale patch. The deal is transformative for Civitas, which until now operated solely in Colorado's Denver-Julesburg (DJ) basin. Under the terms, Civitas has agreed to purchase a portion of Tap Rock Resources' assets and all of Hibernia Energy III's operations. "Simply put, these transactions make Civitas a better company, and we see tremendous opportunity to add value in the Permian that will complement our leading oil position in the DJ basin," Civitas Chief Executive Chris Doyle told analysts. News of the deal, which Reuters was first to report on Monday, sent Civitas' shares 8% lower.

Persons: Civitas, Chris Doyle, Ben Dell, David French, Mrinalika Roy, Shilpi Majumdar, Emelia Organizations: Civitas Resources, NGP Energy Capital Management, Rock Resources, Hibernia Energy, Reuters, Thomson Locations: Colorado's Denver, U.S, Rock, DJ, Texas, New Mexico, Denver, New York, Bengaluru

☆ Civitas Resources shells out $4.7 billion for Permian assets
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

June 20 (Reuters) - Civitas Resources (CIVI.N) said on Tuesday it would acquire oil and gas operations in the Permian Basin managed by private equity firm NGP Energy Capital Management for $4.7 billion, expanding its operations into the lucrative shale patch. Under the terms of the transactions, Civitas has agreed to purchase a portion of Tap Rock Resources' Delaware Basin assets and all of Hibernia Energy III's Midland Basin assets. Both Tap Rock and Hibernia are portfolio companies of funds managed by NGP. Reuters was the first to report that Civitas was in advanced talks with NGP to buy the Permian Basin-focused assets. Plenty of tier-1 acreage still available, indicating shale oil production will grow through to the end of this decade, HSBC analysts wrote in a June 20 note.

Persons: Civitas, NGP, Chris Doyle, Mrinalika Roy, Shilpi Majumdar Organizations: Civitas Resources, NGP Energy Capital Management, Rock Resources, Hibernia Energy, Midland, NGP, Reuters, Civitas, HSBC, Thomson Locations: Rock, Delaware, Hibernia, Texas, New Mexico, Denver, Bengaluru

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