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☆ Chevron could outperform Exxon if battle over Guyana assets is resolved this year, fund manager says
▼ + stars: | 2024-05-31 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Exxon and Chevron are the fund's top two holdings , representing 9.73% and 9.27% of total assets in FSTEX as of April 30. Exxon vs. Chevron Chevron came into the year facing production issues in the Permian Basin and cost overruns at its Tengiz project in Kazakhstan that frustrated investors, Holt said. And investors have taken notice of Exxon's lead position in the lucrative offshore oil development in Guyana. Chevron would look very attractive if the Hess deal closes due to the latter's large stake in Guyana, he said. "There's a little concern that if Chevron doesn't do the Hess deal, then they have to go and do another deal," Holt said.

Persons: Kevin Holt, Hess, Holt, hasn't, XOM, Chevron's, Tengiz Organizations: Exxon Mobil, Chevron, Invesco Energy, Exxon, Hess Corp, Hess, Chevron Chevron Locations: Guyana, U.S, Stabroek, FSTEX, Kazakhstan, Holt, Tengiz

☆ Schumer and Senate Democrats call for Justice Department to probe Big Oil for alleged collusion
▼ + stars: | 2024-05-30 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —Senate Majority Leader Chuck Schumer and nearly two dozen Democrats pressed the Justice Department on Thursday to launch an industry-wide investigation into Big Oil for alleged collusion and price fixing. The lawmakers urged the DOJ to investigate the oil industry, “hold accountable any liable actors” and halt illegal activity. Last week, congressional Democrats launched an investigation into whether other US oil companies colluded with each other and OPEC. Regulators cited hundreds of text messages Sheffield exchanged with OPEC officials discussing pricing, production and oil market dynamics. “The strategy appears to have worked,” Schumer and his colleagues wrote to the DOJ.

Persons: Chuck Schumer, General Merrick Garland, Schumer, “, ”, Elizabeth Warren, Amy Klobuchar, Bernie Sanders, Dick Durbin, Scott Sheffield, Sheffield “, ” Schumer, Sherman, Sheffield, ” Sheffield Organizations: CNN, Justice Department, Big Oil, Democrats, DOJ, Big, Federal Trade Commission, FTC, Sheffield, Pioneer Natural Resources, OPEC, Pioneer Locations: Texas, Sens

☆ U.S. crude oil falls 3.2% in May, on pace for worst month of the year
▼ + stars: | 2024-05-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

An oil pumpjack is pictured in the Permian Basin in the Loco Hills regions, New Mexico, on April 6, 2023. U.S. crude oil was little changed Thursday but is on pace for its worst month of the year and a second consecutive monthly loss. U.S. crude oil is down 3.2% in May, its worst performance since December. Brent has lost nearly 5% this month, putting the global benchmark on pace for its first negative month in five. Demand in China appears to have softened in the first quarter, Singh told clients in a note.

Persons: Brent, Amarpreet Singh, Singh, Tamas Varga Organizations: Barclays, Demand Locations: New Mexico, China

Another mega oil dealBullish predictions for $100 crude oil may not have come to fruition, but that hasn’t stopped the deal frenzy in the fossil fuel sector. The latest: The Houston-based company ConocoPhillips has agreed to acquire its smaller rival, Marathon Oil, in an all-stock deal that values the company at $22.5 billion, including debt. The news comes a day after Hess shareholders approved Chevron’s $53 billion takeover in a contentious vote. The oil majors have pulled off some of the biggest deals in the past year despite tough regulatory scrutiny from the Biden administration and volatility in the oil market. Still, the U.S. giants are sitting on record profits, giving them the firepower to acquire smaller drillers with operations in the oil-rich Permian Basin and in the Gulf of Mexico.

Persons: hasn’t, Hess, Biden Organizations: ConocoPhillips, Marathon Oil Locations: Houston, U.S, Gulf of Mexico

☆ ConocoPhillips to Acquire Marathon Oil in $22.5 Billion Deal
▼ + stars: | 2024-05-29 | by ( Bernhard Warner | More About Bernhard Warner | ) www.nytimes.com time to read: +1 min

ConocoPhillips agreed on Wednesday to acquire its smaller rival, Marathon Oil, the latest deal in a wave of consolidation sweeping the oil industry. The all-stock deal values Marathon at $22.5 billion, including debt. Marathon’s operations are in some of the most sought-after oil fields in New Mexico, North Dakota and Texas; it also drills offshore of Equatorial Guinea. Major oil companies have pulled off some of the biggest acquisitions of the past year despite regulatory scrutiny from the Biden administration and volatility in the oil market. The U.S. giants have been harnessing record profits, giving them the firepower to acquire smaller players with operations in oil-rich regions like the Permian Basin, Bakken Shale and in the Gulf of Mexico.

Persons: ” Ryan Lance, Biden Organizations: ConocoPhillips, Marathon Oil Locations: New Mexico, North Dakota, Texas, Equatorial Guinea, U.S, Gulf of Mexico

☆ ConocoPhillips is buying Marathon Oil in $22.5 billion deal
▼ + stars: | 2024-05-29 | by ( Mark Thompson | ) edition.cnn.com time to read: +2 min

ConocoPhillips said Wednesday it had agreed to buy Marathon Oil in an all-stock deal worth $22.5 billion, including about $5.4 billion of debt. Marathon Oil shareholders will receive 0.255 ConocoPhillips shares for each Marathon share they own, representing a 14.7% premium to the closing price on Tuesday. Shares of Marathon (MRO) were up more than 10% in premarket trade, while Conoco (COP) stock was down about 2%. “This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory,” Ryan Lance, ConocoPhillips CEO, said in a statement. Until 1962, Marathon Oil was called The Ohio Oil Company, which was founded in 1887 and was bought two years later by John D. Rockefeller’s Standard Oil.

Persons: Hess, ” Ryan Lance, John D, Lee Tillman, ” Tillman Organizations: London CNN, Big Oil, ConocoPhillips, Oil, Marathon Oil, Occidental, Diamondback Energy, Endeavor Energy Partners, Marathon, Financial Times, Devon Energy, Ohio Oil Company Locations: Conoco, Houston, multibillion

☆ Oil prices bounce back after three-day decline but still on pace for weekly loss
▼ + stars: | 2024-05-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures bounced back Thursday after a three-day decline but are still on pace for a weekly loss. U.S. crude oil is down 2.4% for the week while Brent, the global benchmark, is down 1.8%. Traders are also worried about a buildup in global oil inventories after a mild winter in parts of the Northern Hemisphere, Staunovo told clients in a note Thursday. Nevertheless, UBS sees the oil market in a deficit and is forecasting Brent will rise to $91 per barrel in coming months. The bank also sees healthy demand growth of 1.5 million barrels per day in 2024, above the long-term growth rate of 1.2 million barrels per day.

Persons: Brent, Giovanni Staunovo, Staunovo Organizations: Midland, UBS, Traders, Northern Locations: Odessa, Texas, U.S

☆ Oil prices extend losing streak, on pace for third daily decline
▼ + stars: | 2024-05-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

An oil pumpjack is pictured in the Permian Basin in the Loco Hills regions, New Mexico, on April 6, 2023. Crude oil futures fell for a third session Wednesday, extending this week's losing streak as prices soften ahead of a crucial OPEC meeting in June. OPEC and its allies, led by Russia, will hold a crucial meeting to review production policy next weekend. A coalition of nations in the broader OPEC+ grouping are cutting 2.2 million barrels per day, which has supported oil prices this year. The group is likely to extend those production cuts as prices soften, according to analysts.

Organizations: Brent, OPEC, Investors, Federal Locations: New Mexico, Russia

☆ House Democrats investigate if Big Oil colluded with OPEC to inflate gas prices
▼ + stars: | 2024-05-22 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Congressional Democrats are investigating whether leading US oil companies have illegally colluded with one another and with OPEC to inflate prices at the pump, CNN has learned. The Federal Trade Commission earlier this month accused Sheffield, the founder of Pioneer Natural Resources, of conspiring with OPEC and its allies to boost prices. Pallone argued that public data suggests US oil producers did not ramp up drilling during the period that Sheffield was trying to influence his rivals. Pallone sent Exxon additional document demands, including communications between Pioneer employees who were involved in developing production plans and representatives of OPEC and OPEC+. Sheffield was among the oil CEOs who testified before Pallone’s committee during an April 2022 hearing on Big Oil and gas prices.

Persons: Frank Pallone Jr, ”, Scott Sheffield, “, ” Pallone, Sheffield, Hess, Pallone Organizations: New, New York CNN, Congressional, OPEC, CNN, Committee, Energy, Commerce, ExxonMobil, BP, New Jersey Democrat, Federal Trade Commission, Sheffield, Pioneer Natural Resources, FTC, Oil, Exxon, Chevron, Shell USA, Devon Energy, Big, ” Locations: New York, Chevron, Hess, BP America, New Jersey, Texas, OPEC, Russia, colluding, United States, ”, Occidental

☆ Passengers on flight hit by extreme turbulence arrive in Singapore
▼ + stars: | 2024-05-22 | by ( Joanna Tan | ) www.cnbc.com time to read: +1 min

Passengers of Singapore Airlines flight SQ321 from London to Singapore, which made an emergency landing in Bangkok, greet family members upon arrival at Changi Airport in Singapore on May 22, 2024. SINGAPORE — More than 140 passengers and crew that were on the Singapore Airlines flight that made an emergency landing in Bangkok Tuesday after encountering severe turbulence arrived safely in Singapore early on Wednesday. One passenger died and 30 others were injured onboard the London to Singapore flight on Tuesday, which encountered "sudden extreme turbulence" about 10 hours after departing from Heathrow Airport. The Boeing 777-300ER, which was carrying carrying 211 passengers and 18 crew, was flying over the Irrawaddy Basin at an altitude of 37,000 feet when it experienced sudden turbulence. We also deeply apologise for the trauma experienced by all passengers and crew members on this flight," Singapore Airlines' CEO Goh Choon Phong, said in a video message posted on Facebook.

Persons: SQ321, Goh Choon Phong Organizations: Singapore Airlines, Changi Airport, Heathrow Airport, Boeing, Facebook Locations: London, Singapore, Bangkok, SINGAPORE

☆ Top Wall Street analysts suggest these dividend stocks for income investors
▼ + stars: | 2024-05-05 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +5 min

Those who wish to add stocks that pay dividends consistently can follow the recommendations of Wall Street experts. Here are three attractive dividend stocks, according to Wall Street's top pros on TipRanks, a platform that ranks analysts based on their past performance. Earlier this year, Chord declared a base-plus-variable cash dividend of $3.25 per share. These estimates for 2024 and 2025 reflect capital return yields of 6.6% and 9.7%, respectively, which are above the peer average yields of 6.3% and 7.8%. (See Chord Energy Stock Buybacks on TipRanks)Energy TransferNext on the list is Energy Transfer (ET), a master limited partnership or MLP.

Persons: Wall, Chord, Siebert Williams Shank, Gabriele Sorbara, Sorbara, TipRanks, Gabriel Moreen, Nik Modi, Modi Organizations: Wall Street, Energy, MLP, Mizuho, RBC Capital, U.S, Modi, Cola Locations: Williston, TipRanks

☆ AI could drive a natural gas boom as power companies face surging electricity demand
▼ + stars: | 2024-05-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: +10 min

AI data centers alone are expected to add about 323 terawatt hours of electricity demand in the U.S. by 2030, according to Wells Fargo. The forecast power demand from AI alone is seven times greater than New York City's current annual electricity consumption of 48 terawatt hours. The natural gas industry is betting gas will serve as the preferred choice. Coal plant retirements and data centers could result in 6 bcf/d of new natural gas demand in EQT's backyard by 2030, the CEO said. The level of electricity demand could help lift natural gas prices out of the doldrums.

Persons: Kena, Goldman Sachs, Robert, Richard Kinder, Kinder Morgan, Kinder, Roger Read, Wells, Goldman, Toby Rice, Rice, CNBC's, Christopher Womack, Robert Blue, EQT, Jeremy Knop, Knop, Blue, Read, Lynn, Zack Van Everen, Robert Kinder Organizations: Linden, View Press, Getty, Amazon, Google, Microsoft, Meta, Rystad Energy, Robert Blue Dominion Energy, Gas, Holt, Co, EQT Corp, U.S ., Dominion Energy, Georgia Power, Southern Company, Dominion, Renewables, CNBC, Lynn Good, Energy Locations: Linden New Jersey, U.S, Wells, Wells Fargo, New York, Houston, Pickering, Northern Virginia, Georgia, Appalachian, Virginia, Gulf

☆ New mission could reveal secrets of the moon’s ‘hidden side’
▼ + stars: | 2024-05-04 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

In one lunar region, Japan’s “Moon Sniper” mission has beaten the odds and survived three long, frigid lunar nights since its sideways landing on January 19. The Tianwen-2 mission will visit the space rock later this decade. But first, China has set its sights on returning to the moon’s “hidden side.”An illustration depicts the far side of the moon, with Earth behind it. Since the Chang’e 4 mission in 2019, China remains the only country to have landed on the moon’s far side, sometimes called the “dark side” of the moon. Scientists hope that returning samples from the far side could solve some of the biggest remaining lunar mysteries, including the moon’s true origin.

Persons: Graziano Ranocchia, Ranocchia, Plato, Emma Pomeroy, “ She’s, ”, Pomeroy, Armas Rakus, Suni Williams, Butch Wilmore, Kevin Bacon, Ashley Strickland, Katie Hunt Organizations: CNN, Engineers, Japan Aerospace Exploration Agency, NASA, Apollo, Platonic Academy of Athens, University of Pisa, Netflix, University of Cambridge, Norton Disney, Archaeology Group, Roman, International Space, CNN Space, Science Locations: China, Kurdistan, Gunung Leuser, South Aceh, Indonesia, Morocco

☆ What’s on the far side of the moon? Here’s why scientists want to find out
▼ + stars: | 2024-05-03 | by ( Ashley Strickland | ) edition.cnn.com time to read: +9 min

“The far side of the moon is very different from the near side,” said Li Chunlai, China National Space Administration deputy chief designer. The Yutu-2 lunar rover took an image of the Chang'e-4 lunar probe on the far side of the moon on January 11, 2019. Far side mysteriesDespite years of orbital data and samples collected during six of the Apollo missions, scientists are still trying to answer key questions about the moon. Hector Retamal/AFP/Getty ImagesChang’e-6 is just one mission heading to the moon’s far side as NASA has plans to send robotic missions there as well. Cracking the lunar codeOne of the most fundamental questions that scientists have tried to answer is how the moon formed.

Persons: Von, hasn’t, ”, Li Chunlai, David Trone, Bill Nelson, ” Nelson, “ We’re, Pink Floyd, Renu Malhotra, Louise Foucar, we’ve, Noah Petro, Artemis III, “, ” Petro, Artemis, Malhotra, Brett Denevi, ” Denevi, Hector Retamal, Denevi, Aitken, “ it’s, CNN’s Wayne Chang Organizations: CNN, China National Space Administration, NASA, Louise Foucar Marshall Science Research, Planetary Sciences, University of Arizona, Apollo, Reconnaissance, Artemis, Soviet Union, Johns Hopkins, Getty Locations: China, Tucson, AFP, Hainan Province

☆ China launched a probe to the far side of the moon, stepping up its space race with the US
▼ + stars: | 2024-05-03 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +2 min

China launched the Chang'e-6 probe to collect samples from the far side of the moon. AdvertisementChina on Friday launched a probe to collect samples from the far side of the moon, as it stepped up its space race against the US. The Chang'e-6 probe successfully lifted off from China's Wenchang Space Launch Center at 5.37 a.m. It will collect around two kilograms of lunar samples from the far side of the moon for analysis. "People want to know why this happened," Yi Xu, a professor at the Space Science Institute of Macau University of Science and Technology and a member of the Chang'e-6 science team told The New York Times.

Persons: —, maria, Yi Xu Organizations: Service, US, NASA, Space Science Institute of Macau University of Science, Technology, New York Times Locations: China

That's how she discovered a one-bedroom and a one-and-a-half-bathroom above the Brickell City Centre, a shopping mall in Miami. Koggan's Miami unit is a one-bedroom, 1,200-square-foot apartment with one and a half bathrooms. Her first year in the unit, Koggan's rent was $3,350 but increased to $4,200 for her second year. Koggan's apartment also has a walk-in closet. Brickell City Centre in Miami is home to a five-floor shopping mall, office space and two luxury residential buildings, including Koggan's.

Persons: Rachel Koggan, Booth, Koggan, I'd, Andres Rivera, she's, I've Organizations: Media Relations, CNBC, Brickell City, Brickell City Centre, Centre Locations: New York City, Miami , Florida, Miami, Florida, Brickell

☆ Restaurants are competing for frugal diners’ dollars
▼ + stars: | 2024-05-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

For some restaurants, it feels like a battle to get them to spend. Olive Garden-parent Darden Restaurants saw same-restaurant sales dip during its most recent quarter. Darden saw sales from households with incomes above $150,000 climb from the prior year. What to expect in Friday’s jobs reportThe US job market has been on a roll for the past three years. That’s about 25,000 more jobs per month than last year and 111,000 more per month than in 2019.

Persons: ”, Laxman Narasimhan, “, we’ve, Ian Borden, Ricardo Cardenas, Scott Sheffield, “ Mr, —, Matt Egan, Read, Alicia Wallace, ” Julia Pollak, ZipRecruiter Organizations: CNN Business, Bell, New York CNN, Starbucks, Darden, OPEC, Federal Trade Commission, Sheffield, Organization of, Petroleum, Saudi Arabia, Regulators, Pioneer Natural Resources, CNN, of Labor Statistics Locations: New York, China, Olive, American, Saudi, Sheffield, Texas, OPEC, Russia

☆ How to Watch China’s Launch to the Far Side of the Moon
▼ + stars: | 2024-05-03 | by ( Katrina Miller | More About Katrina Miller | ) www.nytimes.com time to read: +2 min

Why the far side of the moon? But the far side of the moon — it is not actually the dark side of the moon — is distinct from the near side. With a lunar far side sample, scientists can begin to probe why the two sides of the moon are so different. Because the same side of the moon always faces Earth, it is impossible to directly establish communications with the lunar far side. Chang’e-7, expected to launch in 2026, will search for water at the lunar south pole.

Persons: maria Organizations: Soviet, China National Space Administration Locations: United States, Soviet Union, China, Chang’e

☆ FTC accuses ex-Pioneer CEO of colluding with OPEC, blocks him from Exxon board seat
▼ + stars: | 2024-05-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The FTC filed a complaint alleging that Scott Sheffield attempted to collude with representatives of OPEC to reduce oil and gas output to increase prices at the pump and inflate Pioneer's profits. "The FTC has a responsibility to refer potentially criminal behavior and takes that obligation very seriously," spokesman Doug Farrar told CNBC. In response, Exxon agreed to keep Sheffield off its board, the oil major said in a statement Thursday. The FTC alleged that Sheffield repeatedly held private conversations with high-ranking OPEC representatives to assure them that Pioneer and its competitors in the Permian Basin were working to keep oil output artificially low. "Notwithstanding, Pioneer and Mr. Sheffield are not taking any steps to prevent the merger from closing," the company said in the statement.

Persons: Scott Sheffield, Doug Farrar, Exxon, Sheffield, Sheffield's, Lina Khan, — CNBC's Pippa Stevens, Mary Catherine Wellons, Lina Khan's Organizations: Federal Trade Commission, Natural Resources, OPEC, Exxon Mobil, Pioneer, FTC, Justice Department, Wall Street, CNBC, Exxon, Sheffield

☆ Scott Sheffield, former Pioneer CEO, accused of trying to conspire with OPEC to inflate prices
▼ + stars: | 2024-05-02 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Scott Sheffield, the founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday. Regulators say Sheffield, then the CEO of Pioneer Natural Resources, used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia. Unlike with OPEC nations, US oil production is supposed to be decided by the free market, not by coordination among the major players. The FTC said that while Sheffield was discussing efforts to coordinate output with other Texas producers, the Pioneer CEO said: “If Texas leads the way, maybe we can get OPEC to cut production. Exxon said that in response to the FTC’s concerns, it will not add Sheffield to its board.

Persons: New York CNN — Scott Sheffield, “ Mr, —, Kyle Mach, Sheffield “, Douglas Farrar, Sheffield, ”, Exxon Organizations: New, New York CNN, OPEC, Federal Trade Commission, Sheffield, Organization of, Petroleum, Saudi Arabia, Regulators, Pioneer Natural Resources, FTC, ExxonMobil, Competition, CNN, Railroad Commission, Texas, Exxon Locations: New York, American, Saudi, Sheffield, Texas, OPEC, Russia, FTC’s, Saudi Arabia

☆ Coterra's smart pivot to oil from natural gas leads to an excellent first quarter and sweeter outlook
▼ + stars: | 2024-05-02 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Coterra Energy Why we own it: Formed by the merger of Cabot Oil & Gas and Cimarex, Coterra Energy is an exploration-and-production company with a high-quality, diversified asset portfolio. In addition, we were pleased to see Coterra raise its full-year oil production outlook without moving its capex guidance. Coterra's mix of oil and natural gas acreage gives it the flexibility to adjust its drilling focus. However, the oil guide was higher and natural gas production was lighter than anticipated. Permian Basin rigs in 2020, when U.S. crude oil production dropped by 3 million a day as Wall Street pressure forced cuts.

Persons: It's, Coterra, Tom Jorden's, we've, We'll, Jim Cramer's, Jim Cramer, Jim, Paul Ratje Organizations: Coterra Energy, Revenue, LSEG, Cabot Oil & Gas, EQT Corp, Devon Energy, Oil, Texas, Coterra, CNBC, Afp, Getty Locations: U.S, repurchased, Houston, Marcellus

☆ U.S. crude oil bounces after hitting seven-week low on surging U.S. inventories
▼ + stars: | 2024-05-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

An oil pumpjack is pictured in the Permian basin, Loco Hills regions, New Mexico, U.S., April 6, 2023. Liz Hampton | ReutersU.S. crude oil edged higher on Thursday after selling off to a seven-week low on a surge in petroleum inventories on softening demand. Here are today's energy prices: West Texas IntermediateBrentRBOB Gasoline June: $2.59 a gallon, up 0.57%. Natural Gas Oil prices tumbled more than 3% on Wednesday after U.S. commercial crude inventories, which exclude the strategic petroleum reserves, surged by 7.3 million barrels to 461 million barrels total last week. The rate at which refiners process crude and the average demand for gasoline is lower than the year-ago period despite summer driving season rapidly approaching.

Persons: Liz Hampton, Brent Those, Bob Yawger, Tamas Varga Organizations: Reuters, West Texas Intermediate Brent, Natural Gas, Mizuho Americas, Federal Reserve Locations: Loco Hills, New Mexico, U.S

☆ China’s Chang’e-6 moon probe stands by for launch as space race with US heats up
▼ + stars: | 2024-05-02 | by ( Simone Mccarthy | Marc Stewart | ) edition.cnn.com time to read: +6 min

China’s planned 53-day mission would see the Chang’e-6 lander touch down in a gaping crater on the moon’s far side, which never faces Earth. China became the first and only country to land on the moon’s far side during its 2019 Chang’e-4 mission. Ambitious missionThe Chang’e-6 probe will be a key test for China’s space capabilities in its effort to realize leader Xi Jinping’s “eternal dream” of building the country into a space power. This time, to communicate with Earth from the moon’s far side, Chang’e-6 must rely on the Queqiao-2 satellite, launched into lunar orbit in March. This time, China has said the Chang’e-6 mission will carry scientific instruments or payloads from France, Italy, Pakistan and the European Space Agency.

Persons: China’s, “, Ge Ping, Xi Jinping’s, James Head, Luo Yunfei, Bill Nelson, –, ” Nelson Organizations: Hong Kong CNN, China, Space Administration’s, of Lunar Exploration, Space Engineering, Brown University, China News Service, Luna, NASA, European Space Agency Locations: China, Hong Kong, Hainan, United States, Russia, Chang’e, India, Japan, Texas, France, Italy, Pakistan

☆ Oil prices pick up on prospect of U.S. replenishing strategic reserve
▼ + stars: | 2024-05-02 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack is pictured in the Permian basin, Loco Hills regions, New Mexico, U.S., April 6, 2023. Oil prices rose on Thursday on the prospect the U.S. may start buying crude for its petroleum reserve, after prices sank to a seven-week low on hopes for an Israel-Gaza ceasefire, doubts about U.S. interest rate cuts and swelling oil inventories. U.S. West Texas Intermediate (WTI) crude for June climbed 22 cents, or 0.3%, to $79.22 a barrel. The U.S. aims to replenish its Strategic Petroleum Reserve, or SPR, after a historic sale from the emergency stockpile in 2022 and wants to buy back oil at $79 a barrel or less. Any delay in rate cuts could slow economic growth and dampen demand for oil.

Persons: WTI, Hiroyuki Kikukawa, Kikukawa, Benjamin Netanyahu Organizations: Brent, . West Texas, NS, Nissan Securities, Strategic Petroleum Reserve, U.S, U.S . Energy Information Administration, U.S . Federal Reserve Locations: Loco Hills, New Mexico, U.S, Israel, Gaza, Egypt, Israeli, Rafah

☆ F.T.C. Clears Exxon Mobil’s Acquisition of Pioneer Natural Resources
▼ + stars: | 2024-05-02 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com time to read: +1 min

The Federal Trade Commission on Thursday approved Exxon Mobil’s acquisition of Pioneer Natural Resources as long as Exxon excludes Pioneer’s chief executive from its board. Exxon’s purchase of Pioneer is one of several large mergers and acquisitions in the oil and gas industry in recent years. accused Pioneer’s chief executive, Scott Sheffield, of colluding with officers of the Organization of Petroleum Exporting Countries and its allies to control global oil production and prices. Sheffield’s past conduct makes it crystal clear that he should be nowhere near Exxon’s boardroom,” Kyle Mach, deputy director of the commission’s Bureau of Competition, said in a statement. “American consumers shouldn’t pay unfair prices at the pump simply to pad a corporate executive’s pocketbook.”

Persons: Pioneer’s, Scott Sheffield, Mr, Kyle Mach, ” Organizations: Federal Trade Commission, Exxon, Natural Resources, Pioneer’s, Organization of Petroleum, Competition Locations: Texas, New Mexico, commission’s

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