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☆ $14 Billion Deal to Create Mega-Pipeline Company
▼ + stars: | 2023-05-15 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

The deal’s price tag amounted to a 22% premium over Magellan’s common units. Photo: Kris Tripplaar/Sipa USA/Associated PressPipeline operator Oneok agreed Sunday to buy smaller rival Magellan Midstream Partners for about $14 billion, a deal that would form one of the biggest U.S. companies involved in transporting and storing energy. The deal’s price tag, including $8.8 billion in equity and $5.1 billion in cash, amounted to a 22% premium over Magellan’s common units as of Friday. Oneok said it would assume Magellan’s $5 billion in net debt. The deal was expected to close in the third quarter, pending the approval of regulators and investors.

☆ MLB roundup: Mets post 8-run inning, whip Nats in Max Scherzer's return
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +12 min

For seven innings, the game was a pitchers' duel between Cleveland rookie Tanner Bibee and the Angels' Patrick Sandoval. Zach Elfin (5-1) got the win after allowing four runs on seven hits in his six innings, striking out nine and walking one. Royals starter Jordan Lyles (0-7) was tagged for seven runs in 2 1/3 innings, allowing four hits and three walks. The loss overshadowed another strong outing by Giants starter Logan Webb, who allowed one run on three hits over seven innings. Boston's Corey Kluber (2-5) surrendered four runs on seven hits in five innings.

☆ Exxon Executive Suite Goes Lean With End of ‘God Pod’ Era
▼ + stars: | 2023-05-14 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Exxon Mobil is moving its global headquarters to this glass-dominated campus in Spring, Texas. Photo: Meridith Kohut for The Wall Street JournalAfter inhabiting a palatial executive suite known as the “God Pod” for more than 25 years, Exxon Mobil ’s top brass is downsizing to less-celestial chambers. In a part-symbolic, part-practical move for the oil company, Chief Executive Officer Darren Woods and his top lieutenants are packing up their Dallas-area offices for a move this summer to a C-suite now under construction at a campus outside Houston, according to people familiar with the matter. The new office is intended to be at least a bit more egalitarian and economical, in keeping with the company’s recent pledges to be leaner, the people said.

☆ How to Make Housing Less Affordable
▼ + stars: | 2023-05-09 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week's best and worst from Kim Strassel, Kyle Peterson, Collin Levy and Dan Henninger Images: Zuma Press/San Francisco Chronicle/AP/ Composite: Mark KellyThe Biden Administration’s regulatory onslaught continues, with almost no media coverage about the costs or consequences. A case in point is a new Department of Energy rule due to hit on May 31 that will make manufactured homes less affordable. Some 22 million Americans live in manufactured homes, often called mobile homes, and their median household income is $35,000 a year. The average cost of a manufactured home ranges from $72,000 to $132,000, compared to $365,000 for a traditional house. Manufactured homes were about 9% of new single-family home starts in 2021, providing more than 100,000 affordable homes.

☆ Texas gunman may have embraced white supremacy, media reports say
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

May 8 (Reuters) - The man accused of shooting and killing eight people at a Texas mall appeared to have embraced white supremacist and neo-Nazi ideologies, multiple media outlets reported on Monday. In social media profiles thought to be linked to the suspect, 33-year-old Mauricio Garcia, investigators found posts targeting racial or ethnic minorities, NBC News reported, citing two law enforcement officials. On a Russian social media platform, a user believed to have been Garcia praised the dictator Adolf Hitler and sympathized with neo-Nazi beliefs, according to the New York Times, citing law enforcement sources. The Allen Police Department, Collin County Sheriff's Office and the Texas Department of Public Safety did not immediately respond to requests for comment on the reports. Reporting by Tyler Clifford in New York; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Police responding to shooting at Texas mall, multiple people injured
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +2 min

[1/4] Police respond to a shooting in the Dallas area's Allen Premium Outlets, which authorities said has left multiple people injured in Allen, Texas, U.S. May 6, 2023 in a still image from video. ABC Affiliate WFAA via REUTERSMay 6 (Reuters) - Police were responding to a shooting at a busy suburban Dallas mall on Saturday that left multiple people injured, authorities said. There was no word on deaths or the number of people injured at the Allen Premium Outlets mall where the shooting took place, about 25 miles (40 km) northeast of Dallas. "Law enforcement is on the scene at Allen Premium Outlets. Allen, Texas, is a community of about 100,000 people.

Gunfire erupted at a mall north of Dallas on Saturday, sending shoppers running from stores and the police to investigate reports that people had been wounded. Jessica Pond of the Collin County Sheriff’s Office said that “there’s some possibly wounded” in the shooting at the Allen Premium Outlets in Allen, Texas, but could not provide further details. The Allen Police Department said on Twitter that law enforcement was at the mall and that an “active investigation is underway.”A video circulating on social media showed people running through a parking lot in front of a shopping center with loud popping sounds in the background.

Landing of aircraft at night and in bad weather, for instance - crucial to regular offshore carrier operations - remain far from routine, several of the attaches and analysts said. "Carrier operations are a very complicated game, and China's got to figure this out all by itself. A new plane, the KJ-600, designed to perform a similar role to the E-2C/D Hawkeye launched from U.S. carriers, is still in testing, according to the Pentagon's latest annual report on China's military. Several countries operate aircraft carriers but the U.S. remains the most dominant, running 11 carrier battlegroups with global reach. A September editorial published in a magazine run by a PLA weapons manufacturer, titled "Four great advantages the PLA has in attacking Taiwan", did not mention the role of Chinese carriers.

☆ MLB roundup: Dodgers stun Phillies on walk-off slam
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +13 min

Brandon Drury also hit a homer for the Angels, who won for the sixth time in their last eight games. Starter Seth Lugo (3-2) held the Reds to one run on seven hits over six innings to earn the win. Pfaadt, a touted pitching prospect, went 4 2/3 innings and allowed nine hits -- four of which were home runs -- and seven runs. Texas starter Andrew Heaney allowed six runs on four hits in 4 2/3 innings, with four walks and five strikeouts. Losing pitcher Eric Lauer (3-3) allowed four runs -- all unearned -- on four hits and struck out six in 4 2/3 innings.

☆ Here's what to expect from today's Federal Reserve announcement
▼ + stars: | 2023-05-03 | by ( Jeff Cox | ) www.cnbc.com time to read: +7 min

Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, DC, on March 22, 2023. None of those figures are satisfactory for Fed officials. "Most Fed officials don't seem comfortable that the rate hike cycle is over," Citigroup economist Andrew Hollenhorst said in a note. The next Fed policy meeting comes in six weeks, on June 13-14, and April's consumer price report is due in one week, on May 10. This Fed meeting is crucial."

☆ A Triathlon Champion’s Positive Test Jolts the Sport, Creating a Soap Opera
▼ + stars: | 2023-05-02 | by ( Matthew Futterman | ) www.nytimes.com time to read: +1 min

For the small, insular world of triathlon, it has been a week. EPO stimulates the production of red blood cells, which helps the body transport oxygen, ultimately increasing stamina. For years in professional cycling, it was about as common as saddle sores. Also, after more than two decades of doping scandals in nearly every sport, from track and field to baseball, most athletes, sports officials and fans have come to react to the latest positive test in the manner of Captain Renault entering Rick’s Cafe in “Casablanca.”“I’m shocked! “It’s really blown up the sport,” said Dan Plews, who coaches several elite triathletes, including Chelsea Sodaro, the reigning Ironman world champion.

☆ Exxon, Chevron Profits Are Robust Even as Oil Prices Drop
▼ + stars: | 2023-04-28 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/chevron-cvx-exxon-xom-q1-earnings-report-2023-6a022a3d

☆ Spinning Federal Mortgage Fees
▼ + stars: | 2023-04-28 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week's best and worst from Kim Strassel, Mene Ukueberuwa, Collin Levy and Dan Henninger. Images: AP/AFP/Getty Images/Zuma Press Composite: Mark KellyChanges to the Federal Housing Finance Agency’s mortgage pricing are creating a stir in the marketplace, not that the bureaucracy wants to admit it. The changes, which take effect Monday, raise costs for some good-credit borrowers while making mortgages cheaper for low-income borrowers. We highlighted the changes in a recent editorial, and FHFA Director Sandra Thompson objected to our characterization that the plan will socialize mortgage-lending risk. Ms. Thompson says the new policy “won’t impose higher fees on higher-credit-score borrowers than on lower-credit-score borrowers, all else equal.” She says some borrowers with higher credit scores may even pay less.

☆ The Pentagon Tilts at Windmills
▼ + stars: | 2023-04-26 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week's best and worst from Kim Strassel, Mene Ukueberuwa, Collin Levy and Dan Henninger. Witness how the Department of the Interior rolled over Pentagon warnings that offshore wind installations in the mid-Atlantic could interfere with military training. President Biden has set a goal of generating 30 gigawatts of offshore wind power by 2030. Waters off the coasts of North Carolina, Virginia, Maryland and Delaware are prime real estate for wind farms because they are relatively shallow. But they are also training grounds for the Navy and Air Force, including North Carolina’s Dare County bombing range.

☆ Et Tu, Juan? Clarence Thomas’s Fickle Friends Pile On
▼ + stars: | 2023-04-26 | by ( James Taranto | ) www.wsj.com time to read: +1 min

Journal Editorial Report: The week's best and worst from Kim Strassel, Mene Ukueberuwa, Collin Levy and Dan Henninger. Images: AP/AFP/Getty Images/Zuma Press Composite: Mark KellyMitt Romney once complained that Barack Obama didn’t play fair. “I’ve been disappointed in the president’s campaign to date, which is focused on character assassination,” he told reporters in May 2012. “If the reports are accurate, it stinks,” Mr. Romney said. “I don’t have to explain more than that.” But the reports contained many inaccuracies, as I documented last week.

☆ Biden Is Desperately Seeking Trump
▼ + stars: | 2023-04-26 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week's best and worst from Kim Strassel, Mene Ukueberuwa, Collin Levy and Dan Henninger. Images: AP/AFP/Getty Images/Zuma Press Composite: Mark KellyPresident Biden’s re-election announcement video on Tuesday was unusual, if not surprising. The early scenes are less about Mr. Biden’s record, and the sunny uplands of second-term hope, than they are about Donald Trump: images of the Jan. 6 riot, Trump signs, and a reference to “MAGA extremists.”The video betrays a little too obviously what Democrats and the press know but don’t like to admit in public: Mr. Biden desperately wants a rematch with Donald Trump. He doesn’t want to run on his own record. He wants to run one more time by stoking fear about what might happen if the former President returns to the Oval Office.

☆ Facing China, the Philippines and U.S. Join in Biggest Military Drill Yet
▼ + stars: | 2023-04-26 | by ( Sui-Lee Wee | ) www.nytimes.com time to read: +1 min

More weapons could come. After the foreign and defense ministers of both the United States and the Philippines held talks earlier this month, Washington said it would commit to adopt “a security sector assistance road map” in the Philippines, which “will guide shared defense modernization investments.” Mr. Marcos is set to meet President Joe Biden next week in Washington. Collin Koh, a research fellow and expert on maritime security in Southeast Asia, said that the Philippines could “help to complicate Chinese defense planning” in the South China Sea. “Even weaker actors can pull off certain victories,” he said, pointing to how Ukraine’s vastly outgunned military had shocked and stymied Russian forces over the past year. Now, they say they are more reassured, especially after several visits by high-level U.S. officials.

☆ NHL roundup: Knights wrap up West's No. 1 seed
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +12 min

Reilly Smith, Alec Martinez and Chandler Stephenson scored for the Golden Knights (51-22-9, 111 points), who closed the regular season with an eight-game points streak (5-0-3). Liam O'Brien led the Coyotes with a pair of goals and Nick Schmaltz and added a goal and an assist. The Stars, who are looking to win a division title for the first time since the 2015-16 campaign, are atop the division. The Bruins set NHL records for most wins and most points in a single season. Tage Thompson scored his 47th goal of the season for Buffalo, which improved to 8-2-1 over its last 11 games.

☆ Exxon Deal Hunt Signals Possible Shale M&A Wave
▼ + stars: | 2023-04-11 | by ( Benoît Morenne | Collin Eaton | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/exxon-deal-hunt-signals-possible-shale-m-a-wave-c92c9fc

☆ Koepka extends Masters lead before round three suspended due to rain
▼ + stars: | 2023-04-08 | by ( Frank Pingue | ) www.reuters.com time to read: +5 min

[1/8] Golf - The Masters - Augusta National Golf Club - Augusta, Georgia, U.S. - April 8, 2023 Brooks Koepka of the U.S. after playing out from a bunker on the 7th hole during the third round REUTERS/Jonathan ErnstSummary Play to resume Sunday at 8:30 a.m. It marked the second consecutive day that rain interrupted play at the year's first major as 39 golfers returned early on Saturday to complete their second round. Play will resume Sunday at 8:30 a.m ET followed by the final round starting at 12:30 p.m. "I'm pretty sure I'll be up for it considering it is the Masters. Reporting by Frank Pingue in Augusta, Georgia; Editing by Ken Ferris, Pritha Sarkar and Toby DavisOur Standards: The Thomson Reuters Trust Principles.

☆ Weather-hit Masters resumes at rainy, chilly Augusta
▼ + stars: | 2023-04-08 | by ( Frank Pingue | ) www.reuters.com time to read: +2 min

[1/5] Golf - The Masters - Augusta National Golf Club - Augusta, Georgia, U.S. - April 8, 2023 General view of the 14th green as play resumes during the second round REUTERS/Brian SnyderAUGUSTA, Georgia, April 8 (Reuters) - The weather-interrupted second round of the Masters resumed under steady rain on Saturday with Spaniard Jon Rahm looking to catch clubhouse leader Brooks Koepka at Augusta National where tournament officials hope to get the major back on track. With temperatures around 48 Fahrenheit (8 Celsius) and the rainy and windy conditions expected to persist throughout the day, players will be in for a gruelling session. If Woods makes the cut, he would tie Gary Player and Fred Couples for most consecutive cuts made at the Masters (23). First-round co-leader Viktor Hovland was one over through his first 10 holes before Friday's play was halted and six shots behind Koepka. Reporting by Frank Pingue in Augusta, Georgia; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

Exxon, which has oil storage tanks in Beaumont, Texas, is flush with cash after posting record profits in 2022. Exxon Mobil Corp. has held preliminary talks with Pioneer Natural Resources Co. about a possible acquisition of the U.S. fracking giant, as the oil major hunts for a blockbuster deal in the shale patch, according to people familiar with the matter. Discussions between the two companies about a potential deal have been informal, the people said. But after posting record profits in 2022, Exxon is flush with cash and, according to people familiar with the company’s plans, has been exploring options that could reshape a swath of the U.S. oil and gas industry while pushing Exxon deeper into West Texas shale.

Exxon, which has oil storage tanks in Beaumont, Texas, is flush with cash after posting record profits in 2022. Exxon Mobil Corp. has held preliminary talks with Pioneer Natural Resources Co. about a possible acquisition of the U.S. fracking giant, as the oil major hunts for a blockbuster deal in the shale patch, according to people familiar with the matter. Discussions between the two companies about a potential deal have been informal, the people said. But after posting record profits in 2022, Exxon is flush with cash and, according to people familiar with the company’s plans, has been exploring options that could reshape a swath of the U.S. oil-and-gas industry while pushing Exxon deeper into West Texas shale.

☆ Exxon Quits Drilling in Brazil After Failing to Find Oil
▼ + stars: | 2023-04-05 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

Darren Woods, chief executive of Exxon, in December called Brazil one of the company’s growth opportunities. Exxon Mobil Corp. has ended a major campaign to find oil in Brazil, after coming up empty-handed on a multibillion-dollar wager that produced a series of disappointing wells, according to people familiar with the matter. After failing for the third time to find commercially viable amounts of crude in Brazil’s deep waters last year, the Texas oil giant has stopped its current drilling efforts in the offshore acreage it started snapping up with partners for $4 billion in 2017, these people said.

The assessment of China's military said China's fleet of six Jin-class ballistic missile submarines were operating "near-continuous" patrols from Hainan Island into the South China Sea. Equipped with a new, longer-range ballistic missile, they can hit the continental United States, analysts say. Communications are crucial and complex for ballistic missile subs, which must remain hidden as part of their mission. The Chinese military has emphasised that the Central Military Commission, headed by President Xi Jinping, is the only nuclear command authority. Russia is thought to keep most of its 11 ballistic missile submarines largely in bastions off its Arctic coasts, while U.S., French and British boats roam more widely, three analysts said.

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