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Diversified Energy, Carlyle to Buy Camino Natural Resources' Assets for $1.18 Billion
Diversified Energy Co. (DEC.L) is teaming up with investment firm Carlyle for the $1.18 billion acquisition of certain Camino Natural Resources assets in the US.The deal covers a bolt-on portfolio of oil and natural gas properties and associated assets in the Anadarko Basin of the US state of Oklahoma, according to a Thursday filing. The targeted assets are contiguous to existing assets in the same state of the listed energy company.Diversified expects to spend $210 million for the acquisition. The company agreed to establish a special-purpose vehicle with Carlyle for the transaction, with the investment firm holding majority ownership and it owning a minority stake.Completion is expected in the third quarter, subject to customary closing conditions.
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Equities
Market Chatter: US Studying Oil Drilling Under Military Bases to Refill Reserve
The Trump administration is studying the possibility of using oil beneath US military bases and other Department of War sites to help replenish the Strategic Petroleum Reserve, Bloomberg reported Wednesday, citing a person familiar with the matter.No decision has been made on the initiative, the person told Bloomberg.The move comes as the administration looks for new ways to refill the emergency oil reserve following additional drawdowns during the Iran war.The reserve, created after the Arab oil embargo in the 1970s, is set to fall to its lowest level since 1982.Bloomberg said drilling under military bases would likely have no immediate impact on fuel prices, but could allow the government to directly own produced oil instead of purchasing crude from private producers to refill the reserve.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Equities
Energy Fuels Q1 Loss Narrows, Revenue Rises
Energy Fuels (UUUU) reported a Q1 loss late Wednesday of $0.04 per diluted share, narrowing from a loss of $0.13 a year earlier.Analysts surveyed by FactSet expected a loss of $0.03.Revenue for the three months ended March 31 was $35.8 million, up from $16.9 million a year earlier.Analysts polled by FactSet expected $31.3 million.
$UUUU