2024-06-12 11:37

June 12 (Reuters) - Matador Resources (MTDR.N) New Tab, opens new tab said on Wednesday it would add oil and natural gas producing assets and undeveloped acreage in the Delaware basin in an about $1.91 billion cash deal for a unit of Ameredev II Parent. Deal-making in the U.S. shale patch hit record levels in 2023 and has extended into this year, as exploration and production companies chase premium drilling locations and scale. Exxon Mobil's (XOM.N) New Tab, opens new tab $60 billion takeover of Pioneer, Chevron's (CVX.N) New Tab, opens new tab $53 billion pending acquisition of Hess (HES.N) New Tab, opens new tab and ConocoPhillips' (COP.N) New Tab, opens new tab $22.5 billion deal for Marathon Oil (MRO.N) New Tab, opens new tab announced late last month are among the big acquisitions during the period. Dallas, Texas-based Matador expects to have over 190,000 net acres in the Delaware Basin, and production of more than 180,000 barrels of oil equivalent per day (boepd) on a pro forma basis once the transaction closes. The deal, expected to be completed in the third quarter, includes a 19% stake in Pinon Midstream that owns assets in southern Lea County in New Mexico. "Scale is important in the E&P sector, and this deal expands both (Matador's) E&P and midstream assets while keeping leverage in check," said Gabriele Sorbara, managing director of equity research at Siebert Williams Shank & Co. Matador on a conference call said it would continue to explore opportunities for its existing midstream assets. The company's shares were down 1% in afternoon trading. Ameredev is part of EnCap Investments and the deal marks a second significant transaction by the private-equity firm in the last 18 months with Matador. "The list of built-for-sale private equity positions is getting thin in the Permian Basin," said Andrew Dittmar, principal analyst at energy consultancy Enverus Intelligence. "A few notable names left outstanding include Franklin Mountain in the Delaware Basin as well as Double Eagle and FireBird in the Midland Basin." Sign up here. https://www.reuters.com/markets/deals/matador-resources-191-bln-deal-expand-delaware-basin-2024-06-12/

2024-06-12 11:04

MADRID, June 12 (Reuters) - Spain needs to add wind energy capacity at a much faster pace or it risks missing its ambitious 2030 target, the U.S.-based Global Energy Monitor (GEM) think-tank said in a report published on Wednesday. Renewable energy is breaking records in the country, generating more than half of its electricity last year. Wind power was the main contributor, accounting for almost a quarter of the electricity produced. With roughly 30 gigawatts (GW) of installed wind capacity Spain is a European leader, behind only Germany, according to Spanish wind lobby AEE. However, local opposition in some regions and licensing bottlenecks have weighed on the deployment of new wind farms. Roughly 1.7 GW worth of wind parks are under construction, according to the GEM report, meaning that Spain is already more than halfway through its end-of-decade goal of 62 GW. While a pipeline of some 40 GW should be more than enough to reach that goal, the problem is the pace of deployment: over the next six years, it will need to increase nearly fivefold from the roughly 1 GW added annually on average in 2019-2023, GEM said. "As things stand, Spain isn't likely to meet the 2030 target for wind," said GEM researcher Gregor Clark, the author of the report. The Energy Ministry declined to comment. Addressing bottlenecks and moving swiftly with the deployment of offshore wind parks will be key to achieve the goal, Clark added. Last year, the country only added some 600 MW of capacity, down from almost 1.7 GW in 2022, according to the AEE lobby, which is also calling for an acceleration. Spain is on track to strengthen its European leadership in utility-scale solar projects, according to the GEM report, which monitors existing renewable projects, those under construction and the broader plans. Spain's 7.8 GW of utility-scale solar projects under construction represent more capacity than the next three European countries combined, according to the report. Sign up here. https://www.reuters.com/sustainability/climate-energy/spain-risks-missing-2030-wind-energy-target-think-tank-says-2024-06-12/

2024-06-12 10:56

LONDON, June 11 (Reuters) - Some of the world's biggest carmakers are facing 1.5 million lawsuits in Britain for allegedly cheating emissions tests that could cost them at least 6 billion pounds ($7.6 billion), claimants' lawyers told London's High Court on Tuesday. The claims, brought by owners of diesel vehicles, highlight the ongoing fallout for automakers from a scandal that erupted in 2015 when Volkswagen admitted to using "defeat devices" to change diesel vehicles' emissions levels during testing. Manufacturers including Mercedes-Benz (MBGn.DE) New Tab, opens new tab and Ford (F.N) New Tab, opens new tab are also alleged to have misled customers about certain vehicles' compliance with nitrogen oxide emissions standards – which the companies deny. A spokesperson for Mercedes-Benz – which faces around 300,000 claims – said in a statement: "We continue to believe that the claims against Mercedes-Benz are without merit and will vigorously defend ourselves against them or any group action with the necessary legal means." A Ford spokesperson said: "We see no merit in these claims and are robustly defending against them. Our vehicles and engines meet all applicable emissions requirements." Volkswagen's (VOWG_p.DE) New Tab, opens new tab "dieselgate" scandal has cost the carmaker more than 32 billion euros ($34 billion) in vehicle refits, fines and legal costs. The German group agreed to pay 193 million pounds in 2022 to settle claims from around 91,000 British drivers without any admission of liability. Lawyers representing a coalition of claimants said at a preliminary hearing that there were around 1.5 million claimants suing 13 different vehicle manufacturing groups. Benjamin Williams, one of the claimants' lawyers, said in court documents that the value of individual claims had not yet been determined. But he said that "even if the claims were valued conservatively" at 4,000 pounds each, it would make the total value of all of the lawsuits "at least" 6 billion pounds. The legal costs of the litigation will also be huge, with the claimants' lawyers estimating they will need to spend nearly 400 million pounds up to a potential third trial in 2026, with the carmakers' figure being 321 million pounds. Sign up here. https://www.reuters.com/business/autos-transportation/carmakers-face-uk-dieselgate-lawsuits-worth-least-76-bln-lawyers-say-2024-06-11/

2024-06-12 10:36

DUBAI/ATHENS, June 12 (Reuters) - Iran-allied Houthi militants on Wednesday took responsibility for small watercraft and missile attacks that left a Greek-owned cargo ship taking on water and in need of rescue near Yemen's Red Sea port of Hodeidah. The Houthis said the Tutor coal carrier was seriously damaged and vulnerable to sinking after they targeted the vessel with an unmanned surface boat, drones and ballistic missiles. "The impact of the (unmanned surface vessel) caused severe flooding and damage to the engine room," U.S. Central Command (CENTCOM) said of the attack, which was the Houthis' first to use a boat successfully as a weapon. The Houthis control Yemen's capital and most populous areas. They have attacked international shipping in the Red Sea region since November in solidarity with the Palestinians in the war between Israel and Hamas. They have sunk one ship, seized another vessel, and killed three seafarers in another attack. The United Kingdom Maritime Trade Operations, which acts as a conduit between ship operators and military and security forces, earlier on Wednesday said the Liberian-flagged Tutor was taking on water and not under command of the crew after sustaining damage in its engine room. UKMTO said a small craft of white colour collided with the cargo ship's stern and that an "unknown airborne projectile" also struck the vessel. "It was hit twice by air and by sea. There are no reports of injuries," a Greek ministry official said, on condition of anonymity. The Tutor was sailing to India when it was hit, that person said. The vessel's manager was not immediately available for comment. The Tutor loaded at the Port of Ust-Luga, Russia, on May 18 and discharged at Port Said, Egypt, on June 9, according to LSEG data. Its next scheduled destination was Aqaba, Jordan, according to that data. The Houthi attacks have upended global trade by forcing ship owners to reroute vessels away from the vital Suez Canal shortcut, and drawn retaliatory U.S. and British strikes since February. On Wednesday, the Houthis said they also carried out two joint military operations with Islamic Resistance in Iraq, targeting sites in Israel's cities of Ashdod and Haifa. The latter group confirmed the operations. The Houthi attacks continue while negotiators from the U.S., Egypt and Qatar attempt to mediate a ceasefire in the Gaza war, which began after Hamas killed more than 1,200 people and took more than 250 hostages in an attack on Israel on Oct. 7, according to Israeli tallies. Israel responded with an air, ground and sea assault on the Palestinian territory that has killed more than 37,000 Palestinians, according to Gaza health authorities. Sign up here. https://www.reuters.com/world/middle-east/merchant-ship-hit-by-small-vessel-red-sea-ukmto-says-2024-06-12/

2024-06-12 10:35

LONDON, June 12 (Reuters) - The pound edged higher on Wednesday even as data showed economic growth stagnated at the start of the second quarter, as analysts looked beyond one-off factors and still expected the economic recovery to gather pace in the coming months. Britain's economic growth was flat month-over-month in April, the Office for National Statistics said, weighed down partly by the impact of heavy rain on activity throughout the month. "The picture of a broad-based recovery from last year's minor recession remains intact with only the rain-disrupted construction sector failing to grow three-months-on-three-months in April," said Rob Wood, chief UK economist at Pantheon Macroeconomics. The pound was last up 0.1% against the dollar at $1.2754. Sterling was also gaining slightly against the embattled euro , rising to 84.28 pence per euro. On Tuesday, it hit its strongest level since August 2022 at 84.185 pence. The decision to call an election in France has driven the pound against the single currency this week, rather than the growth numbers, said Danske Bank FX analyst Kirstine Kundby-Nielsen. "Inflation data is a much more important input for the Bank of England," Kundby-Nielsen added. Markets are pricing around a 70% chance that the BoE cuts interest rates by the September meeting, while around 35 basis points of rate cuts are priced in this year. "Given inflation persistence both domestically and globally coupled with political uncertainty in France we see downside to EUR/GBP in the near-term," Kundby-Nielsen said. The U.S. is set to be the main driver for currency markets in the near term, with inflation figures and the Federal Reserve policy announcement both due later on Wednesday. "Due to the ongoing underlying upward pressure on prices from services, our experts believe that there is no easing in sight, especially for the core rate," said Antje Praefcke, FX analyst at Commerzbank, in a note. "This is more likely to underpin the expectation that the Fed will not cut the key interest rate until the end of the year at the earliest." Sign up here. https://www.reuters.com/world/uk/sterling-ekes-out-gain-investors-look-beyond-soft-growth-figures-2024-06-12/

2024-06-12 10:32

ATHENS, June 12 (Reuters) - Greece shut the ancient Acropolis tourist site, suspended schools and stationed medics across Athens on Wednesday as it faced the first heatwave of the summer. Temperatures were expected to hit 43 degrees Celsius (109 degrees Fahrenheit) on Wednesday and Thursday in parts of the Mediterranean country, driven by southerly winds bringing hot air and dust from North Africa. The Acropolis hill, home to one of the world's most famous archaeological sites that includes the Parthenon temple, was closed from noon to 5 p.m. (0900-1400 GMT) and Red Cross staff handed out bottles of water to tourists. Many primary schools and nurseries across the country will shut for two days. Greece is one of the most climate-impacted countries in Europe. Last year, rising temperatures fuelled deadly wildfires and erratic rains caused some of the worst flooding on record, both of which damaged crops and livelihoods. Last winter was the hottest on record and rainfall was low, creating the conditions for more fires, scientists say. Similar conditions were seen last year across much of southern Europe, including Portugal, France, Spain and Italy where fires caused dozens of deaths. In Greece, fires began earlier than expected this year, including one in March. Firefighters and police were patrolling forests from air and land on Wednesday, ahead of what is expected to be a windy end to the week, raising the risk of fires spreading. After last year's destructive wildfires, including on the island of Rhodes which prompted the biggest evacuation in peace time, Greece has scaled up its preparations by hiring more staff and stepping up training. Sign up here. https://www.reuters.com/business/environment/greece-shuts-schools-acropolis-heatwave-hits-2024-06-12/