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U.S. Natural Gas Futures Post Modest Gains

1525 ET – U.S. natural gas futures rise for a third straight session, holding above the key $3.50 level in choppy trade ahead of tomorrow's EIA storage data. 'Heat coming to Texas early next week has our full attention as it could set a new demand record,' Gary Cunningham of Tradition Energy says in a note. Meanwhile, the low-pressure system that passed over northern Florida into the Gulf 'may end up being just a lot of rain from the panhandle to New Orleans,' he adds. The EIA is expected to report a slightly bigger-than-average 47 Bcf build in storage for last week, according to a Wall Street Journal survey of analysts. Nymex natural gas settles up 0.8% at $3.551/mmBtu. (anthony.harrup@wsj.com)
1018 ET – U.S. natural gas futures are higher for a third day with weather forecasts showing strong heat-driven demand for the second half of July. Traders are also taking note of an agreement for EQT to supply the natural gas for a 4.4 gigawatt plant to power a major data center development in Pennsylvania, as 'more supplies out of Appalachia may eventually become locally consumed,' Dennis Kissler of BOK Financial says in a note. Nymex natural gas is up 1.3% at $3.570/mmBtu. (anthony.harrup@wsj.com)
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Chevron tells Hess staff to focus on safety as they await job updates
Chevron tells Hess staff to focus on safety as they await job updates

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Chevron tells Hess staff to focus on safety as they await job updates

By Sheila Dang HOUSTON (Reuters) -Chevron leaders told Hess employees to stay focused on safe operations and that they will hear next week if they will continue to have jobs following the oil producer's acquisition, according to two Hess employees who spoke with Reuters. Chevron, the second-largest U.S. oil producer, closed its $55 billion acquisition of Hess on Friday after prevailing in a landmark legal fight against Exxon Mobil that delayed the closing by over a year. The deal was critical to Chevron CEO Mike Wirth's strategy to improve the business as it sought to cut costs and faced investor concerns about future growth prospects. The company will lay off 575 Hess employees in Houston effective September 26, according to a notice filed with the Texas Workforce Commission, or about 32% of staff based on Hess' headcount at the end of last year. During town hall meetings at Hess' Houston office on Tuesday, Chevron representatives presented a slide that showed safety incidents have risen during volatile periods historically, cautioning them to continue prioritizing safety, according to the two employees, who declined to be named to discuss an internal meeting. Hess staff were told they will be notified next week if they have a full-time position with the company moving forward or a short-term role to help with the transition. "These are difficult decisions which we do not make lightly," a Chevron spokesperson said, adding the company will offer severance and other support. The emphasis on safety comes after Wirth warned Chevron employees earlier this year that the company saw an increase in close calls that could have resulted in serious injuries or fatalities. Chevron and Hess staff were asked not to contact each other until the integration is complete, according to the two Hess employees and an internal Chevron message that Reuters reviewed. "We need them to focus on safe operations and on navigating the complex changes that result from this merger," said the internal Chevron message. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Build Show LIVE Unveils Comprehensive 2025 Agenda Elevating the Standard of Homebuilding
Build Show LIVE Unveils Comprehensive 2025 Agenda Elevating the Standard of Homebuilding

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Build Show LIVE Unveils Comprehensive 2025 Agenda Elevating the Standard of Homebuilding

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"Build Show LIVE exists to advance the future of homebuilding by delivering transformative, experience-driven education for builders, remodelers, contractors and serious DIYers, as well as bridge the gap between digital learning and jobsite execution, empowering professionals to build smarter, stronger and more sustainably," shares Kevin Thornton, Senior Vice President, Informa Markets Construction. "What sets this event apart is it brings to life the integrity, expertise and builder-first mindset that has made 'The Build Show' a household name in high-performance construction. The live event format transforms a loyal digital audience into a face-to-face learning network." "The construction industry is evolving rapidly and Build Show LIVE stands at the forefront of this transformation. 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To register to attend, please visit To view the full exhibitor list, please visit About Build Show LIVE Build Show LIVE, created by Informa Markets Construction in collaboration with The Build Show, the trusted voice in residential construction, is the premier trade event dedicated to building science, fine craftsmanship and project-specific techniques. Build Show LIVE will bring together custom home builders, contractors, remodelers, architects, business leaders and top-industry companies to discover ground-breaking products that create powerful solutions. Learn from leading trades experts through live, on-floor building clinics, demonstrations and conference sessions. Build Show LIVE brings its audience together through engaging digital content, hands-on training and the most accessible resources. To learn more about the event, visit About The Build Show The Build Show is the leading video storytelling platform that provides building science knowledge and insight to inspire higher quality residential construction outcomes. Creator of The Build Show, Matt Risinger has a devoted following of over 1.7M across The Build Show platforms including YouTube, Instagram and the Build Podcast. With over 5M average monthly video views by professional builders, remodelers, architects, and homeowners, The Build Show is the most viewed building science edutainment platform. The Build Show partners with leading construction manufacturers, organizations, and companies, providing customized advertisement and sponsorship opportunities that deliver impactful marketing results. 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AM Best Downgrades Issuer Credit Rating of Tuscarora Wayne Insurance Company and Affiliate; Upgrades Credit Ratings of Lebanon Valley Insurance Company; Revises Outlooks to Positive of Illinois Casualty Company; Withdraws ICR of ICC Holdings, Inc.
AM Best Downgrades Issuer Credit Rating of Tuscarora Wayne Insurance Company and Affiliate; Upgrades Credit Ratings of Lebanon Valley Insurance Company; Revises Outlooks to Positive of Illinois Casualty Company; Withdraws ICR of ICC Holdings, Inc.

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AM Best Downgrades Issuer Credit Rating of Tuscarora Wayne Insurance Company and Affiliate; Upgrades Credit Ratings of Lebanon Valley Insurance Company; Revises Outlooks to Positive of Illinois Casualty Company; Withdraws ICR of ICC Holdings, Inc.

OLDWICK, N.J., July 24, 2025--(BUSINESS WIRE)--AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to "a" (Excellent) from "a+" (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Tuscarora Wayne Insurance Company and its affiliate, Keystone National Insurance Company. The outlook of the Long-Term ICR has been revised to stable from negative while the FSR is stable. Both companies are collectedly referred to as Tuscarora Wayne Companies and are domiciled in Wyalusing, PA. Concurrently, AM Best has upgraded the FSR to A- (Excellent) from B++ (Good) and the Long-Term ICR to "a-" (Excellent) from "bbb+" (Good) of Lebanon Valley Insurance Company (Lebanon Valley) (Wyalusing, PA). The outlook of these Credit Ratings (ratings) is positive. In addition, AM Best has revised the outlooks to positive from stable and affirmed the FSR of A- (Excellent) and the Long-Term ICR of "a-" (Excellent) of Illinois Casualty Company (ICC). AM Best also has revised the outlook to positive from stable affirmed the Long-Term ICR of "bbb-" (Good) of its intermediate parent, ICC Holdings, Inc. (ICCH). Lastly, AM Best has withdrawn the rating of ICCH as the company requested its withdrawal following ICCH's transition to a privately held entity from a publicly held company. Both companies are domiciled in Rock Island, IL. The ratings of Tuscarora Wayne Companies reflect the group's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The downgrade of Tuscarora Wayne Companies' Long Term ICRs reflects operating performance metrics that more closely align with adequately assessed companies within the commercial property composite. The group's very strong balance sheet strength assessment continues to be supported by the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), solid liquidity and generally consistent and favorable loss reserve development, partially offset by dividends to its parent, which has somewhat constrained surplus growth. The neutral business profile continues to focus on underserved commercial business exposures with moderate geographic diversification. AM Best considers Tuscarora Wayne Companies' ERM program to be appropriate for the group's risk profile and includes prudent reinsurance protection and comprehensive risk management. The ratings of Lebanon Valley reflect its balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings also reflect rating enhancement via the explicit and implicit support provided as an affiliate of Tuscarora Wayne Companies. The upgrade of Lebanon Valley's ratings reflects its consistent surplus growth, with gains in surplus reported in each of the past 10 years, conservative investment portfolio and low underwriting leverage metrics that compare favorably with the composite average. The strong balance sheet strength assessment is underpinned by the strongest levels of risk-adjusted capitalization, as measured by BCAR. The adequate operating performance reflects the consistent performance of the company with net income in each of the past 10 years, with some modest volatility as reflected in underwriting losses in 2021 and 2023. The limited business profile reflects the company's geographic concentration in Pennsylvania and focus on commercial property business. The company is part of the ERM program employed by Tuscarora Wayne Companies and is considered appropriate for the company's risk profile. The positive outlooks reflect the expected product and geographic diversification the company will achieve via the implementation of a pooling agreement with Tuscarora Wayne Companies and ICC. The agreement is expected to be implemented by Jan. 1, 2026. The ratings of ICC reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The revised outlooks to positive from stable for ICC also contemplate the expected benefits of the forthcoming pooling agreement with its affiliated insurance companies. The pooling agreement will provide greater product diversification through additional commercial multiperil classes and lines of business, such as homeowners' and farmowners' coverages, while also improving the geographic reach of the company. ICC's very strong balance sheet strength is characterized by the strongest level of risk-adjusted capitalization, as measured by BCAR, underwriting and liquidity ratios that are comparable with the composite averages and generally consistent surplus growth. While loss reserve development has been unfavorable in recent periods, influenced by social and economic inflation, the impact has been effectively absorbed without significant drain on the balance sheet. This is reflected by adequate operating performance, which has yielded positive pre-tax operating and net income in each of the past 5 years, despite loss reserve development. The ERM program is considered appropriate for the company's risk profile. On March 13, 2025, ICCH was acquired by Mutual Capital Group, Inc. (the ultimate parent of Tuscarora Wayne Companies and Lebanon Valley). ICCH remains a subsidiary under common management with Mutual Capital Group's other subsidiaries. The prospective pooling agreement between the three rating units is expected to enhance the overall business and geographic diversification. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Daniel Mangano Senior Financial Analyst +1 908 882 1907 Maurice Thomas Senior Financial Analyst +1 908 882 2392 Christopher Draghi Director +1 908 882 1749 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio

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