Diamondback's Viper Energy to Buy Sitio in $4.1 Billion Deal
(Bloomberg) -- Viper Energy Inc., the mineral and royalty unit of Diamondback Energy Inc., agreed to buy Sitio Royalties Corp. for about $4.1 billion, including debt, in the latest deal focused on the Permian Basin.
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The all-stock deal will consist of 0.4855 shares of Class A common stock of a new holding company for each share of Sitio's Class A common stock, and 0.4855 units of Viper's operating subsidiary, Viper Energy Partners, for each unit of Sitio's operating subsidiary.
Diamondback is expected to own approximately 41% of Viper after the closing, according to a statement Tuesday.
Viper was formed by Diamondback to focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin. Denver-based Sitio focuses on investing in mineral and royalty interests in oil basins, with about 34,300 net royalty acres acquired through more than 200 acquisitions.
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Politico
9 minutes ago
- Politico
What Trump Doesn't Understand About Putin
Russian leader Vladimir Putin looks increasingly cornered. The Ukrainians just staged a stunning drone attack on strategic bombers in far-flung Russian air bases. Putin's battered troops are struggling to gain significant territory in Ukraine, and the frontline has barely shifted in two years. His economy is a mixed bag, with inflation slowing growth and other danger signs flashing. President Donald Trump, who has long admired Putin's brash leadership style, is now questioning the Russian leader's sanity and urging him to 'STOP!' his attacks on Ukraine. And U.S. lawmakers are mulling a heavy new sanctions and tariffs package aimed at Moscow — the type one senator describes as 'bone-crushing.' Given all these challenges, why won't Putin abandon his goal of conquering Ukraine? I have been asking former U.S. officials versions of this question in recent days. Finally, I realized it's the wrong question — and the wrong way to think about this whole war. Putin will never abandon his ambition of conquering Ukraine, and convincing him to do so shouldn't be the aim of Ukraine's global supporters. Instead, the goal should be to make it impossible for Putin to fulfill that ambition. In simpler terms: You can't make Putin walk away from Ukraine; you have to put Ukraine out of his reach. Trump and some of his top aides do not seem to understand this about Putin. They've sent mixed signals about their views of Russia's strongman, with Trump acting as if the carrots of economic deals and Truth Social posts can sway him. With new sanctions on the table, many Russia watchers hope Trump will seize the moment to show Putin that even if he can't control his ambitions, he can make it too painful for Putin to achieve them. But those same analysts warned that new sanctions alone won't make Putin back down. Neither will continued military aid to Ukraine, nor tough-talking posts on social media. Showing Putin that he absolutely cannot subsume Ukraine will require all these tactics and more. It will also require patience. 'That's why you do these missions, like Ukraine taking out some of their strategic bombers. That hurts. It's expensive,' said Andrea Kendall-Taylor, a former U.S. intelligence official. 'Can we impose enough costs that he eventually says, 'I cannot do this indefinitely?'' I'm not the first person to posit that Putin will never change his belief that Ukraine belongs to Russia. Putin's own writings make clear that he's convinced Kyiv must be under Russia's thumb if Moscow wants to achieve new heights on the global stage. Former Secretary of State Antony Blinken suggested Putin's view is 'theological.' One analyst has argued that the West's best strategy on the war may require waiting until Putin dies. A White House official, in response to a request for comment from the administration, told me Trump 'has always been tough on Putin.' The official, whom was granted anonymity to discuss sensitive diplomatic issues, added: 'This president's foreign policy is unique in that he can be tough on our adversaries, but he is simultaneously able to look anyone in the eye to try to deliver peace.' But many of Trump's words and actions indicate that he has limited appreciation for how hard-core Putin is about pursuing Ukraine. During the campaign, Trump declared numerous times that he could end the war in his first 24 hours back in office — a claim that he now says was in jest but which nonetheless cast Putin as easy to persuade. In the months since, the president has seemed bewildered that Putin isn't easing up on Ukraine. Trump recently said, with a tone of surprise, that the Russian leader has gone 'absolutely CRAZY.' Trump also seems frustrated with Putin's lack of seriousness in ceasefire talks. The tough talk from Trump is striking given his past efforts to win Putin over. But his methods are not always consistent. Trump came across as passive in a social media post Wednesday after speaking to Putin, saying the Russian made it clear he'd have to retaliate against the Ukraine drone strikes. 'It was a good conversation, but not a conversation that will lead to immediate Peace,' Trump wrote, not saying if he'd urged Putin to avoid escalation. Comments and moves by others in the administration also suggest a lack of clarity about the Kremlin boss, who first invaded Ukraine more than a decade ago. Vice President JD Vance's dismissal of Ukrainian concerns that Putin will not uphold a peace deal — most famously in that awkward Oval Office meeting in February with Ukrainian President Volodymyr Zelenskyy — indicates that he doesn't fully grasp the depth of Putin's desires. It also likely boosted Russian confidence that its efforts to drive wedges between Washington and its allies, including Ukraine and the European Union, are working. Secretary of State Marco Rubio's assertion that the United States may simply walk away from trying to resolve the crisis didn't exactly help Kyiv, either. It suggests the U.S. lacks patience and that the Russians should forge ahead in seeking a decisive edge in the war. And if there's one thing Putin believes he has on his side, it's time. What exactly is Putin's breaking point, or the point at which he'll give up on taking over Ukraine? 'This kind of stuff — it's very hard to quantify. It's the psychology of one man,' Eddie Fishman, a former State Department official who dealt with Russia sanctions, told me. Some of these Russia specialists said Putin is likely aware of the concept of 'TACO Trump' — the 'Trump Always Chickens Out' notion that's swept Wall Street and other realms. Trump's policy inconsistency and his frequent backtracking, such as on tariffs, may suggest to Putin that the U.S. president will try to drive a hard bargain but ultimately cave, giving Moscow wiggle room. The sanctions bill is a test of sorts for Trump and whether he truly understands Putin's mindset. It has garnered support from the majority of U.S. senators and includes harsh provisions aimed at choking off Russia's last major source of income: its energy exports. The legislation would impose 500 percent tariffs on countries that continue buying Russian oil, gas, uranium and other materials. It's questionable whether the 500 percent figure will survive talks between the White House and Capitol Hill. The tariffs would land on major U.S. trading partners in Europe, China and India and wreak havoc on the global economy. Still, whatever version of the bill survives could deal a major blow to Russia. If Trump signs the bill, the Kremlin should worry because it will mean he's not afraid to escalate things with Moscow. But if he signs the bill and then delays, waives or otherwise doesn't enforce the sanctions and tariffs involved, Putin will believe Trump is backing down yet again and that he can take advantage of the American leader's capriciousness. If Trump also fails to take other meaningful steps to help Ukraine, especially on the military aid front, it could further boost Putin's confidence that he and his troops can ultimately overpower Kyiv. Of course, the Kremlin chief could still agree to peace talks — he already has, in a way, though he tends to send powerless underlings to the sessions in his place. Those motions seem to be about buying time with Trump, a self-styled dealmaking expert who is eager for a compromise. Even if Putin agrees to a sustained ceasefire or other type of pause in the fighting, Russia analysts I spoke to believe he'll use the downtime to regroup and eventually make another move against Kyiv. One Trump tactic unlikely to work on Putin is promising him economic deals, should he come to terms with Ukraine. To be fair, Putin himself has raised this prospect in a bid to get sanctions relief from Trump, who largely sees the world through a business lens. The reality is that the Russian economy has been transformed since the February 2022 full-scale invasion of Ukraine. It is now heavily fueled by the war itself. There are signs that this cannot go on forever, but it has continued longer than many Western officials and analysts predicted. Putin is also likely aware that even if Trump were to lift all U.S. sanctions on Russia, American businesses are unlikely to jump into the Russian market anytime soon. There are too many risks, including the possibility that a future U.S. president could reimpose the sanctions. Besides, European sanctions are likely to remain in place. 'Given sanctions and export controls that need to be lifted, not to mention the reputational risk and the operating environment in Russia, it's hard to see that Western companies would be rushing to go back to that market,' Randi Levinas, a former chief operating officer of the now-dissolved U.S.-Russia Business Council, told me. Putin is in a corner. But while everyone is watching him, he's still got his eye on Ukraine — all of Ukraine.
Business Insider
24 minutes ago
- Business Insider
More people are joining the military. A shaky US job market could be boosting the numbers.
Military recruiting numbers are up — the Army met its annual goal of recruiting 61,000 troops months early and signs indicate Navy numbers are in good shape. But what is it exactly that is driving the jump? Recruiting officials say it's complicated. For the past several years, the Army and Navy fell thousands of new recruits short, a trend that only began to reverse at the end of last year — which the new administration has promoted as stemming from President Donald Trump's leadership and a surge of patriotism. The shift seems to turn on a shaky economy that's hiring less and the soaring costs of higher education, recruiting officials told BI. While the US labor market has relatively low unemployment, layoffs in the federal workforce, federal policy uncertainty, and 2025 recession fears have left companies hesitant to hire and employees less likely to quit. Fewer job openings and a slowing economy have historically pushed more young job seekers toward the military. That doesn't tell the whole story, though. Nearly 75% of young Americans cannot meet the health, fitness, and academic standards required to join the military, presenting a major challenge for recruiters. To confront the problem, the Army and Navy have made herculean efforts to usher not-yet-qualified young people into what are effectively pre-boot camps where they can lose weight, improve run times, and boost their test scores before officially joining. These changes instituted in recent years are paying off with a higher number of recruits in the pipeline, paving the way for the services to better meet their annual goals. But the services may also be benefiting from a shifting economic landscape in which the steep cost of higher education and fewer openings in the traditional labor market could mean that more young people are looking for alternative career paths with a promise of stability and education benefits. Fewer job openings could spur young people to the military Instead of solely focusing on unemployment rates to understand why more and more young people may be choosing to enlist, a more accurate way to view military recruiting is through the lens of the Beveridge Curve, which compares how the unemployment rate stacks up against job vacancies, said Col. Lee Evans, Army Recruiting Command's director of market intelligence. Low unemployment and a high number of job openings indicate a growing labor market. Lately, however, lower unemployment has been met with limited job openings — meaning the economy is slowing, as shown in the chart below. Postings on the job-search platform Indeed decreased by 10% throughout 2024, and the federal nonfarm job openings rate has been trending down since 2022. Job seekers are scrambling as opportunities dry up across tech, computer science, government agencies, and more, factors that could be a boon for military recruiting. "What we've seen over the last couple years is that unemployment rates remain relatively low, right around 4%, but we've seen the job openings rate decrease," Evans said. "Many times, that provides a skills mismatch out in the labor market," he said. "And we're postured well to compete in that arena, because we have so many offerings within the Army." Evans added that in a volatile job market, young people might be more attracted to the military's career opportunities with transferable skills for later civilian life, like working as an electrician or HR specialist. Gen Z is already turning toward traditionally blue-collar technical careers. However, other jobs, including those in combat arms like artillery or infantry, can be much more difficult to transfer to the civilian sector. Brig. Gen. Christopher Amrhein, the commander of the Air Force Recruiting Service, told BI that young people are increasingly seeking jobs in air traffic control, firefighting, and cybersecurity, roles likely to lend a degree of long-term stability outside the service. Amrhein said another positive figure for recruiting is the surplus of soon-to-be recruits waiting in the military's "delayed entry program," which serves as a sort of holding pattern for future recruits to depart for boot camp at a later date. "From that standpoint, we're still garnering more and more talent in our Air Force and Space Force of an unbelievable quality," he added. Gen Z could see military service as an alternative to long job hunts and student loan debt Economic instability and fewer job openings aren't the only factors at play. The exorbitant cost of college has helped maintain a steady demand for college ROTC programs, Evans said. In 2023, a quarter of US adults under 40 had outstanding student loan debt. The military offers an alternative to debt for future officers: it can cover all or some of a student's tuition in exchange for four to eight years of service. Brig. Gen. Sara Dudley, the deputy commanding general of Army Recruiting Command, told BI that young people appear to be taking more time to decide what path they want to take, be it military service or something else. "It's really a couple of years after high school that they're ready to commit to making what feels like a big decision," she said. Enlisting is enticing for recent high school grads and twentysomethings, a chance to learn new skills and unlock generous education benefits with the GI Bill and tuition assistance programs. Many also carry on a family tradition of service in uniform, a longtime source of recruits that shrinks with each generation. Enlisted troops make up roughly 80% of the force. For those with or pursuing a bachelor's degree, a few years as an officer may be an increasingly attractive way for young people to build professional experience without the stress of student loans or an immediate post-grab job hunt. A similar trend occurred in 2009, following the widespread financial instability of the 2008 recession. America's slower birth rates aren't yet showing up in recruitment data, though the drop seems poised to hit the services soon. In 2007, the US saw over 4.3 million births. But the 2008 financial crisis prompted a drop that has largely persisted since. "That 2007 to 2008 timeframe, that's just now starting to get into our recruitable population," Evans said, referring to the military's eligible pool of young people. Even as military recruitment stands to gain from a costly higher education system and an unsteady job market,lower birth rates could present a new enduring challenge. "We're going to see that come into our recruitable population, and we know we're going to have to adapt to it," he said. "And we're already preparing for that."
Yahoo
30 minutes ago
- Yahoo
Japanese Bonds Rise as 30-Year Auction Brings Some Relief
(Bloomberg) -- Japanese government bonds rose after an auction of 30-year debt wasn't as bad as many investors had feared. ICE Moves to DNA-Test Families Targeted for Deportation with New Contract The Global Struggle to Build Safer Cars NYC Residents Want Safer Streets, Cheaper Housing, Survey Says The Buffalo Architect Fighting for Women in Design While immediate market reaction indicated relief — yields edged lower after the sale — the bid-to-cover ratio of 2.92 at Thursday's offering points to a general lack of appetite for longer-maturity debt that is afflicting markets from Japan to Europe and the US. Several auctions of longer tenor Japanese bonds in recent weeks have met shaky demand, with the market flashing a warning that authorities in Tokyo may need to reconsider their issuance plans. The Ministry of Finance is set to meet with primary dealers on June 20, according to people familiar with the matter, just days after the Bank of Japan reviews its bond buying plans. 'The forward-looking attitude that the MOF is moving toward reducing issuance helped out the auction results,' said Takashi Fujiwara, chief fund manager at Resona Asset Management Co. in Tokyo. 'On the other hand, I don't think that supply and demand concerns for super-long bonds have peaked yet.' The 30-year bond extended an earlier gain, with the yield falling seven basis points to 2.875% at one point. The 40-year rate dropped as much as 8.5 basis points to 3.055%. 'With all this talk of issuance cuts, investors see little urgency in establishing large positions in super-long bonds until the Ministry of Finance clarifies its next steps,' said Shoki Omori, chief desk strategist at Mizuho Securities Co. 'The market appears poised for a period of watchful waiting.' Omori added that it seems some people failed to cover short positions going into the auction. What Bloomberg Strategists Say... This price action suggests bond traders were using the contract to pre-hedge the debt sale in case it went as badly as the recent 20-year sale. Traders will be relieved there are not any more long-term auctions to navigate before the BOJ meeting in less than two weeks. — Mark Cranfield, Markets Live strategist. Read more on MLIV. Japanese bonds have seen some relief this week after decent demand at a sale of 10-year notes on Tuesday, and after a rally in the US Treasury market Thursday on soft US economic data. Yields on 30-year Japanese bonds have come down from 3.185% last month, the most since inception. There are indications that the recent rout has pushed rates to attractive levels for some buyers. Investors can pick up bargains in Japanese government bonds despite a wave of recent selling that has spread volatility throughout global debt markets, according to Pacific Investment Management Co. Still, the auction results show how the bond market is concerned that the government's borrowing plans may not be sustainable as the central bank reduces its footprint in the market. Governor Kazuo Ueda hinted at the likelihood that the Bank of Japan will continue to slow the pace of government bond purchases next fiscal year, meaning that the board meeting on June 16-17 will be closely watched. Miki Den, a senior rates strategist at SMBC Nikko Securities Inc. in Tokyo, said 'supply-demand concerns will linger' until the MOF's meeting with primary dealers a few days later. 'I expect super-long term yields to remain flat or rise slightly,' he said. The bid-to-cover ratio at the sale was lower than 3.07 the previous month, and the 12-month average of 3.39. The lowest price was below that of a Bloomberg survey. 'The auction wasn't good, but within the acceptable range,' said Masayuki Koguchi, executive chief fund manager at Mitsubishi UFJ Asset Management Co. The tail, or the gap between average and lowest-accepted prices, came in at 0.49, indicating weaker demand than at the prior auction. However, it was still shorter than at April's bond sale, which was seen as positive by the market, said Koguchi. --With assistance from Masahiro Hidaka, Masaki Kondo and Hidenori Yamanaka. (Updates with comment in fourth paragraph.) Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
