Latest news with #Bakken
Bloomberg
2 days ago
- Business
- Bloomberg
Devon Energy to Close Houston Office After $5 Billion Grayson Mill Deal
Devon Energy Corp. said it plans to close the Houston office of Grayson Mill Energy after its $5 billion acquisition of the Bakken shale business last year. The shale producer will close the Houston office by September — roughly a year after the deal closed — and move workers to its Oklahoma City headquarters, Michelle Hindmarch, a company spokesperson, said Wednesday in an email statement. She didn't disclose the number of workers affected or cost savings from the move.
The Drive
3 days ago
- Automotive
- The Drive
This Cursed Road Near a North Dakota Oil Field Swallows Up Any Truck That Tries It
The latest car news, reviews, and features. There's a seemingly ordinary dirt road in North Dakota's Bakken oil fields that's nigh impossible to traverse when wet. Despite looking like a normal route most of the time, Williston's 'Road of Shame' is made from some of the softest, loosest soil I've ever seen, and it swallows up even the most capable off-road vehicles like they're nothing. Tacomas and Jeeps are no match for it—and heck, not even the equipment they deploy to rescue stuck trucks is safe. The old-fashioned wagon trail is a local legend of sorts, with a Facebook group dedicated to the brave but ultimately foolish souls who attempt to take on the Road of Shame, officially known as 135th Ave NW. Few of them make it out without a rescue of some sort. Admittedly, when the road is bone dry, it's not so bad; however, when it seems to be even a little bit wet, all vehicles just sink into the mud with no hope of getting out. It's tough for me to say exactly why the dirt is so soft, but it's proven that soil near oil extraction sites is subject to worsened erosion due to increased runoff. Either way, it's like quicksand when wet. Devin Davis Like with so many other obstacles featuring tough terrain, off-roaders want to take it on just because. There's a shocking number of social media and YouTube videos of this road, despite it being remotely located in the middle of North Dakota, since optimistic enthusiasts can't help but try to earn legendary status for slaying the muddy dragon. Other people just sit back, watch, and record all of the attempts, waiting for others to get stuck for some Internet gold. Unfortunately—or fortunately, depending on how you look at it—that gold mine is deep and plentiful. One local, Devin Davis, has been watching people get stuck on the Road of Shame for about 10 years. He told The Drive that he's seen over 300 cars stuck in the infamous road's mud during that time. Part of the problem is that Google and Apple Maps direct people through the road, and they follow their navigation instructions, unaware of the danger. It's hard to blame them, as it seems odd that Google would lead anyone down a random dirt road. Apple Maps even shows vehicles stuck on the road, and yet it still directs people through it. With what Davis calls the 'oil boom,' and countless newcomers driving through for work, it's a never-ending parade of stuck vehicles. @ Something blew and it wasnt good #mudding #vortexoptics #muddin #fyp #chevy #greatoutdoors #environment #great #letsgo ♬ original sound – ROAD OF SHAME However, the most common vehicles found stuck in the mud are necessary ones: UPS and FedEx trucks, semi trucks, and various other work vehicles that use the road because they have to, not because they want to. Davis has even seen tractors stuck and flipped on their sides. Although it's a dead-end road, it leads to a number of homes and businesses, so some trucks do need to use it. Another big part of the problem is how the road slopes off into sneakily deep ditches on either side. So when drivers try to avoid the deep mud puddles in the middle of the path, they slide off and either get stuck or tip over. 'Even people who know how to drive in the mud, as soon as it gets a little wet, it gets so slippery [that] people slide off the side,' Davis told me. So, whether you live in North Dakota or you're just passing through, make sure to avoid the Road of Shame at all costs. And if you think you have a rig that can handle anything, well, maybe think again. Got tips? Send 'em to tips@
Yahoo
7 days ago
- Business
- Yahoo
Chevron vs. Petrobras: Is Either Oil Giant Worth Holding Onto Now?
Chevron Corporation CVX and Petróleo Brasileiro S.A., better known as Petrobras PBR, are two heavyweights in the global Oil/Energy sector. Both operate across exploration, production and refining, and both offer substantial dividend payouts. While Chevron dominates U.S. upstream operations and maintains a steady global footprint, Petrobras is Brazil's energy giant with unmatched access to pre-salt offshore reserves and aggressive state-supported investment strategies. Their scale, capital allocation approaches and dividend yields have made them popular among income-focused macro challenges, commodity price volatility and company-specific risks are narrowing the gap between these two. Investors looking for stability and growth in energy stocks must now consider whether either of these names is a solid long-term play, or if both are better left on the sidelines. Let's dive deep and closely compare the fundamentals of the two stocks to determine why it's best to get rid of both stocks now. Chevron has shown resilience through volatile markets, but cracks are forming. In the first quarter of 2025, cash flow from operations was $5.2 billion, down 23.5% year over year. The culprit was lower oil price realizations and tax payments associated with divestment in Canada. U.S. liquids averaged $55.26 per barrel during the first quarter, down nearly 4% from the year-earlier level. Even with natural gas strength, total revenues of $47.6 billion missed the Zacks Consensus Estimate, and earnings slipped to $3.5 billion from $5.5 billion.A core issue lies in Chevron's shrinking flexibility. The company issued $5.5 billion in new debt to fund dividends and buybacks, pushing its debt-to-total capitalization to 16.6. Despite a $75 billion repurchase authorization, quarterly buybacks have been cut to $2.5–$3 billion, down from $4 billion in previous quarters. If oil prices continue to slide, deeper cuts to shareholder returns may be Chevron faces questions around the future of Permian production. The proposed Hess acquisition is expected to bring valuable diversification through the Bakken, potentially easing some of those concerns. However, with investor sentiment around shale turning more cautious, Chevron's ability to generate meaningful growth from these assets will be a key area to monitor. Meanwhile, global macro headwinds, such as a slowing U.S. economy and geopolitical instability, further cloud demand and price visibility. Add in margin pressure in its CPChem segment and inflation-sensitive Power Solutions venture and the outlook becomes doesn't help the case either. CVX trades at a forward P/E of 17.55, well above the sector median. As earnings estimates continue to decline, the risk of further multiple compression is real. Image Source: Zacks Investment Research Image Source: Zacks Investment Research Petrobras has its own list of concerns. Despite reporting consolidated net income of $6 billion in the first quarter, up 25% year over year, adjusted EBITDA fell to $10.4 billion from $12.1 billion a year ago. Revenues came in at $21.1 billion, falling 11.3% from last year and missing estimates. This disconnect - higher income but lower cash flow - is largely due to forex gains and not operational dividend story, once Petrobras' biggest attraction, is losing its shine. Free cash flow declined 30.7% year over year in the first quarter, and with Brent crude between $60 and $65 per barrel, Petrobras may struggle to sustain its 9% annualized dividend yield. Capital spending also surged to $4.1 billion in the January-March period, with more than 85% going into high-cost E&P continues to face significant political risk, which remains a key vulnerability. State influence raises persistent concerns around governance and inefficient capital deployment. The company's $111 billion strategic plan for 2025–2029 places greater focus on politically favored segments like refining and fertilizers, rather than its core upstream oil assets. This shift echoes earlier periods marked by heavy spending and weak returns. Net debt is rising again - now at $56 billion with a net debt/EBITDA ratio of 1.45 versus 0.86 a year earlier. Add in currency risk and regulatory headwinds, and the picture dims metrics show why PBR trades at a discount: forward P/E is just 4.54. While this may look cheap, the discount is largely due to persistent political uncertainty and structural inefficiencies. EPS estimates have dropped sharply, with this year's earnings now expected at $2.75, down from $3.01 a month ago. Image Source: Zacks Investment Research Both stocks have significantly underperformed in 2025. Chevron is down roughly 7% year to date, as weakening oil prices and declining investor confidence in U.S. shale projects drag on sentiment. Petrobras has fared worse, losing more than 8% during the same period, largely due to fears of state intervention and decelerating free cash flow. Image Source: Zacks Investment Research Both Chevron and Petrobras offer high dividends and global scale, but that's where the upside ends for now. Chevron faces declining cash flows, debt growth and peak shale concerns. Petrobras, despite bold growth plans, is hampered by political interference, rising debt and falling free cash flow. With earnings expected to decline for each, CVX and PBR currently carry a Zacks Rank #5 (Strong Sell) and are likely to underperform in the near term. Investors may want to stay cautious until fundamentals improve. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX) : Free Stock Analysis Report Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
12-04-2025
- Health
- Yahoo
South St. Paul group launches petition for Pam Bakken recall election
A group calling for South St. Paul City Council member Pamela Bakken to step down said it filed paperwork Friday morning asking for her official recall after a child in her care was exposed to methamphetamine. The Minnesota Department of Human Services suspended the in-home day care license held by Bakken, citing an 'imminent risk of harm' to the children in her care after officials began investigating a child who reportedly had swallowed an unknown substance. On March 4, officials determined Bakken was responsible for the neglect. 'Dakota County determined that you were responsible for maltreatment of a minor by neglect. Specifically, Dakota County determined that you are responsible for neglect because a child in your child care program was exposed to methamphetamine,' the Department of Health said. Molly Smith, chair of the Committee to Recall Bakken, said the city council should have asked for Bakken's resignation during the investigation into what happened to the child. 'The facts stand – and they are simple: a 3-year-old boy ingested meth while in Council Member Bakken's care at her in-home daycare, the State found Pam responsible for the situation, and yet she – and others – have remained silent,' Smith said in a statement announcing the petition. 'What's just as concerning is that Pam Bakken broke the oath she swore when elected – to uphold the laws and regulations of our great State – by willfully disregarding what she was required to do. No person – but especially not elected officials – are above the law.' The temporary license suspension, issued Dec. 9, follows the recommendation of Dakota County Community Services, which is handling the investigation. It reads: 'You are prohibited from providing family child care. You are also prohibited from operating as a legally unlicensed child care provider at this time.' Bakken, according to her campaign materials, has run an in-home day care for 20 years and raised six children in South St. Paul. She was elected to the council in 2020 and again last November, coming in third in a close race to elect three candidates from a field of four. Her business was licensed for up to 14 children, including up to 10 under school age and up to four infants and toddlers. South St. Paul City Clerk Deanna Werner confirmed that the paperwork had been certified Friday morning and that the petition was back in the hands of the group. MN robotics teams preparing to compete in the big one: FIRST Championship South St. Paul: As a kid, he checked out a Cat Stevens vinyl from the library. As a grandpa, he tried to return it. Apple Valley: Home & Garden Expo this weekend — for free Burnsville graduation date scheduled on major Islamic holiday Mendota Heights med tech company to lay off 124 workers after acquisition The group then has 30 days to gather the required number of signatures, which in this case is based on 25 percent of the last voter turnout, she said. That means by May 12, the group will need to have at least 2,763 signatures that have been verified by the city clerk for the next step, which is to put the recall on a ballot for a special election, she said. 'Special elections cost money – something that will be a burden on the City financially,' Smith said in her announcement. 'But, that's the only avenue for recourse the citizens have been given. I truly wish members of Council would speak up for what's right and join the community in calling for Bakken's resignation – and I wish Pam would simply step down.' The Pioneer Press reached out to Bakken by phone and email and had not received a reply as of Friday evening.
Yahoo
28-03-2025
- Business
- Yahoo
Prediction: Chevron Will Soar Over the Next 2 Years. Here's 1 Reason Why.
Chevron (NYSE: CVX) stock has gone nowhere over the past three years. It's a real headscratcher, considering the performance of other energy stocks. The average one in the S&P 500 is up more than 20% in the period, while shares of chief rival ExxonMobil (NYSE: XOM) surged almost 40%. I believe Chevron's days of underperformance are ending. I predict the stock will soar over the next two years. Here's one factor fueling that view. One issue weighing down Chevron's stock in recent years has been the uncertainty surrounding its pending acquisition of Hess (NYSE: HES). The company agreed to buy the fellow oil stock in late 2023 in an all-stock deal valued at $53 billion. It made that move a few weeks after Exxon agreed to buy Pioneer Natural Resources in a $59.5 billion deal. While Exxon closed its megadeal for Pioneer last May, Chevron has yet to complete its purchase of Hess. It has Exxon to blame. The fellow oil giant believes Chevron's purchase of Hess triggered a change-of-control clause related to its joint development agreement in Guyana. As a result, the companies are heading to an arbitration hearing later this year. I predict that Chevron will win its case. That's because its acquisition of Hess is about much more than its stake in the Exxon-led partnership in Guyana. Buying Hess would also expand the company's U.S. onshore position by adding the Bakken to its portfolio. And it would enhance its existing operations in the Gulf of Mexico (also known in the U.S. as the Gulf of America) and Southeast Asia. It's really the perfect strategic fit for Chevron. Chevron is so confident it will close the deal that it recently bought nearly 5% of Hess' stock on the open market. Closing the Hess deal would position Chevron to more than double its free cash flow by 2027 as it benefits from the growth of its existing operations and Hess' growing free cash flow. That surging free cash flow should help give its stock the fuel to soar. Before you buy stock in Chevron, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Chevron wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $739,720!* Now, it's worth noting Stock Advisor's total average return is 870% — a market-crushing outperformance compared to 167% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of March 24, 2025 Matt DiLallo has positions in Chevron. The Motley Fool has positions in and recommends Chevron. The Motley Fool has a disclosure policy. Prediction: Chevron Will Soar Over the Next 2 Years. Here's 1 Reason Why. was originally published by The Motley Fool Sign in to access your portfolio
