Latest news with #Bakken
West Australian
4 days ago
- Business
- West Australian
ASIC launches probe into debt management, credit repair industry
The corporate watchdog is launching a probe into the debt management and credit repair industry, saying it is concerned some businesses are 'leaving financially vulnerable consumers worse off'. The Australian Securities and Investments Commission said it was looking at examples where debt management firms 'may have failed consumers' by not meeting the terms of their agreement, charged high fees for no or limited services, or failed to communicate properly with clients. ASIC commissioner Alan Kirkland said he was worried some licensees — the sector is comprised of about 100 — may be failing to engage in credit activities 'efficiently, honestly and fairly, leaving financially vulnerable consumers worse off as a result'. 'We have heard numerous accounts of debt management firms making promises to vulnerable consumers that may not have been kept,' Mr Kirkland said. In one instance highlighted by the commissioner, a woman was unable to find out why her debt management firm was not making any payments to her creditors. After numerous calls to the firm, she was told to enter into bankruptcy with no further explanation. In another example, a man was at risk of having his car repossessed after his debt management firm failed to respond to default notices from creditors. 'When he cancelled his contract and asked for a partial refund from the debt management firm, they said there was a no-refund policy,' Mr Kirkland said. 'Stories like these are disturbing and if we detect unfair and unlawful practices, we will take enforcement action to protect consumers.' ASIC's review will look at the varying debt management and credit repair business models in operation and how they comply with the law. A licensing regime was introduced in 2021 for debt management and credit repair firms to protect consumers from predatory practices. The financial regulator has taken action against several businesses since then, including suing Bakken Holdings, the operator of debt management business Solve My Debt Now, in August 2023 following concerns of 'substantial consumer harm'. ASIC at the time alleged Bakken collected $3.6 million from its customers but paid only $1.1m of this money to creditors, and that 64 per cent of customers did not have payments made to their creditors at all. The company previously said Solve My Debt Now did not pay clients' debts, but negotiated payment plans on their behalf. ASIC refused Bakken's application for an Australian credit licence in June this year. Meanwhile, it hit debt management company Chapter Two Holdings Pty Ltd with two infringement notices in April for alleged misleading statements made on its website regarding debt management outcomes. ASIC said Chapter Two's website included statements that the company had wiped $80m in debt and saved consumers $30m in interest. The watchdog is expected to publish insights from its review into the debt management and credit repair industry in a public report next year.
Yahoo
18-07-2025
- Business
- Yahoo
Chevron Closes $53B Purchase of Hess After Arbiter Ends Exxon Effort to Block It
Key Takeaways Chevron completed its $53 billion purchase of Hess after winning an arbitration case brought by rival Exxon Mobil and the China National Offshore Oil Corporation. The International Chamber of Commerce dismissed the challenge related to Chevron acquiring Hess's production sites in Guyana. Exxon Mobil said it disagreed with the (CVX) can complete its $53 billion purchase of Hess (HES) after an international arbitrator ruled in favor of Chevron in a dispute with Exxon Mobil (XOM) related to Chevron's planned acquisition. Following the decision, Chevron said it had closed the deal. Exxon Mobil and partner China National Offshore Oil Corporation (CNOOC) had raised the challenge with the Paris-based International Chamber of Commerce (ICC) over the acquisition, which gives Chevron access to Hess's oil-rich fields in Guyana. Exxon Mobil and CNOOC argued they had the right of first refusal for the Hess deal because of their production interests in that country. However, the ICC sided with Chevron, leading the company to announce that it had met "all necessary closing conditions, including a favorable arbitration outcome regarding Hess' offshore Guyana asset,' to complete the Hess purchase. Chevron's deal for Hess had been in limbo since it was struck in October 2023. Chevron explained that the Hess acquisition 'adds world class assets, including Guyana and U.S. Bakken, to Chevron's diversified global portfolio' that now boasts 'a 30% position in the Guyana Stabroek Block, which has more than 11 billion barrels of oil equivalent discovered recoverable resource.' Exxon Mobil responded to the ICC ruling by saying it disagreed, noting that 'we believed we had a clear duty to our investors to consider our preemption rights to protect the value we created through our innovation and hard work at a time when no one knew just how successful this venture would become.' The company added that it welcomes Chevron to the venture and looks forward 'to continued industry-leading performance and value creation in Guyana for all parties involved.' Hess did not respond to Investopedia's request for comment in time for publication. The companies' stock were all relatively unchanged after the news. Shares of all three energy giants are higher year-to-date. Read the original article on Investopedia 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
Yahoo
12-07-2025
- Business
- Yahoo
Hess Midstream Sees Ownership Shift While Maintaining Strong Dividend Appeal
Hess Midstream LP (NYSE:HESM) is one of the . The company announces a shift in ownership, followed by the pricing of a secondary public offering. A worker measuring crude oil inside a rail tank car. Hess Midstream LP (NYSE:HESM) is a midstream energy company focused on fee-based gathering, processing, storage, and terminal services. With headquarters in Texas, the company has operations running across the Bakken and Three Forks shale plays. Managing extensive natural gas, crude oil, and produced water infrastructure, the company serves Hess Corporation and third-party customers. On May 28, 2025, the company announced the pricing of a secondary public offering. It involves offering 15,022,517 Class A shares at $37.25 per share. Under the management of J.P. Morgan and Citigroup, the company anticipates a return of $559.59 million for the selling shareholder. Hess Midstream LP (NYSE:HESM) will not receive any proceeds. Later, owing to the closure of a registered underwritten public offering on May 30, 2025, the company announces the exit of Global Infrastructure Partners, a part of BlackRock, from its position in Hess Midstream. The consolidated ownership of the company now rests at 62.2% with the public and 37.8% with Hess Corporation. Hence, as of now, the company's dividend policy and payouts remain strongly driven by its own operations. With a solid Buy rating from analysts and a dividend yield of 7.18%, the company's shares are available for interested investors. While we acknowledge the potential of HESM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and 10 Dividend Bargains Trading Below Insiders' Prices Disclosure. None. Connectez-vous pour accéder à votre portefeuille
National Post
11-06-2025
- Business
- National Post
Volt Lithium to Commission Mobile Direct Lithium Extraction Unit in North Dakota's Bakken Region
Article content Article content Article content CALGARY, Alberta — Volt Lithium Corp. (TSXV: VLT | OTCQB: VLTLF | FSE: I2D) (' Volt ' or the ' Company '), soon to become LibertyStream Infrastructure Partners Inc., pending shareholder approval, announces the upcoming final assembly and deployment of its proprietary mobile Direct Lithium Extraction ('DLE') unit in North Dakota's Bakken region, with commissioning scheduled for the second half of June 2025. This initiative, in collaboration with Wellspring Hydro ('Wellspring'), is supported by a combined US$2.5 million in funding facilitated through the North Dakota Industrial Commission's Clean Sustainable Energy Authority and Renewable Energy Program. Article content ' Wellspring and the State of North Dakota are excited to commence field operations with Volt in North Dakota in the second half of June,' commented Mark Watson, President and CEO of Wellspring. ' Volt is the only DLE company that the State Of North Dakota has funded to date ', added Mr. Watson. 'Based upon the successful lithium extraction results at Volt's R&D Facility in Calgary, both groups have full confidence Volt's proprietary lithium extraction unit will be successful in the field.' Article content The upcoming name change to LibertyStream Infrastructure Partners Inc., reflects the Company's ongoing strategy to partner with key oilfield infrastructure players in the US to extract lithium, a valuable critical mineral, from the significant streams of produced water associated with oil and gas production. Article content Key Highlights: Article content Proprietary Technology and Process adapts to multiple brine chemistries, driving Volt's Expansion to the Bakken in North Dakota Strategically positioned in North America's two largest oil-producing basins (Permian and Bakken). Permian potential: up to 170,000 tonnes of Lithium Carbonate Equivalent (LCE) annually. Bakken potential: up to 50,000 tonnes of LCE annually, nearly 3x higher lithium concentration compared to the Permian. Building active inventory of lithium chloride and converting to high-purity lithium carbonate for potential off takers. Deployed, scaled and optimized North America's largest operational DLE system (10,000+ barrels/day) within six months of initial deployment. Article content in North Dakota Article content Volt's proprietary operating system has been built to partner with existing salt-water disposal ('SWD') operators in oilfields across the US and the Company's proprietary extraction compound (the 'Media') is tailored to extract lithium from oilfield brines. This partnership model reduces capital and operating costs compared to developing a traditional greenfield lithium extraction facility. By integrating our DLE units with existing infrastructure, Volt accelerates its path to production and enhances project economics in several key ways: Article content Capital Savings: We eliminate the need for costly and time-intensive greenfield development, including drilling new wells, extensive land acquisition, and building new pipeline networks. Our units tie directly into the partner's SWD facilities; and Operating Savings: We tap into a continuous stream of lithium-rich brine that is already being brought to the surface as part of daily oilfield operations. Article content The combination of Volt's proprietary operating system and Media has facilitated the Company's significant growth from lab scale production in 2024 at its Research and Development Facility ('R&D Facility') in Calgary, Alberta to its field operating system in the Permian Basin capable of processing 10,000 barrels of brine per day in 2025. Article content With the Bakken field unit, Volt aims to demonstrate that its proprietary, modular DLE process can capture value across both high‑volume, lower‑grade brines and higher‑concentration resources—showcasing basin‑agnostic versatility and the potential for improved project economics in multiple North American basins. Article content Strategic Significance: North American Lithium Leadership Article content Volt Lithium now holds strategic footholds in North America's two most prolific onshore oil-producing basins—the Permian in Texas and New Mexico, and the Bakken in North Dakota. Together, these basins represent over 60% of total U.S. onshore oil output, providing significant opportunities for lithium extraction from extensive lithium-rich produced water volumes. Article content The Permian Basin alone generates approximately 19 million barrels per day of produced water at lithium concentrations averaging around 30 ppm, translating to a conservative 170,000 tonnes per annum ('tpa') of potential LCE. Article content The Williston Basin Bakken production ranges from 1.6 million to 2 million barrels of produced water per day. Internal lab tests on Bakken brine samples show lithium concentrations reaching 90 ppm —nearly three times Permian grades, suggesting potential production of ~50 000 tpa LCE. Article content Commercial Readiness and Market Engagement Article content Volt is building an inventory of lithium chloride from its Permian Basin operations and has initiated converting this inventory into lithium carbonate, achieving purity levels suitable for premium-specification offtake agreements. Samples are being distributed to potential offtake partners to facilitate commercial partnerships and validate product specifications. Article content Operational Milestones & Scalability Article content In September 2024, Volt deployed its first DLE field unit in the Permian Basin, subsequently scaling up to its Generation 5 unit by February 2025. This rapid scaling resulted in North America's largest operational DLE system, capable of processing over 10,000 barrels per day of produced water. Article content The upcoming Bakken mobile deployment represents further lateral expansion, validating the modular technology's adaptability across basins and showcasing its potential for rapid replication and scaling. Article content North Dakota Unit Field Deployment, High-Level Stakeholder & Government Engagement Article content Volt is in the final stages of assembling its mobile Field Unit for deployment and commissioning in North Dakota in the second half of June 2025. Volt's field trial will be processing brine from the Bakken formation. The Bakken represents the second largest producer of brine in the continental USA, processing up to 2 million barrels of brine per day at lithium concentrations up to 90 ppm. While conducting the field trial, Volt and Wellspring Hydro look forward to hosting representatives from the following key stakeholder groups: Article content These stakeholders, along with interested investors, will participate in site visits during both commissioning and operational phases, gaining firsthand insights into the technology's scalability and strategic impact. Article content 'Volt's modular, rapidly deployable DLE technology is gaining strong interest from industry partners. Volt's deployment of a second unit into the Bakken demonstrates the technology is capable of adapting to multiple types of oilfields and varying grades of lithium concentrations, positioning the Company to meet growing market demand and expand across key American basins.' Article content — Alex Wylie, President & CEO of Volt Lithium About Volt Lithium Volt is a lithium development and technology company aiming to be one of North America's first commercial producers of lithium carbonates from oilfield brine. Our strategy is to generate value for shareholders by leveraging management's hydrocarbon experience to deploy our proprietary DLE technology directly into existing oil and gas infrastructure, thereby reducing capital costs, lowering risks and supporting the world's clean energy transition. With four differentiating pillars, and a proprietary Direct Lithium Extraction (' DLE ') technology and process, Volt's innovative approach to development is focused on generating the highest lithium recoveries with lowest costs, positioning us for future commercialization. We are committed to operating efficiently and with transparency across all areas of the business staying sharply focused on creating long-term, sustainable shareholder value. Investors and/or other interested parties may sign up for updates about the Company's continued progress on its website: Article content Contact Information Article content Forward Looking Statements Article content This news release includes certain 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. When used in this news release, the words 'anticipate', 'believe', 'estimate', 'expect', 'target', 'plan', 'forecast', 'may', 'will', 'would', 'could', 'schedule' and similar words or expressions, identify forward-looking statements or information. Statements, other than statements of historical fact, may constitute forward-looking information and include, without limitation, information with respect to the terms of the operational milestone, Volume Scale-up. Extraction Time Improvements and Continuous Processing vs Batch Processing, the deployment of the Field Unit in the Permian Basin, the production of battery grade lithium by the Field Unit, and the commercial production of lithium from oilfield brine. With respect to the forward-looking information contained in this press release, the Company has made numerous assumptions. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies and may prove to be incorrect. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein including those known risk factors outlined in the Company's annual information form for the year ended June 30, 2024 and (final) short form base shelf prospectus dated July 20, 2023. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law. Article content Article content Article content Article content
Bloomberg
28-05-2025
- 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.
