Latest news with #HessCorp
Yahoo
a day ago
- Business
- Yahoo
US oil producer Continental Resources drops fraud lawsuit against rival Hess
HOUSTON (Reuters) -U.S. shale producer Continental Resources has dropped a lawsuit it filed against rival Hess Corp in May, which alleged it was defrauded out of up to $69 million through a series of deals the well operator conducted with its subsidiaries. Continental said that Hess, which operates hundreds of wells in North Dakota, artificially inflated midstream service fees by entering into agreements with its own subsidiaries. Continental, Hess and Chevron, which closed its acquisition of Hess last week, did not respond to requests for comment.
Reuters
a day ago
- Business
- Reuters
US oil producer Continental Resources drops fraud lawsuit against rival Hess
HOUSTON, July 23 (Reuters) - U.S. shale producer Continental Resources has dropped a lawsuit it filed against rival Hess Corp in May, which alleged it was defrauded out of up to $69 million through a series of deals the well operator conducted with its subsidiaries. Continental said that Hess, which operates hundreds of wells in North Dakota, artificially inflated midstream service fees by entering into agreements with its own subsidiaries. Continental, Hess and Chevron (CVX.N), opens new tab, which closed its acquisition of Hess last week, did not respond to requests for comment.
Yahoo
a day ago
- Business
- Yahoo
S&P 500 Is Getting More Bitcoin Exposure as Block Joins the Club
Block, Jack Dorsey's Bitcoin-focused payments company, is set to join the S&P 500 on Wednesday, a milestone moment for both the company and and foray further into crypto for the benchmark index. Block (XYZ), which was rebranded from Square in 2021, is the second blockchain company to join the club after cryptocurrency exchange Coinbase Global (COIN) was added to the index in mid-May. That means index fund investors will get a modest bump in exposure to the world's largest cryptocurrency bitcoin (BTCUSD). The company takes the spot vacated by Hess Corp., which was acquired by Chevron (CVX) in a deal that closed July 18. It's the third addition of the month, following The Trade Desk (TTD) and Datadog (DDOG). Since the announcement of Block's inclusion late Friday, the shares have risen 9%. Block's stock has benefited from an index effect, which refers to directional pressure on stocks when a company is added to, or removed from, the S&P 500 and other indexes. The most recent research report on the matter from S&P Dow Jones Indices, which studied the price impact of index additions and deletions from 1995 to June 2021, showed that it isn't always much of a force. The median excess returns—defined here as the difference between a stock's total return and that of the broader index—of stocks added to the index, measured from the announcement date to the effective date, was about 8% from 1995 to 1999. From 2000 to 2010, that number shrank to 3.6%, and was essentially nonexistent from 2011 to 2021. And even if an index effect shows up ahead of the official inclusion or deletion date, according to a McKinsey study, the premium or discount has a tendency to dissipate within a few months. What's new can get old pretty fast. 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
2 days ago
- Business
- Yahoo
Block Inc. (XYZ) Jumps 7% on S&P 500 Inclusion
We recently published . Block, Inc. (NYSE:XYZ) is one of Monday's biggest gainers. Block Inc. rallied for a fourth straight day on Monday, adding 7.22 percent to close at $78.08 apiece as investor sentiment was bolstered by its inclusion in the S&P 500 index. Effective Wednesday, July 23, Block, Inc. (NYSE:XYZ) will begin as a component of the S&P 500 index, replacing energy company Hess Corp. following its $55 billion merger with oil giant Chevron. Companies added to market indices during the latest rebalancing activities usually pop higher as index-tracking funds are required to add them to their portfolios. Additionally, getting included in a market index is typically considered a milestone for listed companies as it bolsters their visibility among institutional and retail investors. An overview of a financial exchange, illuminating the complexity of the global economy. Based on its historical earnings reporting dates, Block, Inc. (NYSE:XYZ) will announce the results of its second quarter performance in the first week of August 2025. According to Block, Inc. (NYSE:XYZ), it expects gross profit for the second quarter of the year to grow by 9.5 percent year-on-year to $2.45 billion. While we acknowledge the potential of XYZ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . 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
Finextra
3 days ago
- Business
- Finextra
Square joins S&P 500
Shares in Block rose on Monday as the Jack Dorsey-founded fintech joined the benchmark S&P 500 index. 0 Block shares jumped nearly 10% in pre-market trading on Monday on news that it will replace oil company Hess Corp in the S&P 500 on 23 July. Founded in 2009 as Square, Block is best known for its Cash App mobile payments offering and the Square POS unit, which recently added real-time bitcoin transactions. Block is the second fintech to join the S&P 500 this year, following crypto exchange Coinbase, which replaced Discover Financial Services in May. In a statement on the S&P move, Square says: "It's a milestone that reflects the strength of our business and the work of thousands of people building tools to increase access to the economy, across our brands including Square, Cash App, Afterpay, Tidal, Proto, and Bitkey."
