Newsletter No. 91
Good afternoon,
It is Thursday, November 14, 2024 and here is another edition of The Upside where I bring you the latest updates on the oil and gas industry, including what’s happening here at King.
This Week's Headlines
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- Iran Prepares for Possible Oil Export Cuts Under Trump
- Suncor Raises Dividend After Strong Profits and Record Production
- Diamondback Energy Raises 2024 Production Outlook After Merger
- Oil Prices Rise Slightly Ahead of U.S. Inflation Report
- Iron Oak Energy Formed from Merger of Covia and Black Mountain Sand
- June Hunt Shares Her Inspiring Journey on The Jay Young Show
- Webinar: What Comes Next in the Trump Administration
Global Oil & Gas News
Iran Prepares for Possible Oil Export Cuts Under Trump
Iran is getting ready for potential new U.S. sanctions on its oil exports as President-elect Donald Trump plans to ramp up pressure on the country. Iranian officials say they’ve taken steps to handle the situation. If the sanctions cut Iran’s oil exports, it could push oil prices higher, but also hurt global economic growth. China, which buys most of Iran’s oil, would be especially affected.
Suncor Raises Dividend After Strong Profits and Record Production
Suncor Energy raised its dividend after reporting strong profits in the third quarter, thanks to record oil production and refining. The company produced 829,000 barrels of oil per day and processed more oil than ever before. High demand for gasoline and jet fuel also boosted sales. As a result, Suncor increased its dividend by 5%, rewarding shareholders for the company’s solid performance.
Diamondback Energy Raises 2024 Production Outlook After Merger
Diamondback Energy boosted its 2024 production forecast to 587,000–590,000 barrels of oil equivalent per day (BOEPD) after its merger with Endeavor. The company also increased its 2024 budget to up to $3 billion.
Oil Prices Rise Slightly Ahead of U.S. Inflation Report
Oil prices ticked up a bit on Wednesday as traders awaited U.S. inflation data. Brent crude rose to $71.99 a barrel, while WTI reached $68.23. All eyes are on the U.S. inflation report, which could impact future interest rate decisions.You can see the up-to-the-minute commodities numbers here.
Move to Watch
Iron Oak Energy Formed from Merger of Covia and Black Mountain Sand
Covia Energy and Black Mountain Sand have merged to create Iron Oak Energy Solutions, a leading supplier of sand used in oil drilling. The new company will produce 30 million tons of sand each year from mines in the Permian Basin and Eagle Ford Shale. Iron Oak aims to meet growing demand for frac sand and plans to expand further through mergers and acquisitions. The company’s CEO will be Michael Segura, who led Covia.
HAPPENING AT KING
June Hunt Shares Her Inspiring Journey on The Jay Young Show
The Jay Young Show co-host Jordan Soto and I recently sat down with June Hunt, founder of Hope for the Heart, as she shared her powerful journey of faith, family, and healing. June discussed her impactful ministry, the global reach of her resources, and her dedication to bringing hope to those in need. If you missed our conversation, you can watch the replay now, and don’t miss Part 2 of the interview, releasing tomorrow! Watch on YouTube, Rumble, or directly on our website.
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macro-economic look
Webinar: What Comes Next in the Trump Administration
King's Macro-Economic advisor Eric Rice with be holding a webinar, "What Comes Next in the Trump Administration." Eric will provide a comprehensive analysis of what economic policies and trends might emerge under a renewed Trump administration, and how they could shape both the domestic and global economic landscape. You can register here.
Also, please let us know how we are doing at King Operating Corporation. Leave a review here.
Thank you for your continued support, and if you have any questions for myself or any member of the King team, please don't hesitate to reach out.
All the best,
Jay
