Diamondback Boosts Permian Basin Presence With 2 Shale Deals
Bloomberg 12/21/2020 David Wethe and Simon Casey
(Bloomberg) Diamondback Energy Inc. rounded off a tumultuous year for the U.S. shale industry with the acquisition of two rivals for about $1.4 billion that will expand the company’s position in the Permian Basin.
Diamondback on Monday announced an agreement to buy shale explorer QEP Resources Inc. in an all-stock deal and, separately, an accord to acquire closely held Guidon Operating LLC, which was co-founded in 2016 by funds managed by Blackstone Group, for a mix of cash and stock.
The purchases are a bet by Midland, Texas-based Diamondback on the resilience of the shale sector, where production has dropped following this year’s historic collapse in crude prices. The deals are Diamondback’s largest since its $7 billion takeover of Energen Corp. in 2018, and will bring its total leasehold interests to more than 276,000 net surface acres in t
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Commentary: US paid dearly for absence in Pacific trade deal The opportunity costs in terms of incomes and jobs make joining the Comprehensive Partnership for Trans-Pacific Partnership a top priority for the US when Joe Biden takes over, say Carlos Kuriyama and Dr Cai Daolu.
A protest in Washington on December 12, 2020 drew several thousand supporters of President Donald Trump; many insisted without evidence that he defeated Democrat Joe Biden in the November election. (Photo: AFP/TASOS KATOPODIS)
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SINGAPORE: When Donald Trump’s administration withdrew the United States from the Trans-Pacific Partnership (TPP) in 2017, giving teeth to the new “America First” policy, observers sat up.
How ‘America first’ has mostly failed the US
Andrew Hammond
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As Donald Trump enters his final month in office, it is increasingly clear that his much-hyped “America first” foreign policy revolution has largely failed.
When he entered the White House four years ago, Trump promised a platform of policies that could have reshaped US foreign and trade policy more radically than at any point since the beginning of the Cold War, when Harry Truman helped build a multidecade, bipartisan consensus around US global leadership.
To be fair, Trump has made some moves to deviate from this postwar orthodoxy by withdrawing from initiatives such as the Paris climate deal and the Trans-Pacific Partnership trade agreement, but what was billed as a transformative shift has proved threadbare and incoherent in practice, despite much bluster.
Associated Press
Today’s Highlight in History:
On Dec. 19, 1998, President Bill Clinton was impeached by the Republican-controlled House for perjury and obstruction of justice (he was subsequently acquitted by the Senate).
On this date:
In 1777, during the American Revolutionary War, Gen. George Washington led his army of about 11,000 men to Valley Forge, Pa., to camp for the winter.
In 1843, “A Christmas Carol,” by Charles Dickens, was first published in England.
In 1915, legendary French chanteuse Edith Piaf was born in Paris. German psychiatrist Alois Alzheimer, who discovered the pathological condition of dementia, died in Breslau (now Wroclaw), Poland, at age 51.
In 1946, war broke out in Indochina as troops under Ho Chi Minh launched widespread attacks against the French.