Physical Asset Transactions

Chevron Warns of Billions in Charges From California Challenges, Gulf of Mexico Assets

2Jan

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World

Chevron Warns of Billions in Charges From California Challenges, Gulf of Mexico Assets

Chevron said it will book $3.5 billion to $4 billion in charges for the fourth quarter, citing challenges tied to regulations in California and previously sold oil and gas production assets in the Gulf of Mexico.Chevron said it will impair a portion of its U.S. upstream assets, mostly in California, due to regulatory challenges in the state that have led to “lower anticipated future investment levels in its business plans.” Chevron said it will continue to operate the affected assets for many years.Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Sigma Healthcare Agrees to $5.79 Billion Merger With Pharmacy Chain

11Dec

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World

Sigma Healthcare Agrees to $5.79 Billion Merger With Pharmacy Chain

SYDNEY—Australian drug supplier Sigma Healthcare agreed to merge with privately owned pharmacy operator CW Group, creating a listed company worth more than 8.8 billion Australian dollars (US$5.79 billion).Sigma on Monday said it would pay A$700 million in cash and issue sufficient new shares for CW Group, the operator of Australia’s prominent Chemist Warehouse pharmacy chain, to own 86% of the combined company. Shareholders of Sigma, which has a market capitalization of A$810.4 million, would own the remainder.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

27Nov

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Health

Amtrak Tries to Take Union Station

Amtrak is a rolling master class on government in action, and the latest example is its effort to seize control of Union Station in Washington via the power of eminent domain. In a case being heard in federal district court, the railroad is trying to get the station’s “leasing rights” for $250 million, which the private leaseholder says is about a third of the fair market value.The railway wants to do a concourse modernization project to add more seating, increase signage in the terminal, and improve infrastructure. In a September hearing before Washington, D.C., federal district Judge Amit Mehta, Amtrak CEO Steven Gardner said that the current leaseholder, a company called USI, isn’t helping the railway accomplish its plans. He complained that there’s “a mismatch” between Amtrak and “a p...

Return to Work Is Coming for Your Pandemic-Era Home

23Nov

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World

Return to Work Is Coming for Your Pandemic-Era Home

Listen to article(2 minutes)After three years of living in her dream home in a Texas community called Rocky Creek Ranch, Donna Rutter is giving it up to move closer to the accounting firm she bought in the nearby city of Fort Worth.Rutter spent most of her 30-year career as a CPA for large firms in Dallas and Fort Worth. Even before Covid, she had a work style that allowed her some flexibility. She didn’t have a central office she went to every day, but she had clients she traveled to visit on site. That schedule allowed her to build a home in Rocky Creek, about 20 minutes from downtown Fort Worth.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

CRH to Buy Texas Cement, Concrete Portfolio for $2.1 Bln

21Nov

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World

CRH to Buy Texas Cement, Concrete Portfolio for $2.1 Bln

CRH said it will purchase a portfolio of cement and ready-mixed concrete assets in Texas from Martin Marietta Materials for $2.1 billion.The Irish building-materials supplier said the assets comprise a cement plant, a network of terminals located on the Gulf of Mexico, as well as a portfolio of 20 ready-mixed concrete plants.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Morgan Stanley’s James Gorman Picked a Good Time to Leave

28Oct

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Money

Morgan Stanley’s James Gorman Picked a Good Time to Leave

Oct. 28, 2023 10:27 am ETJames Gorman guided Morgan Stanley through years of superlow interest rates and booming stock markets. His successor, Ted Pick, might have to come up with some new ideas for a new era.Gorman, who will step down at the end of the year after almost 14 years as chief executive, bet big on wealth and asset management by absorbing all of Smith Barney and later buying E*Trade and Eaton Vance. He certainly had the right strategy in the market’s eyes: Since the start of 2010, when he became CEO, the firm’s 8.6% annualized total return has been second only to JPMorgan Chase’s among the U.S. global banks, according to FactSet data. And by valuation, Morgan Stanley has often been the leader of the pack, generally trading at a higher price-to-book ratio than even JPMorgan sin...

UAW, Stellantis Reach Tentative Agreement on New Four-Year Labor Contract

28Oct

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World

UAW, Stellantis Reach Tentative Agreement on New Four-Year Labor Contract

Updated Oct. 28, 2023 2:01 pm ETThe United Auto Workers has reached a tentative agreement with Chrysler-parent Stellantis on a new labor contract, moving the union one step closer to ending a historic strike that has dinged all three automakers and put more than 45,000 workers on the picket lines for six weeks. The UAW plans to announce the proposed contract as soon as Saturday afternoon, according to people familiar with the situation.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

28Oct

By adminNo Comments

World

Morgan Stanley’s James Gorman Picked a Good Time to Leave

Oct. 28, 2023 10:27 am ETJames Gorman guided Morgan Stanley through years of superlow interest rates and booming stock markets. His successor, Ted Pick, might have to come up with some new ideas for a new era.Gorman, who will step down at the end of the year after almost 14 years as chief executive, bet big on wealth and asset management by absorbing all of Smith Barney and later buying E*Trade and Eaton Vance. He certainly had the right strategy in the market’s eyes: Since the start of 2010, when he became CEO, the firm’s 8.6% annualized total return has been second only to JPMorgan Chase’s among the U.S. global banks, according to FactSet data. And by valuation, Morgan Stanley has often been the leader of the pack, generally trading at a higher price-to-book ratio than even JPMorgan sin...

24Oct

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Business

Chevron Bets on Peak Green Energy

The climate lobby’s pronouncements that the end of fossil fuels is nigh appear as premature as warnings two decades ago that supply would soon run out. Chevron on Monday announced a $53 billion bid for Hess Corp. because it knows the world will need oil and gas for the foreseeable future no matter how much politicians subsidize green energy.Chevron’s Hess acquisition comes on the heels of Exxon Mobil’s $60 billion tie-up with Pioneer National Resources this month. Higher interest rates are prompting consolidation across the U.S. economy, as smaller, less-capitalized companies struggle to borrow. Oil and gas giants are flush with cash owing to the run-up in prices over the past two years.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 ...

Chevron and Exxon Might Have Kicked Off an Oil Land Grab

23Oct

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Money

Chevron and Exxon Might Have Kicked Off an Oil Land Grab

The smell of mergers and acquisitions is in the air following more than $110 billion worth of oil megadeals this month—Chevron’s agreement to buy Hess and Exxon Mobil’s deal for Permian giant Pioneer Natural Resources. Who’s next?Deal talks are already under way. Devon Energy, another top Permian producer, is said to be eyeing targets that include Marathon Oil and CrownRock, according to a report from Bloomberg. Gas producer Chesapeake Energy is reportedly considering an acquisition of Southwestern Energy, according to Reuters.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8