Oklahoma-based Unit Corp., which filed for bankruptcy in May of 2020 at the trough of the slump in oil prices, hired an investment bank to sell $1 billion of oil assets in the U.S. Anadarko and Gulf Coast basins.
Chesapeake Energy, which only emerged from bankruptcy last year, is in advanced talks to purchase Chief Oil & Gas for $2.4 billion, underscoring the energy industry’s recovery as natural resource prices surge to multi-year highs.
More than 30 million Americans were under winter storm warnings yesterday as the second major weather system of the past week crept up the U.S. South and East Coast. Dangerous road conditions are expected to stretch from coastal parts of Virginia through the Carolinas.
Congestion at Western ports is rippling back to Asia, with ships arriving at China’s Yantian port delayed by an average of seven days alongside a 40% drop in ship volumes from the U.S. and Europe the past two weeks.
Union Pacific said COVID-19 infections among staff will continue to hurt freight volumes this quarter although not as severely as the 4% volume slump in the final three months of 2021.
Saw timber prices rose to $26.44/ton last quarter, fueled by increased demand for cardboard boxes as well as wet weather that put a premium on trees sourced from dry areas.
Shipping congestion is slowing the rollout of free COVID-19 tests to residents of Ohio and Maryland.
Intel, the world’s largest semiconductor manufacturer, announced plans to build a new $20 billion factory outside Columbus, Ohio, a major boost amid the decades-long slowdown in U.S. chip production.
European lawmakers are working on a framework that would move 20% of global semiconductor production to the continent by 2030, up from the current 10%. The continent is competing with India, which just released $10 billion in incentives to lure chip makers, and Shanghai, which is offering to subsidize new investment.
Federal regulators announced a key approval for a planned $10 billion train tunnel under the Hudson River, a milestone for the long-delayed project that promises to transform rail activity in the U.S. Northeast.
Nearly $500 million of new U.S. infrastructure dollars will be used to expand a lock complex at Sault Ste. Marie, Michigan, enabling vessels to haul bulk cargo between Lake Superior and the other Great Lakes.
Supply chain disruptions have reversed a decade-long decline in the cost of building clean energy infrastructure, with prices for solar panels surging more than 50% last year alongside double-digit price gains for wind turbines and batteries.
Electric vehicle (EV) charging infrastructure is expanding more rapidly as automakers compete to win over an ever-growing number of consumers entering the EV market.
Yesterday marked the two-year anniversary of the U.S.’s first recorded COVID-19 case. The nation reported 644,814 new infections and 2,479 virus fatalities. Fatalities have surged 42% over the past two weeks to an average of roughly 1,900 per day, while hospitalizations reached an all-time high for the second day in a row at more than 160,000.
The economic impacts of travel bans outweigh the limited protection they provide to most nations, the World Health Organization said. An extreme example is Hong Kong, where 44% of bankers surveyed said they are likely to leave the island due to its strict travel curbs.