OPEC+ has failed to spark an oil price rally with its commitment to halt production hikes in the first quarter of 2026, as fears of a supply glut continue to weigh on both Brent and WTI. Oil prices oil rig OPEC - OPEC+ surprised oil markets by announcing a pause in its scheduled return of voluntary cuts throughout Q1 2026, having agreed on a minor 137,000 b/d increase for December 2025. - According to media reports, Russia was the largest proponent of the temporary supply hike pause, giving OPEC+ mor ...

Core Viewpoint - BP has agreed to sell non-controlling interests in its US midstream assets in the Permian and Eagle Ford basins to Sixth Street for $1.5 billion, structured in two phases with an initial payment of approximately $1 billion upon signing [1][4]. Group 1: Transaction Details - The deal involves BP's US onshore subsidiary, bpx energy, continuing to operate the assets, which include pipelines and facilities in the Eagle Ford and Permian basins [1][2]. - The assets include four central processing facilities: Grand Slam, Bingo, Checkmate, and Crossroads, which connect oil and gas wells to pipeline systems [2]. - Upon closing, bpx energy's ownership in the Permian assets will decrease from 100% to 51%, and its stake in the Eagle Ford assets will drop from 75% to 25% [3]. Group 2: Strategic Implications - The transaction is part of BP's strategy to unlock capital while maintaining operational control over the assets [2][4]. - This sale supports BP's goal of achieving $20 billion in divestments by the end of 2027, as outlined during its Capital Markets Update in February 2025 [4]. - bpx energy's CEO emphasized the importance of investing in midstream for driving value, flow assurance, and lowering emissions in these basins [3].

Group 1 - BP has agreed to sell its non-controlling interests in U.S. shale assets to Sixth Street for $1.5 billion, aiming to improve its balance sheet and regain investor confidence [1] - The assets being divested include midstream interests in the Permian and Eagle Ford basins, with BPX Energy retaining 51% of the Permian assets and 25% of the Eagle Ford midstream assets post-transaction [1] - BP's CEO, Murray Auchincloss, is focused on asset divestiture to reverse years of underperformance, which has attracted the attention of activist investor Elliott Investment Management [1] Group 2 - BP has committed to divesting $20 billion in assets by the end of 2027, having already sold its U.S. onshore wind business and agreed to sell its retail gas stations and EV charging centers in the Netherlands [2] - The transaction with Sixth Street will occur in two phases, with approximately $1 billion paid at signing and the remainder expected by year-end, pending regulatory approval [2] - Elliott holds about 5% of BP's shares and is urging the company to take swift action to strengthen its cost base and improve capital allocation [2]

Core Viewpoint - The energy company plans to divest stakes in assets operated by its U.S. onshore oil and gas business BPX, specifically in the Permian and Eagle Ford basins [1] Group 1 - The company is focusing on selling stakes in its U.S. onshore oil and gas operations [1] - The assets targeted for sale are located in the Permian and Eagle Ford basins [1]

Core Viewpoint - BP has agreed to sell non-controlling stakes in its Permian and Eagle Ford midstream assets to Sixth Street for $1.5 billion, which is part of its capital optimization strategy while retaining operational control [1][2][3]. Group 1: Transaction Details - The deal involves BP's bpx energy midstream infrastructure, including pipelines and four major processing facilities in the Permian, with Sixth Street acquiring 49% of the Permian assets and 75% of the Eagle Ford midstream system [2]. - The transaction is structured in two tranches: approximately $1 billion upfront and the remaining $500 million by year-end, subject to regulatory approval [2]. Group 2: Strategic Implications - This transaction is a significant step in BP's strategy to streamline its portfolio and unlock value from non-core assets, aiming for $20 billion in divestments by 2027 [3]. - The sale allows BP to recycle capital while maintaining control over key infrastructure essential for its US onshore production network [3]. Group 3: Operational Context - Bpx Energy, BP's US onshore arm, operates in the Permian, Eagle Ford, and Haynesville basins, focusing on low-emissions operations and leveraging BP's integrated trading and logistics capabilities [4]. - The partnership with Sixth Street is seen as a reinforcement of BP's strategy to maximize returns while ensuring safe and efficient operations [4]. Group 4: Industry Trends - The move aligns with a broader trend among major oil producers monetizing midstream assets to fund growth in low-carbon and high-return projects, while private investors seek exposure to stable energy infrastructure returns [5].

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Valuation and Deal Structure - New England Patriots is selling approximately 10% stake to private equity firms [1] - The valuation of the deal is at $9 billion [1] - The revenue multiple is a little over 11 times revenue, similar to the Commanders' sale two years ago [2] - The deal involves the issuance of primary shares, meaning the funds will go to the Patriots' balance sheet [3] Financial Implications - The Patriots will receive several hundred million dollars in cash from the deal [3] - The cash can be used for investments in Gillette Stadium, operations, and debt reduction [3] - The cash can be used to put money in escrow for guaranteed player contracts [4] Revenue and Value Drivers - NFL teams share approximately two-thirds of revenue equally, reducing the correlation between performance and revenue [5] - The Patriots own their stadium, generating revenue from concerts and other events [6] - The Patriots also own the New England Revolution of Major League Soccer, but this is not included in the deal [6] - The Patriots have loyal fans and the highest premium club seat prices in the NFL, at around $630 [6][7]