5 days ago
Buying a new car is getting harder just as Ford Motor's stock is having one of its best days of the year.
Ford (F) shares jumped 12.4% Thursday after the automaker delivered better-than-expected adjusted earnings and raised the bottom end of its annual profit outlook.
For shareholders, that was welcome news.
For someone walking into a dealership, Ford's results revealed a less comfortable trend.
From a previous forecast of around $2 billion, Ford now anticipates increased commodity expenses of nearly $2.5 billion this year. The cost of steel, copper, computer chips, gasoline, and transportation is all rising.
#ford
Ford (F) shares jumped 12.4% Thursday after the automaker delivered better-than-expected adjusted earnings and raised the bottom end of its annual profit outlook.
For shareholders, that was welcome news.
For someone walking into a dealership, Ford's results revealed a less comfortable trend.
From a previous forecast of around $2 billion, Ford now anticipates increased commodity expenses of nearly $2.5 billion this year. The cost of steel, copper, computer chips, gasoline, and transportation is all rising.
#ford
7 days ago
Speculation surrounding the long-term future of Ronald Araujo has intensified as his representative finally addressed the defender's mindset at Anfield. The Uruguayan international remains a central figure for the Premier League leaders despite persistent links to a continental exit.
The representative for Araujo has sought to clarify the Liverpool defender's current status following a wave of reports suggesting a potential move away from the Premier League. As one of the most consistent performers in the English top flight, Araujo has become a cornerstone of the defensive unit, leading to inevitable interest from across Europe's elite clubs looking to bolster their backlines.
However, despite the noise surrounding a possible departure, the message from his camp remains one of stability and contentment. His agent, Eduardo Crnjar, spoke about the player's current situation and how he feels about his surroundings in the North West of England. "Ronald is performing well , we're very happy with what he's offering, but it's still too early to talk about his future. He feels great, he's happy to be playing for Liverpool and helping the club and his teammates, as he's already said," Crnjar told WinWin Sports, as quoted by SPORT.
While the agent's comments provide some breathing room for the club, the broader context of the transfer market continues to loom over the situation. Several teams have been monitoring the Uruguayan's progress, aware that a defender of his calibre and age profile is a rare commodity in the modern game, especially given his proven track record in both La Liga and the Premier League.
The mention of a €55m valuation has frequently appeared in discussions regarding a potential transfer fee, a figure that many consider to be a bargain for a player of his international standing. Liverpool, however, would likely demand a significantly higher sum to even consider entering negotiations for a player who still has his best years ahead of him at the highest level of European football.
#future
The representative for Araujo has sought to clarify the Liverpool defender's current status following a wave of reports suggesting a potential move away from the Premier League. As one of the most consistent performers in the English top flight, Araujo has become a cornerstone of the defensive unit, leading to inevitable interest from across Europe's elite clubs looking to bolster their backlines.
However, despite the noise surrounding a possible departure, the message from his camp remains one of stability and contentment. His agent, Eduardo Crnjar, spoke about the player's current situation and how he feels about his surroundings in the North West of England. "Ronald is performing well , we're very happy with what he's offering, but it's still too early to talk about his future. He feels great, he's happy to be playing for Liverpool and helping the club and his teammates, as he's already said," Crnjar told WinWin Sports, as quoted by SPORT.
While the agent's comments provide some breathing room for the club, the broader context of the transfer market continues to loom over the situation. Several teams have been monitoring the Uruguayan's progress, aware that a defender of his calibre and age profile is a rare commodity in the modern game, especially given his proven track record in both La Liga and the Premier League.
The mention of a €55m valuation has frequently appeared in discussions regarding a potential transfer fee, a figure that many consider to be a bargain for a player of his international standing. Liverpool, however, would likely demand a significantly higher sum to even consider entering negotiations for a player who still has his best years ahead of him at the highest level of European football.
#future
1 month ago
EPD yields 6.19% and ET yields 6.64%, turning a $100,000 equal split into $6,413 in annual passive income.
Energy Transfer cut its distribution 50% in 2020, while Enterprise has grown its payout for 27 consecutive years without a cut.
Energy Transfer is supplying roughly 900 MMcf/d to Oracle-run data centers, making AI power demand a key growth driver.
Building a portfolio and living off one are two completely different skills, and almost ****** ody teaches the second. This problem is what The Definitive Guide to Retirement Income helps, and it is free today. Read more here. (Sponsor)
Energy pays some of the highest yields in the market, and it carries a risk most income sectors avoid: commodity prices. When crude falls, an integrated major can lean on its refining business. A pure producer sees its cash flow rise and fall with oil and gas prices. A midstream operator collects fees on the volumes moving through its pipelines, plants and export docks, so its cash flow holds up better in a downturn.
#energy #income #yields
Energy Transfer cut its distribution 50% in 2020, while Enterprise has grown its payout for 27 consecutive years without a cut.
Energy Transfer is supplying roughly 900 MMcf/d to Oracle-run data centers, making AI power demand a key growth driver.
Building a portfolio and living off one are two completely different skills, and almost ****** ody teaches the second. This problem is what The Definitive Guide to Retirement Income helps, and it is free today. Read more here. (Sponsor)
Energy pays some of the highest yields in the market, and it carries a risk most income sectors avoid: commodity prices. When crude falls, an integrated major can lean on its refining business. A pure producer sees its cash flow rise and fall with oil and gas prices. A midstream operator collects fees on the volumes moving through its pipelines, plants and export docks, so its cash flow holds up better in a downturn.
#energy #income #yields
2 months ago
Targa Resources Corp. (NYSE:TRGP) has significantly outperformed the wider market this year, posting gains of over 56% since the beginning of 2026. A major catalyst behind this growth was the 20-year fee-based agreement that the company signed with ExxonMobil last month.
While there are concerns that the stock's rally may have topped out, the **** ysts over at TD Cowen see further growth ahead. On September 18, the firm upgraded TRGP from 'Hold' to Buy', while also boosting its price target from $275 to $350. The revised target implies an upside of almost 20% from the current levels and even exceeds the stock's record high of just under $308 achieved last month.
TD Cowen cited Targa's expected Permian Basin wet gas growth and peer-leading EBITDA growth for the upgrade. The **** yst expects the company's free cash flow yield to rise from 6% in 2026 to more than 10% in 2028, compared with an estimated 8.5% FCF yield for peers in 2030. The improvement is expected to be driven by EBITDA growth from new processing plants and the completion of a major capital project in the Speedway NGL pipeline.
According to TD Cowen, a key driver for Targa's growth is the rising wet gas production in the Permian, which means that the **** yst's thesis is tied to physical volume growth rather than simply a higher-commodity price **** umption.
Targa's recently announced deal with ExxonMobil provides greater visibility into future volumes and infrastructure demand. The company has also planned three new natural gas processing plants in the Permian Delaware as part of the deal, with an aggregate capacity of roughly 825 MMcf/day. Targa expects this agreement to add significantly to its "strong growth rate well into the next decade and bolster its outlook for durable and growing adjusted free cash flow over the long term".
#exxonmobil #ebitda
While there are concerns that the stock's rally may have topped out, the **** ysts over at TD Cowen see further growth ahead. On September 18, the firm upgraded TRGP from 'Hold' to Buy', while also boosting its price target from $275 to $350. The revised target implies an upside of almost 20% from the current levels and even exceeds the stock's record high of just under $308 achieved last month.
TD Cowen cited Targa's expected Permian Basin wet gas growth and peer-leading EBITDA growth for the upgrade. The **** yst expects the company's free cash flow yield to rise from 6% in 2026 to more than 10% in 2028, compared with an estimated 8.5% FCF yield for peers in 2030. The improvement is expected to be driven by EBITDA growth from new processing plants and the completion of a major capital project in the Speedway NGL pipeline.
According to TD Cowen, a key driver for Targa's growth is the rising wet gas production in the Permian, which means that the **** yst's thesis is tied to physical volume growth rather than simply a higher-commodity price **** umption.
Targa's recently announced deal with ExxonMobil provides greater visibility into future volumes and infrastructure demand. The company has also planned three new natural gas processing plants in the Permian Delaware as part of the deal, with an aggregate capacity of roughly 825 MMcf/day. Targa expects this agreement to add significantly to its "strong growth rate well into the next decade and bolster its outlook for durable and growing adjusted free cash flow over the long term".
#exxonmobil #ebitda
2 months ago
Enbridge Inc. (NYSE:ENB) has declined by around 17% since hitting its record high in May, likely as a result of rising bond yields, lack of visibility on the company's 5% growth guidance through the end of the decade, and the recently closed equity offering intended to fund the midstream operator's strategic acquisitions.
However, BMO Capital sees this pullback as an opportunity and on September 15, the firm upgraded ENB from 'Market Perform' to 'Outperform', while also slightly raising its price target from C$79 to C$79.50. The target boost implies an upside of 18% from the current levels.
The **** yst believes that Enbridge's scale, limited commodity exposure, and diversified **** ets are underappreciated. BMO also cited the company's improving visibility on growth, robust backlog, opportunistic acquisitions, and improved balance sheet as reasons behind the upgrade.
Enbridge's aggressive expansion strategy adds significantly to its bull case. The company announced on September 9 that it would acquire Tallgrass Energy's crude oil business for $2.55 billion in cash, expanding its US liquids pipeline network by buying a majority stake in the Pony Express Pipeline and other **** ets. The midstream operator expects the acquisition to be accretive to distributable cash flow per share in the first full year of ownership.
Similarly, Enbridge announced last month that it had agreed to acquire Salt Creek Midstream's crude oil gathering business for $600 million in cash, further bolstering its presence in the prolific Permian Basin. The acquired **** ets have an average remaining contract life of about 10 years, providing stable long-term cash flows.
#visibility #target
However, BMO Capital sees this pullback as an opportunity and on September 15, the firm upgraded ENB from 'Market Perform' to 'Outperform', while also slightly raising its price target from C$79 to C$79.50. The target boost implies an upside of 18% from the current levels.
The **** yst believes that Enbridge's scale, limited commodity exposure, and diversified **** ets are underappreciated. BMO also cited the company's improving visibility on growth, robust backlog, opportunistic acquisitions, and improved balance sheet as reasons behind the upgrade.
Enbridge's aggressive expansion strategy adds significantly to its bull case. The company announced on September 9 that it would acquire Tallgrass Energy's crude oil business for $2.55 billion in cash, expanding its US liquids pipeline network by buying a majority stake in the Pony Express Pipeline and other **** ets. The midstream operator expects the acquisition to be accretive to distributable cash flow per share in the first full year of ownership.
Similarly, Enbridge announced last month that it had agreed to acquire Salt Creek Midstream's crude oil gathering business for $600 million in cash, further bolstering its presence in the prolific Permian Basin. The acquired **** ets have an average remaining contract life of about 10 years, providing stable long-term cash flows.
#visibility #target
2 months ago
October Nymex natural gas (NGV26) on Friday closed up +0.011 (+0.38%).
Nat-gas prices recovered from a 1-week low on Friday and settled higher on some pre-weekend short covering. Nat-gas prices initially moved lower on Friday amid forecasts of cooler US weather, which could reduce nat-gas demand from electricity providers for air conditioning. The Commodity Weather Group said Friday that forecasts shifted cooler, with above-average temperatures now covering a smaller portion of the South and Southeast from September 23 to October 2.
JPMorgan Gives Up Forecasting Iran War Endgame as Trump Tells Reporters 'Anything Could Happen With Me'
Crude Prices Retreat on Hopes Middle East Energy Exports to Recover
Crude Prices Supported by Middle East Supply Disruptions
#prices #east #forecasts
Nat-gas prices recovered from a 1-week low on Friday and settled higher on some pre-weekend short covering. Nat-gas prices initially moved lower on Friday amid forecasts of cooler US weather, which could reduce nat-gas demand from electricity providers for air conditioning. The Commodity Weather Group said Friday that forecasts shifted cooler, with above-average temperatures now covering a smaller portion of the South and Southeast from September 23 to October 2.
JPMorgan Gives Up Forecasting Iran War Endgame as Trump Tells Reporters 'Anything Could Happen With Me'
Crude Prices Retreat on Hopes Middle East Energy Exports to Recover
Crude Prices Supported by Middle East Supply Disruptions
#prices #east #forecasts
2 months ago
The CLARITY Act's 49-50 Senate failure sent XRP down 8% and invalidated every major **** yst price target built on the bill passing.
ChatGPT's 90-day forecast puts XRP's central estimate at $1.20, down from $1.30, and identifies the $1.20 to $1.23 range as the key near-term battleground.
Weekly XRP ETF inflows fell from $110 million to $19 million, while a second Fed rate hike in October threatens further downside pressure.
Read More: Learn 7 secret wealth tips high net worth investors use that most investors miss (sponsor)
XRP (CRYPTO:XRP) holders spent this year anticipating the Digital **** et Market Clarity Act, a bill intended to write XRP's commodity status into federal law rather than leaving it subject to regulatory changes. The bill reached the Senate floor with 126 Democratic amendments included but failed on a procedural vote on September 15, 2026, with cloture ending 49 to 50.
#clarity #october #Crypto
ChatGPT's 90-day forecast puts XRP's central estimate at $1.20, down from $1.30, and identifies the $1.20 to $1.23 range as the key near-term battleground.
Weekly XRP ETF inflows fell from $110 million to $19 million, while a second Fed rate hike in October threatens further downside pressure.
Read More: Learn 7 secret wealth tips high net worth investors use that most investors miss (sponsor)
XRP (CRYPTO:XRP) holders spent this year anticipating the Digital **** et Market Clarity Act, a bill intended to write XRP's commodity status into federal law rather than leaving it subject to regulatory changes. The bill reached the Senate floor with 126 Democratic amendments included but failed on a procedural vote on September 15, 2026, with cloture ending 49 to 50.
#clarity #october #Crypto
2 months ago
Most crypto wallets have functioned as a home for buying and selling speculative tokens. Caroline D. Pham, CEO of MoonPay Institutional and former acting chairman of the Commodity Futures Trading Commission (CFTC), thinks they are about to do something far more important for most investors.
"I do think that wallets are going to become the future, where you're going to have almost everything in your wallet," Pham said. "It's going to be your checking account, your savings account, your stablecoin wallet, your tokenized fund wallet. It's going to be your brokerage account."
Related: Duolingo beats Netflix by 80 spots in new power ranking
The first step came Sept. 17, when WisdomTree and MoonPay announced a collaboration to expand U.S. access to WTGXX, the WisdomTree Treasury Money Market Digital Fund, which holds short-term Treasuries.
WisdomTree said it is building an access point for its tokenized funds on MoonPay's technology, which reaches more than 35 million users. MoonPay also plans to use the fund in its stablecoin reserves.
#wisdomtree
"I do think that wallets are going to become the future, where you're going to have almost everything in your wallet," Pham said. "It's going to be your checking account, your savings account, your stablecoin wallet, your tokenized fund wallet. It's going to be your brokerage account."
Related: Duolingo beats Netflix by 80 spots in new power ranking
The first step came Sept. 17, when WisdomTree and MoonPay announced a collaboration to expand U.S. access to WTGXX, the WisdomTree Treasury Money Market Digital Fund, which holds short-term Treasuries.
WisdomTree said it is building an access point for its tokenized funds on MoonPay's technology, which reaches more than 35 million users. MoonPay also plans to use the fund in its stablecoin reserves.
#wisdomtree
2 months ago
Polymarket has hired Jacob Horne, the co-founder of Zora, the app behind Coinbase's failed creator-coin experiment, to rebuild its onchain trading product. Chief executive Shayne Coplan announced the move Thursday.
Horne left Zora eight days ago after more than six years running it. His new job sets him against Kalshi, the exchange that now powers Coinbase's own prediction markets across the United States.
Polymarket runs two venues:
Traders outside the US use a market that settles on the Polygon blockchain, a corner of the industry known as Decentralized Finance (DeFi).
Americans use a separate exchange licensed by the Commodity Futures Trading Commission (CFTC).
#shayne
Horne left Zora eight days ago after more than six years running it. His new job sets him against Kalshi, the exchange that now powers Coinbase's own prediction markets across the United States.
Polymarket runs two venues:
Traders outside the US use a market that settles on the Polygon blockchain, a corner of the industry known as Decentralized Finance (DeFi).
Americans use a separate exchange licensed by the Commodity Futures Trading Commission (CFTC).
#shayne
2 months ago
The Commodity and Futures Trading Commission on Thursday paved the way to expand prediction markets and cryptocurrency trading on certain online platforms. DraftKings led a retreat for sports betting stocks Thursday.
The CFTC's Market Participation division issued a no-action letter, saying it will not take enforcement action against providers of what the agency called "passive software."
These passive software providers include companies and developers that offer prediction market, derivatives or crypto trading services, but do not take custody of user ***** ets.
"Subject to certain specified conditions, MPD will not recommend the Commission take enforcement action against any such provider or their relevant personnel for failure to register as an introducing broker or an ***** ociated person of an introducing broker," the regulator said in its announcement. However, this only applies to the "provision and marketing of software to facilitate trading" between users and registered futures commission merchants, introducing brokers, and designated contract merchants.
The decision follows a similar no-action letter from the CFTC in March, which responded to a request from self-custody crypto wallet provider Phantom Technologies, Bloomberg reported. Phantom Technologies partnered with Kalshi to offer predictions market trading to its more than 20 million crypto wallet holders.
#action
The CFTC's Market Participation division issued a no-action letter, saying it will not take enforcement action against providers of what the agency called "passive software."
These passive software providers include companies and developers that offer prediction market, derivatives or crypto trading services, but do not take custody of user ***** ets.
"Subject to certain specified conditions, MPD will not recommend the Commission take enforcement action against any such provider or their relevant personnel for failure to register as an introducing broker or an ***** ociated person of an introducing broker," the regulator said in its announcement. However, this only applies to the "provision and marketing of software to facilitate trading" between users and registered futures commission merchants, introducing brokers, and designated contract merchants.
The decision follows a similar no-action letter from the CFTC in March, which responded to a request from self-custody crypto wallet provider Phantom Technologies, Bloomberg reported. Phantom Technologies partnered with Kalshi to offer predictions market trading to its more than 20 million crypto wallet holders.
#action
2 months ago
October Nymex natural gas (NGV26) on Wednesday closed down -0.028 (-0.96%).
Nat-gas prices retreated from a 1-week high on Wednesday and settled lower as a decline in European nat-gas prices to a 1-week low sparked long liquidation in US nat-gas futures. Nat-gas prices initially rose on Wednesday on the outlook for above-average US temperatures, which should boost nat-gas demand from electricity providers as air conditioning use is expected to increase. The Commodity Weather Group said Wednesday that above-average temperatures are expected across the South and Southeast through September 25.
Crude Oil Prices Sharply Lower as Middle East Disruptions Ease
Crude Oil Prices Retreat as Supply Fears Ease
Why UBS Just Turned Bearish on NuScale Power Stock
#prices #lower #average #expected
Nat-gas prices retreated from a 1-week high on Wednesday and settled lower as a decline in European nat-gas prices to a 1-week low sparked long liquidation in US nat-gas futures. Nat-gas prices initially rose on Wednesday on the outlook for above-average US temperatures, which should boost nat-gas demand from electricity providers as air conditioning use is expected to increase. The Commodity Weather Group said Wednesday that above-average temperatures are expected across the South and Southeast through September 25.
Crude Oil Prices Sharply Lower as Middle East Disruptions Ease
Crude Oil Prices Retreat as Supply Fears Ease
Why UBS Just Turned Bearish on NuScale Power Stock
#prices #lower #average #expected
2 months ago
Crypto volatility is likely to remain elevated as investors weigh the Federal Reserve's monetary policy decision and the CLARITY Act's failure to advance in a key Senate procedural vote, according to Simon-Peter Massabni, head of business development at XS.com.
Bitcoin (CRYPTO: $BTC) fell more than 2.5% to around $75,600 on Tuesday, while Ethereum (CRYPTO: $ETH), Solana (CRYPTO: $SOL), Cardano (CRYPTO: $ADA) and Dogecoin (CRYPTO: $DOGE) also traded lower.
The Senate's failure to advance the CLARITY Act was a major source of market uncertainty. Senators voted 49-50 on Tuesday, falling well short of the 60 votes required to move the legislation forward. The bill aims to establish a federal framework for digital ****** ets and clarify the regulatory roles of the Securities and Exchange Commission and Commodity Futures Trading Commission.
More From Cryptoprowl:
MEXC Launches Earn Plus With Limited-Time Event Offering Up to 800% APR Booster
#commission #failure #advance #senate
Bitcoin (CRYPTO: $BTC) fell more than 2.5% to around $75,600 on Tuesday, while Ethereum (CRYPTO: $ETH), Solana (CRYPTO: $SOL), Cardano (CRYPTO: $ADA) and Dogecoin (CRYPTO: $DOGE) also traded lower.
The Senate's failure to advance the CLARITY Act was a major source of market uncertainty. Senators voted 49-50 on Tuesday, falling well short of the 60 votes required to move the legislation forward. The bill aims to establish a federal framework for digital ****** ets and clarify the regulatory roles of the Securities and Exchange Commission and Commodity Futures Trading Commission.
More From Cryptoprowl:
MEXC Launches Earn Plus With Limited-Time Event Offering Up to 800% APR Booster
#commission #failure #advance #senate
2 months ago
Shares of Occidental Petroleum Corp (NYSE:OXY) are trading lower Wednesday as energy equities experience broad profit-taking alongside a pullback in crude oil prices.
The weakness in benchmark energy commodities comes as fresh market data indicates a weekly drawdown in U.S. crude inventories, dampening immediate commodity momentum alongside sector-wide risk mitigation ahead of the Federal Reserve's afternoon interest rate decision.
Occidental Petroleum stock is taking a hit today. Why are OXY shares down?
A major catalyst cooling OXY's momentum today is the latest U.S. crude oil inventory report. The Energy Information Administration reported that crude stockpiles fell by just 640,000 barrels for the week ending Sept. 11, missing market expectations for a significantly larger drawdown.
Because a smaller-than-expected inventory draw signals softer overall energy demand, crude prices faced renewed downward pressure, pulling upstream producers like Occidental lower in tandem.
#lower #taking #alongside #market
The weakness in benchmark energy commodities comes as fresh market data indicates a weekly drawdown in U.S. crude inventories, dampening immediate commodity momentum alongside sector-wide risk mitigation ahead of the Federal Reserve's afternoon interest rate decision.
Occidental Petroleum stock is taking a hit today. Why are OXY shares down?
A major catalyst cooling OXY's momentum today is the latest U.S. crude oil inventory report. The Energy Information Administration reported that crude stockpiles fell by just 640,000 barrels for the week ending Sept. 11, missing market expectations for a significantly larger drawdown.
Because a smaller-than-expected inventory draw signals softer overall energy demand, crude prices faced renewed downward pressure, pulling upstream producers like Occidental lower in tandem.
#lower #taking #alongside #market
2 months ago
On August 5, Kinetik Holdings Inc. (NYSE:KNTK) reported the strongest quarterly results in company history and raised its full-year 2026 guidance. The Permian-focused midstream operator posted net income, including noncontrolling interest, of $123.1 million for the quarter ended June 30, while Adjusted EBITDA climbed to $280.8 million. Management didn't stop at celebrating the number. It used the quarter as the launchpad for a string of expansion decisions that stretch out to 2028.
The Midstream Logistics segment, Kinetik's largest, grew Adjusted EBITDA 35% year over year to $204.8 million in the second quarter, even though processed natural gas volumes held flat at 1.74 Bcf/d. That flat number actually undersells the quarter. It came despite roughly 250 million cubic feet per day of gas that had been shut in because of weak Waha-area pricing, with stronger natural gas liquid recoveries, condensate yields, and favorable commodity spreads carrying the segment instead.
Management is betting the growth continues well past 2026. In May, Kinetik reached a final investment decision on Kings Landing II, a roughly $260 million project that will lift sour gas processing capacity across the company's Delaware North complex above 700 MMcf/d and push total system capacity to 2.7 Bcf/d when it comes online in mid-2028, earlier than previously communicated. The ECCC Pipeline, which links the system's northern and southern halves between Eddy and Culberson Counties, is now in service, and right-of-way work has already begun on a follow-on expansion for 2027.
Kinetik also locked in new firm Gulf Coast access for residue gas starting in 2027 and signed fresh natural gas liquids transport agreements, both aimed at getting better prices for the gas it moves. On the back of that momentum, Kinetik raised its full-year 2026 Adjusted EBITDA guidance to a range of $1.04 billion to $1.1 billion, a 7% ***** p from the guidance it issued in February.
Not every part of the business is moving in the same direction. The Pipeline Transportation segment posted Adjusted EBITDA of $83.0 million in the quarter, down 14% year over year, a decline the company attributes to last year's divestiture of its equity stake in EPIC Crude Holdings. That sale removed a source of cash flow the rest of the business now has to make up for. Kinetik also expects gas curtailments to keep running at an average of 25 million cubic feet per day through the second half of 2026, on top of the Waha-driven shut-ins that already weighed on the quarter. Its own pricing ***** umptions underline the regional problem: the company is now modeling Waha Hub natural gas at negative $0.26 per MMBtu for the full year, meaning gas in parts of the Permian is priced so low that moving it out of the basin is the whole game.
#quarter
The Midstream Logistics segment, Kinetik's largest, grew Adjusted EBITDA 35% year over year to $204.8 million in the second quarter, even though processed natural gas volumes held flat at 1.74 Bcf/d. That flat number actually undersells the quarter. It came despite roughly 250 million cubic feet per day of gas that had been shut in because of weak Waha-area pricing, with stronger natural gas liquid recoveries, condensate yields, and favorable commodity spreads carrying the segment instead.
Management is betting the growth continues well past 2026. In May, Kinetik reached a final investment decision on Kings Landing II, a roughly $260 million project that will lift sour gas processing capacity across the company's Delaware North complex above 700 MMcf/d and push total system capacity to 2.7 Bcf/d when it comes online in mid-2028, earlier than previously communicated. The ECCC Pipeline, which links the system's northern and southern halves between Eddy and Culberson Counties, is now in service, and right-of-way work has already begun on a follow-on expansion for 2027.
Kinetik also locked in new firm Gulf Coast access for residue gas starting in 2027 and signed fresh natural gas liquids transport agreements, both aimed at getting better prices for the gas it moves. On the back of that momentum, Kinetik raised its full-year 2026 Adjusted EBITDA guidance to a range of $1.04 billion to $1.1 billion, a 7% ***** p from the guidance it issued in February.
Not every part of the business is moving in the same direction. The Pipeline Transportation segment posted Adjusted EBITDA of $83.0 million in the quarter, down 14% year over year, a decline the company attributes to last year's divestiture of its equity stake in EPIC Crude Holdings. That sale removed a source of cash flow the rest of the business now has to make up for. Kinetik also expects gas curtailments to keep running at an average of 25 million cubic feet per day through the second half of 2026, on top of the Waha-driven shut-ins that already weighed on the quarter. Its own pricing ***** umptions underline the regional problem: the company is now modeling Waha Hub natural gas at negative $0.26 per MMBtu for the full year, meaning gas in parts of the Permian is priced so low that moving it out of the basin is the whole game.
#quarter
2 months ago
On August 4, Westlake Corporation (NYSE:WLK) reported second-quarter results that erased two consecutive quarterly losses in a single swing. Net income landed at $260 million, or $2.01 per share, compared with a $169 million loss just three months earlier and a $142 million loss a year ago. EBITDA nearly tripled from the second quarter of 2025. The numbers mark a sharp reversal for a company whose chemicals business had been bleeding red ink.
The turnaround centers on Performance and Essential Materials, the segment that makes chlorovinyls and other basic chemicals. PEM swung from a $318 million operating loss in the second quarter of 2025 to $185 million in income this quarter, while EBITDA excluding identified items jumped from a 3% margin to 21%. The driver was pricing: average sales prices across PEM rose 14% year over year, more than offsetting a 3% price decline in the Housing and Infrastructure Products segment. Combined with a 7% increase in companywide sales volume, excluding the effects of plant shutdowns and an acquisition, the pricing recovery pushed companywide EBITDA to $679 million from $210 million a year earlier.
Westlake is also working the balance sheet alongside the market recovery. The company reduced debt by $500 million during the quarter and returned $99 million to shareholders through dividends and share repurchases. Management says its three-pillar profitability improvement plan remains on track to deliver a $600 million operating income benefit, a target that, if it holds, would layer structural cost savings on top of whatever the market gives back in pricing.
Not every part of the story improved together. Housing and Infrastructure Products, the segment tied to home construction and building products, saw its EBITDA margin slip to 22% from 24% a year earlier, even as volume rose 6% excluding the ACI acquisition. Average sales prices in that segment fell 3% year over year, a sign that pricing power in housing products has softened even as the company sells more of it.
The improvement in the core chemicals business also leans heavily on price rather than volume. PEM's turnaround came from a 14% jump in average sales price, a figure that can move in either direction with commodity cycles. The first quarter of 2026 was a reminder of how quickly conditions shift: Westlake posted a $169 million net loss just three months before this result, weighed down by $85 million in identified items, including a $67 million charge to settle litigation over PVC pipe and fittings and $18 million tied to facility shutdowns. A year earlier, in the second quarter of 2025, the company absorbed another $130 million in shutdown-related charges. Restructuring and legal charges showed up in two of the last three reported quarters.
#million #year #quarter #loss
The turnaround centers on Performance and Essential Materials, the segment that makes chlorovinyls and other basic chemicals. PEM swung from a $318 million operating loss in the second quarter of 2025 to $185 million in income this quarter, while EBITDA excluding identified items jumped from a 3% margin to 21%. The driver was pricing: average sales prices across PEM rose 14% year over year, more than offsetting a 3% price decline in the Housing and Infrastructure Products segment. Combined with a 7% increase in companywide sales volume, excluding the effects of plant shutdowns and an acquisition, the pricing recovery pushed companywide EBITDA to $679 million from $210 million a year earlier.
Westlake is also working the balance sheet alongside the market recovery. The company reduced debt by $500 million during the quarter and returned $99 million to shareholders through dividends and share repurchases. Management says its three-pillar profitability improvement plan remains on track to deliver a $600 million operating income benefit, a target that, if it holds, would layer structural cost savings on top of whatever the market gives back in pricing.
Not every part of the story improved together. Housing and Infrastructure Products, the segment tied to home construction and building products, saw its EBITDA margin slip to 22% from 24% a year earlier, even as volume rose 6% excluding the ACI acquisition. Average sales prices in that segment fell 3% year over year, a sign that pricing power in housing products has softened even as the company sells more of it.
The improvement in the core chemicals business also leans heavily on price rather than volume. PEM's turnaround came from a 14% jump in average sales price, a figure that can move in either direction with commodity cycles. The first quarter of 2026 was a reminder of how quickly conditions shift: Westlake posted a $169 million net loss just three months before this result, weighed down by $85 million in identified items, including a $67 million charge to settle litigation over PVC pipe and fittings and $18 million tied to facility shutdowns. A year earlier, in the second quarter of 2025, the company absorbed another $130 million in shutdown-related charges. Restructuring and legal charges showed up in two of the last three reported quarters.
#million #year #quarter #loss
2 months ago
Alluvium ******* et Management, an ******* et management company, released its "Conventum – Alluvium Global Fund" second-quarter 2026 investor letter. The letter can be downloaded here. The second quarter reflected a sharp shift from geopolitical uncertainty and oil market volatility to a powerful equity rally led by semiconductor companies. Despite the broader market strength, the Fund declined 1.4% in EUR terms, 2.2% in USD terms, and 3.9% in AUD terms. Portfolio results were mixed, with Alphabet benefiting from strong Cloud growth, while Robert Half, H&R Block, and other holdings posted solid gains. However, cable businesses and several healthcare and consumer holdings weighed on performance. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Conventum – Alluvium Global Fund highlighted LyondellBasell Industries N.V. (NYSE:LYB). LyondellBasell Industries N.V. (NYSE:LYB) is a multinational chemical and plastic manufacturing company. On September 15, 2026, LyondellBasell Industries N.V. (NYSE:LYB) closed at $65.43 per share. Over the past month, LyondellBasell Industries N.V. (NYSE:LYB) declined 0.95% while its shares gained 22.25% over the past 52 weeks. LyondellBasell Industries N.V. (NYSE:LYB) has a market capitalization of $21.14 billion, and its stock has traded within a 52-week range of $41.58 and $83.94.
Conventum – Alluvium Global Fund stated the following regarding LyondellBasell Industries N.V. (NYSE:LYB) in its Q2 2026 investor letter:
"LyondellBasell Industries N.V. (NYSE:LYB), the plastics producer gave back some of that 88.3% return of last quarter, and fell 34.0%, We are continually amazed by the market's response to the war in Iraq. It seems that this so called "ceasefire" (the one where Iran keeps attacking ships in the Strait of Hormuz and the US keeps bombing) has led to expectations that all is well for the affected commodity markets. Management provided results in early May, and reported expectations that the higher prices will be sustained for some time. That makes sense to us. But since then, Polyethylene and Polypropylene prices, for example, have fallen by around 15%. After we sold around two thirds of our holding during the March quarter, we ceased as the price fell to levels below our valuation. It currently accounts for 2.1% of the Fund and we are comfortable with maintaining this position."
LyondellBasell Industries N.V. (NYSE:LYB) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held LyondellBasell Industries N.V. (NYSE:LYB) at the end of the second quarter which was 59 in the previous quarter. While we acknowledge the potential of LyondellBasell Industries N.V. (NYSE:LYB) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trum
In its second-quarter 2026 investor letter, Conventum – Alluvium Global Fund highlighted LyondellBasell Industries N.V. (NYSE:LYB). LyondellBasell Industries N.V. (NYSE:LYB) is a multinational chemical and plastic manufacturing company. On September 15, 2026, LyondellBasell Industries N.V. (NYSE:LYB) closed at $65.43 per share. Over the past month, LyondellBasell Industries N.V. (NYSE:LYB) declined 0.95% while its shares gained 22.25% over the past 52 weeks. LyondellBasell Industries N.V. (NYSE:LYB) has a market capitalization of $21.14 billion, and its stock has traded within a 52-week range of $41.58 and $83.94.
Conventum – Alluvium Global Fund stated the following regarding LyondellBasell Industries N.V. (NYSE:LYB) in its Q2 2026 investor letter:
"LyondellBasell Industries N.V. (NYSE:LYB), the plastics producer gave back some of that 88.3% return of last quarter, and fell 34.0%, We are continually amazed by the market's response to the war in Iraq. It seems that this so called "ceasefire" (the one where Iran keeps attacking ships in the Strait of Hormuz and the US keeps bombing) has led to expectations that all is well for the affected commodity markets. Management provided results in early May, and reported expectations that the higher prices will be sustained for some time. That makes sense to us. But since then, Polyethylene and Polypropylene prices, for example, have fallen by around 15%. After we sold around two thirds of our holding during the March quarter, we ceased as the price fell to levels below our valuation. It currently accounts for 2.1% of the Fund and we are comfortable with maintaining this position."
LyondellBasell Industries N.V. (NYSE:LYB) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held LyondellBasell Industries N.V. (NYSE:LYB) at the end of the second quarter which was 59 in the previous quarter. While we acknowledge the potential of LyondellBasell Industries N.V. (NYSE:LYB) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trum
2 months ago
If online prediction markets are correct, the Democrats are likely to win back the House and Senate in November. On Polymarket, there's currently a 53% chance of a Democratic sweep.
If you're a crypto investor, that outcome could have important consequences for your portfolio. That's especially the case if Democrats delay, roll back, or block important pro-crypto legislation. With that in mind, here's one crypto to buy and one crypto to sell.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
My one crypto to buy is Bitcoin (CRYPTO: BTC). It is still the most popular cryptocurrency, accounting for a whopping 60% of the crypto market's total $2.6 trillion market cap. As Bitcoin goes, so goes the crypto market.
As a result, Bitcoin currently has the support of both Wall Street and the White House, so any political fallout from the midterm elections in the event of a Democratic sweep should be minimal. Regulators already agree that Bitcoin is a commodity, not a security. Thus, even if the Clarity Act does not pass this year, it shouldn't have a direct impact on the regulatory status of Bitcoin and how institutional investors view it.
#NVIDIA #flashing #total
If you're a crypto investor, that outcome could have important consequences for your portfolio. That's especially the case if Democrats delay, roll back, or block important pro-crypto legislation. With that in mind, here's one crypto to buy and one crypto to sell.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
My one crypto to buy is Bitcoin (CRYPTO: BTC). It is still the most popular cryptocurrency, accounting for a whopping 60% of the crypto market's total $2.6 trillion market cap. As Bitcoin goes, so goes the crypto market.
As a result, Bitcoin currently has the support of both Wall Street and the White House, so any political fallout from the midterm elections in the event of a Democratic sweep should be minimal. Regulators already agree that Bitcoin is a commodity, not a security. Thus, even if the Clarity Act does not pass this year, it shouldn't have a direct impact on the regulatory status of Bitcoin and how institutional investors view it.
#NVIDIA #flashing #total
2 months ago
October Nymex natural gas (NGV26) on Tuesday closed up +0.023 (+0.79%).
Nat-gas prices finished higher on Tuesday on the outlook for above-average US temperatures, which should boost nat-gas demand from electricity providers as air conditioning use is expected to increase. The Commodity Weather Group said Tuesday that above-average temperatures are expected across the South and Southeast through September 29.
Goldman Sachs Expects Fed Chair Kevin Warsh to Raise Rates This Week — But Not Because of Oil Prices.
Crude Prices Soar as Global Oil Supplies Continue to Tighten
Middle East Supply Constraints Lift Crude Oil Prices
#tuesday #average #october
Nat-gas prices finished higher on Tuesday on the outlook for above-average US temperatures, which should boost nat-gas demand from electricity providers as air conditioning use is expected to increase. The Commodity Weather Group said Tuesday that above-average temperatures are expected across the South and Southeast through September 29.
Goldman Sachs Expects Fed Chair Kevin Warsh to Raise Rates This Week — But Not Because of Oil Prices.
Crude Prices Soar as Global Oil Supplies Continue to Tighten
Middle East Supply Constraints Lift Crude Oil Prices
#tuesday #average #october
2 months ago
Between 2023 and 2025, Nvidia (NASDAQ: NVDA) was the market's most obvious artificial intelligence (AI) trade. During this period, the stock went parabolic, surging by 1,180% and turning the chipmaker into the world's most valuable company by market cap. On a split-adjusted basis, that was a climb from about $14 per share to $186 by the end of 2025.
Currently, Nvidia stock sits around $218, up another 17% year to date. This is what it looks like when a company owns a scarce product that's in heavy demand -- in this case, graphics processing units (GPUs).
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Micron Technology's (NASDAQ: MU) rocket-like move came a bit later, but hit much harder. Memory chips were an afterthought during the initial GPU gold rush. But as training clusters got larger and inference workloads got hungrier, supplies of high bandwidth memory (HBM) started running short. Prices for HBM soared, and Micron stock responded epically -- rising 239% in 2025 and another 242% so far this year. This type of price action indicates the market has recognized that memory is no longer just another tech commodity -- its supply is one of the key bottlenecks dictating the pace at which data centers can be built.
Nvidia and Micron are not the same bet. While Nvidia sells engines, Micron is selling the tanks for the fuel these engines cannot operate without. This begs the question: At this point, which of these AI chip stocks would be the better one to buy and hold for the next five years?
#signal #Stock #chipmaker
Currently, Nvidia stock sits around $218, up another 17% year to date. This is what it looks like when a company owns a scarce product that's in heavy demand -- in this case, graphics processing units (GPUs).
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Micron Technology's (NASDAQ: MU) rocket-like move came a bit later, but hit much harder. Memory chips were an afterthought during the initial GPU gold rush. But as training clusters got larger and inference workloads got hungrier, supplies of high bandwidth memory (HBM) started running short. Prices for HBM soared, and Micron stock responded epically -- rising 239% in 2025 and another 242% so far this year. This type of price action indicates the market has recognized that memory is no longer just another tech commodity -- its supply is one of the key bottlenecks dictating the pace at which data centers can be built.
Nvidia and Micron are not the same bet. While Nvidia sells engines, Micron is selling the tanks for the fuel these engines cannot operate without. This begs the question: At this point, which of these AI chip stocks would be the better one to buy and hold for the next five years?
#signal #Stock #chipmaker
2 months ago
Two former Robinhood engineers were charged with fraud on Tuesday in a Hyperliquid insider trading case, accused of buying futures contracts before their employer announced new token listings.
Hefu Chai, 36, and Huaisong Xiang, 30, each face one count of violating the Commodity Exchange Act and one count of wire fraud. Prosecutors say the pair made more than $50,000 apiece.
"Robinhood takes market integrity seriously and has zero tolerance for insider trading. We have robust insider trading policies and procedures in place, including for new crypto listings. We immediately investigated and reported this matter to law enforcement and regulators, and will continue to cooperate with the investigations," a Robinhood spokesperson told BeInCrypto.
Follow us on X to get the latest news as it happens
Hyperliquid runs a decentralized exchange built around perpetual futures. These are leveraged bets on a token's price that never expire, so a trader can hold the position indefinitely.
#robinhood #exchange #tuesday
Hefu Chai, 36, and Huaisong Xiang, 30, each face one count of violating the Commodity Exchange Act and one count of wire fraud. Prosecutors say the pair made more than $50,000 apiece.
"Robinhood takes market integrity seriously and has zero tolerance for insider trading. We have robust insider trading policies and procedures in place, including for new crypto listings. We immediately investigated and reported this matter to law enforcement and regulators, and will continue to cooperate with the investigations," a Robinhood spokesperson told BeInCrypto.
Follow us on X to get the latest news as it happens
Hyperliquid runs a decentralized exchange built around perpetual futures. These are leveraged bets on a token's price that never expire, so a trader can hold the position indefinitely.
#robinhood #exchange #tuesday
2 months ago
Bitcoin faced this week's second major Washington catalyst on Sep. 16, with the Federal Reserve hiking the interest rates after the Senate failed to advance the CLARITY Act a day earlier.
The Federal Open Market Committee voted 12-0 to raise the federal funds target range by 25 basis points to 3.75%-4.00%, its first increase since 2023. The Fed said inflation "remains elevated" and that the move would support a timelier return to its 2% target.
The unanimous hike puts the central bank directly at odds with President Donald Trump, who has called for lower borrowing costs and said earlier this month that the U.S. "should be paying the lowest interest rate in the world."
The CLARITY Act, which would establish a federal market structure for digital ****** ets and clarify oversight between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), failed to advance Tuesday in a 49-50 Senate cloture vote. It needed 60 votes to proceed.
The Fed decision matters for Bitcoin because higher interest rates increase yields on lower-risk ****** ets and tighten financial conditions, typically creating a tougher environment for speculative ****** ets.
#senate
The Federal Open Market Committee voted 12-0 to raise the federal funds target range by 25 basis points to 3.75%-4.00%, its first increase since 2023. The Fed said inflation "remains elevated" and that the move would support a timelier return to its 2% target.
The unanimous hike puts the central bank directly at odds with President Donald Trump, who has called for lower borrowing costs and said earlier this month that the U.S. "should be paying the lowest interest rate in the world."
The CLARITY Act, which would establish a federal market structure for digital ****** ets and clarify oversight between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), failed to advance Tuesday in a 49-50 Senate cloture vote. It needed 60 votes to proceed.
The Fed decision matters for Bitcoin because higher interest rates increase yields on lower-risk ****** ets and tighten financial conditions, typically creating a tougher environment for speculative ****** ets.
#senate
2 months ago
Bitcoin faced this week's second major Washington catalyst on Sep. 16, with the Federal Reserve hiking the interest rates after the Senate failed to advance the CLARITY Act a day earlier.
The Federal Open Market Committee voted 12-0 to raise the federal funds target range by 25 basis points to 3.75%-4.00%, its first increase since 2023. The Fed said inflation "remains elevated" and that the move would support a timelier return to its 2% target.
The unanimous hike puts the central bank directly at odds with President Donald Trump, who has called for lower borrowing costs and said earlier this month that the U.S. "should be paying the lowest interest rate in the world."
The CLARITY Act, which would establish a federal market structure for digital **** ets and clarify oversight between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), failed to advance Tuesday in a 49-50 Senate cloture vote. It needed 60 votes to proceed.
The Fed decision matters for Bitcoin because higher interest rates increase yields on lower-risk **** ets and tighten financial conditions, typically creating a tougher environment for speculative **** ets.
#federal #clarity #commission #failed
The Federal Open Market Committee voted 12-0 to raise the federal funds target range by 25 basis points to 3.75%-4.00%, its first increase since 2023. The Fed said inflation "remains elevated" and that the move would support a timelier return to its 2% target.
The unanimous hike puts the central bank directly at odds with President Donald Trump, who has called for lower borrowing costs and said earlier this month that the U.S. "should be paying the lowest interest rate in the world."
The CLARITY Act, which would establish a federal market structure for digital **** ets and clarify oversight between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), failed to advance Tuesday in a 49-50 Senate cloture vote. It needed 60 votes to proceed.
The Fed decision matters for Bitcoin because higher interest rates increase yields on lower-risk **** ets and tighten financial conditions, typically creating a tougher environment for speculative **** ets.
#federal #clarity #commission #failed
2 months ago
On August 4, Westlake Corporation (NYSE:WLK) reported second-quarter results that erased two consecutive quarterly losses in a single swing. Net income landed at $260 million, or $2.01 per share, compared with a $169 million loss just three months earlier and a $142 million loss a year ago. EBITDA nearly tripled from the second quarter of 2025. The numbers mark a sharp reversal for a company whose chemicals business had been bleeding red ink.
The turnaround centers on Performance and Essential Materials, the segment that makes chlorovinyls and other basic chemicals. PEM swung from a $318 million operating loss in the second quarter of 2025 to $185 million in income this quarter, while EBITDA excluding identified items jumped from a 3% margin to 21%. The driver was pricing: average sales prices across PEM rose 14% year over year, more than offsetting a 3% price decline in the Housing and Infrastructure Products segment. Combined with a 7% increase in companywide sales volume, excluding the effects of plant shutdowns and an acquisition, the pricing recovery pushed companywide EBITDA to $679 million from $210 million a year earlier.
Westlake is also working the balance sheet alongside the market recovery. The company reduced debt by $500 million during the quarter and returned $99 million to shareholders through dividends and share repurchases. Management says its three-pillar profitability improvement plan remains on track to deliver a $600 million operating income benefit, a target that, if it holds, would layer structural cost savings on top of whatever the market gives back in pricing.
Not every part of the story improved together. Housing and Infrastructure Products, the segment tied to home construction and building products, saw its EBITDA margin slip to 22% from 24% a year earlier, even as volume rose 6% excluding the ACI acquisition. Average sales prices in that segment fell 3% year over year, a sign that pricing power in housing products has softened even as the company sells more of it.
The improvement in the core chemicals business also leans heavily on price rather than volume. PEM's turnaround came from a 14% jump in average sales price, a figure that can move in either direction with commodity cycles. The first quarter of 2026 was a reminder of how quickly conditions shift: Westlake posted a $169 million net loss just three months before this result, weighed down by $85 million in identified items, including a $67 million charge to settle litigation over PVC pipe and fittings and $18 million tied to facility shutdowns. A year earlier, in the second quarter of 2025, the company absorbed another $130 million in shutdown-related charges. Restructuring and legal charges showed up in two of the last three reported quarters.
#million #quarter #westlake #earlier
The turnaround centers on Performance and Essential Materials, the segment that makes chlorovinyls and other basic chemicals. PEM swung from a $318 million operating loss in the second quarter of 2025 to $185 million in income this quarter, while EBITDA excluding identified items jumped from a 3% margin to 21%. The driver was pricing: average sales prices across PEM rose 14% year over year, more than offsetting a 3% price decline in the Housing and Infrastructure Products segment. Combined with a 7% increase in companywide sales volume, excluding the effects of plant shutdowns and an acquisition, the pricing recovery pushed companywide EBITDA to $679 million from $210 million a year earlier.
Westlake is also working the balance sheet alongside the market recovery. The company reduced debt by $500 million during the quarter and returned $99 million to shareholders through dividends and share repurchases. Management says its three-pillar profitability improvement plan remains on track to deliver a $600 million operating income benefit, a target that, if it holds, would layer structural cost savings on top of whatever the market gives back in pricing.
Not every part of the story improved together. Housing and Infrastructure Products, the segment tied to home construction and building products, saw its EBITDA margin slip to 22% from 24% a year earlier, even as volume rose 6% excluding the ACI acquisition. Average sales prices in that segment fell 3% year over year, a sign that pricing power in housing products has softened even as the company sells more of it.
The improvement in the core chemicals business also leans heavily on price rather than volume. PEM's turnaround came from a 14% jump in average sales price, a figure that can move in either direction with commodity cycles. The first quarter of 2026 was a reminder of how quickly conditions shift: Westlake posted a $169 million net loss just three months before this result, weighed down by $85 million in identified items, including a $67 million charge to settle litigation over PVC pipe and fittings and $18 million tied to facility shutdowns. A year earlier, in the second quarter of 2025, the company absorbed another $130 million in shutdown-related charges. Restructuring and legal charges showed up in two of the last three reported quarters.
#million #quarter #westlake #earlier
2 months ago
On August 5, Kinetik Holdings Inc. (NYSE:KNTK) reported the strongest quarterly results in company history and raised its full-year 2026 guidance. The Permian-focused midstream operator posted net income, including noncontrolling interest, of $123.1 million for the quarter ended June 30, while Adjusted EBITDA climbed to $280.8 million. Management didn't stop at celebrating the number. It used the quarter as the launchpad for a string of expansion decisions that stretch out to 2028.
The Midstream Logistics segment, Kinetik's largest, grew Adjusted EBITDA 35% year over year to $204.8 million in the second quarter, even though processed natural gas volumes held flat at 1.74 Bcf/d. That flat number actually undersells the quarter. It came despite roughly 250 million cubic feet per day of gas that had been shut in because of weak Waha-area pricing, with stronger natural gas liquid recoveries, condensate yields, and favorable commodity spreads carrying the segment instead.
Management is betting the growth continues well past 2026. In May, Kinetik reached a final investment decision on Kings Landing II, a roughly $260 million project that will lift sour gas processing capacity across the company's Delaware North complex above 700 MMcf/d and push total system capacity to 2.7 Bcf/d when it comes online in mid-2028, earlier than previously communicated. The ECCC Pipeline, which links the system's northern and southern halves between Eddy and Culberson Counties, is now in service, and right-of-way work has already begun on a follow-on expansion for 2027.
Kinetik also locked in new firm Gulf Coast access for residue gas starting in 2027 and signed fresh natural gas liquids transport agreements, both aimed at getting better prices for the gas it moves. On the back of that momentum, Kinetik raised its full-year 2026 Adjusted EBITDA guidance to a range of $1.04 billion to $1.1 billion, a 7% ***** p from the guidance it issued in February.
Not every part of the business is moving in the same direction. The Pipeline Transportation segment posted Adjusted EBITDA of $83.0 million in the quarter, down 14% year over year, a decline the company attributes to last year's divestiture of its equity stake in EPIC Crude Holdings. That sale removed a source of cash flow the rest of the business now has to make up for. Kinetik also expects gas curtailments to keep running at an average of 25 million cubic feet per day through the second half of 2026, on top of the Waha-driven shut-ins that already weighed on the quarter. Its own pricing ***** umptions underline the regional problem: the company is now modeling Waha Hub natural gas at negative $0.26 per MMBtu for the full year, meaning gas in parts of the Permian is priced so low that moving it out of the basin is the whole game.
#natural
The Midstream Logistics segment, Kinetik's largest, grew Adjusted EBITDA 35% year over year to $204.8 million in the second quarter, even though processed natural gas volumes held flat at 1.74 Bcf/d. That flat number actually undersells the quarter. It came despite roughly 250 million cubic feet per day of gas that had been shut in because of weak Waha-area pricing, with stronger natural gas liquid recoveries, condensate yields, and favorable commodity spreads carrying the segment instead.
Management is betting the growth continues well past 2026. In May, Kinetik reached a final investment decision on Kings Landing II, a roughly $260 million project that will lift sour gas processing capacity across the company's Delaware North complex above 700 MMcf/d and push total system capacity to 2.7 Bcf/d when it comes online in mid-2028, earlier than previously communicated. The ECCC Pipeline, which links the system's northern and southern halves between Eddy and Culberson Counties, is now in service, and right-of-way work has already begun on a follow-on expansion for 2027.
Kinetik also locked in new firm Gulf Coast access for residue gas starting in 2027 and signed fresh natural gas liquids transport agreements, both aimed at getting better prices for the gas it moves. On the back of that momentum, Kinetik raised its full-year 2026 Adjusted EBITDA guidance to a range of $1.04 billion to $1.1 billion, a 7% ***** p from the guidance it issued in February.
Not every part of the business is moving in the same direction. The Pipeline Transportation segment posted Adjusted EBITDA of $83.0 million in the quarter, down 14% year over year, a decline the company attributes to last year's divestiture of its equity stake in EPIC Crude Holdings. That sale removed a source of cash flow the rest of the business now has to make up for. Kinetik also expects gas curtailments to keep running at an average of 25 million cubic feet per day through the second half of 2026, on top of the Waha-driven shut-ins that already weighed on the quarter. Its own pricing ***** umptions underline the regional problem: the company is now modeling Waha Hub natural gas at negative $0.26 per MMBtu for the full year, meaning gas in parts of the Permian is priced so low that moving it out of the basin is the whole game.
#natural
2 months ago
XRP dropped 8% and Coinbase fell 8.65% after the Senate killed the CLARITY Act 50-49, stripping XRP's commodity status of any federal legal protection.
Without spot ETF buyers, corporate treasury support, or a legislative floor, XRP faces the Fed's first potential rate hike in three years with support at $1.25.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
XRP (CRYPTO:XRP) is currently trading at $1.28, down 9.4% in the past 24 hours and marking the worst performance among major cryptocurrencies. On September 15, the Senate voted at 2:15 p.m. ET on whether to open debate on the CLARITY Act, a bill aimed at making XRP's commodity status under U.S. law permanent. Unfortunately, the motion failed with a vote of 49 to 50.
Today at 2 p.m. ET, the Federal Reserve is set to announce its interest rate decision, with CME FedWatch indicating a 92% chance of the first rate hike in three years. Additionally, XRP fell below $1.355, a level it had held for five consecutive sessions. This raises the question of what caused XRP's downturn and where the selling will end.
#commodity
Without spot ETF buyers, corporate treasury support, or a legislative floor, XRP faces the Fed's first potential rate hike in three years with support at $1.25.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
XRP (CRYPTO:XRP) is currently trading at $1.28, down 9.4% in the past 24 hours and marking the worst performance among major cryptocurrencies. On September 15, the Senate voted at 2:15 p.m. ET on whether to open debate on the CLARITY Act, a bill aimed at making XRP's commodity status under U.S. law permanent. Unfortunately, the motion failed with a vote of 49 to 50.
Today at 2 p.m. ET, the Federal Reserve is set to announce its interest rate decision, with CME FedWatch indicating a 92% chance of the first rate hike in three years. Additionally, XRP fell below $1.355, a level it had held for five consecutive sessions. This raises the question of what caused XRP's downturn and where the selling will end.
#commodity
2 months ago
XRP dropped 9% on the CLARITY Act's Senate failure, but Coinbase fell 9%, more exposed to the rulebook the bill would have set.
XRP retains its SEC-CFTC commodity classification and 5 live spot ETFs with $1.7 billion in net inflows, keeping its legal floor intact.
XRP has underperformed Bitcoin on every rate release this month, with $1.25 as the critical support heading into the Fed's afternoon decision.
Read More: Learn 7 secret wealth tips high net worth investors use that most investors miss (sponsor)
On Monday, XRP (CRYPTO:XRP) surged 9.8% to $1.49, while Ripple CEO Brad Garlinghouse told the Senate that "the world was watching." However, two days later, the Senate failed to open debate on the CLARITY Act, and XRP fell to $1.28.
#senate #fell #learn #Monday
XRP retains its SEC-CFTC commodity classification and 5 live spot ETFs with $1.7 billion in net inflows, keeping its legal floor intact.
XRP has underperformed Bitcoin on every rate release this month, with $1.25 as the critical support heading into the Fed's afternoon decision.
Read More: Learn 7 secret wealth tips high net worth investors use that most investors miss (sponsor)
On Monday, XRP (CRYPTO:XRP) surged 9.8% to $1.49, while Ripple CEO Brad Garlinghouse told the Senate that "the world was watching." However, two days later, the Senate failed to open debate on the CLARITY Act, and XRP fell to $1.28.
#senate #fell #learn #Monday
2 months ago
Alluvium ****** et Management, an ****** et management company, released its "Conventum – Alluvium Global Fund" second-quarter 2026 investor letter. The letter can be downloaded here. The second quarter reflected a sharp shift from geopolitical uncertainty and oil market volatility to a powerful equity rally led by semiconductor companies. Despite the broader market strength, the Fund declined 1.4% in EUR terms, 2.2% in USD terms, and 3.9% in AUD terms. Portfolio results were mixed, with Alphabet benefiting from strong Cloud growth, while Robert Half, H&R Block, and other holdings posted solid gains. However, cable businesses and several healthcare and consumer holdings weighed on performance. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Conventum – Alluvium Global Fund highlighted LyondellBasell Industries N.V. (NYSE:LYB). LyondellBasell Industries N.V. (NYSE:LYB) is a multinational chemical and plastic manufacturing company. On September 15, 2026, LyondellBasell Industries N.V. (NYSE:LYB) closed at $65.43 per share. Over the past month, LyondellBasell Industries N.V. (NYSE:LYB) declined 0.95% while its shares gained 22.25% over the past 52 weeks. LyondellBasell Industries N.V. (NYSE:LYB) has a market capitalization of $21.14 billion, and its stock has traded within a 52-week range of $41.58 and $83.94.
Conventum – Alluvium Global Fund stated the following regarding LyondellBasell Industries N.V. (NYSE:LYB) in its Q2 2026 investor letter:
"LyondellBasell Industries N.V. (NYSE:LYB), the plastics producer gave back some of that 88.3% return of last quarter, and fell 34.0%, We are continually amazed by the market's response to the war in Iraq. It seems that this so called "ceasefire" (the one where Iran keeps attacking ships in the Strait of Hormuz and the US keeps bombing) has led to expectations that all is well for the affected commodity markets. Management provided results in early May, and reported expectations that the higher prices will be sustained for some time. That makes sense to us. But since then, Polyethylene and Polypropylene prices, for example, have fallen by around 15%. After we sold around two thirds of our holding during the March quarter, we ceased as the price fell to levels below our valuation. It currently accounts for 2.1% of the Fund and we are comfortable with maintaining this position."
LyondellBasell Industries N.V. (NYSE:LYB) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held LyondellBasell Industries N.V. (NYSE:LYB) at the end of the second quarter which was 59 in the previous quarter. While we acknowledge the potential of LyondellBasell Industries N.V. (NYSE:LYB) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-
In its second-quarter 2026 investor letter, Conventum – Alluvium Global Fund highlighted LyondellBasell Industries N.V. (NYSE:LYB). LyondellBasell Industries N.V. (NYSE:LYB) is a multinational chemical and plastic manufacturing company. On September 15, 2026, LyondellBasell Industries N.V. (NYSE:LYB) closed at $65.43 per share. Over the past month, LyondellBasell Industries N.V. (NYSE:LYB) declined 0.95% while its shares gained 22.25% over the past 52 weeks. LyondellBasell Industries N.V. (NYSE:LYB) has a market capitalization of $21.14 billion, and its stock has traded within a 52-week range of $41.58 and $83.94.
Conventum – Alluvium Global Fund stated the following regarding LyondellBasell Industries N.V. (NYSE:LYB) in its Q2 2026 investor letter:
"LyondellBasell Industries N.V. (NYSE:LYB), the plastics producer gave back some of that 88.3% return of last quarter, and fell 34.0%, We are continually amazed by the market's response to the war in Iraq. It seems that this so called "ceasefire" (the one where Iran keeps attacking ships in the Strait of Hormuz and the US keeps bombing) has led to expectations that all is well for the affected commodity markets. Management provided results in early May, and reported expectations that the higher prices will be sustained for some time. That makes sense to us. But since then, Polyethylene and Polypropylene prices, for example, have fallen by around 15%. After we sold around two thirds of our holding during the March quarter, we ceased as the price fell to levels below our valuation. It currently accounts for 2.1% of the Fund and we are comfortable with maintaining this position."
LyondellBasell Industries N.V. (NYSE:LYB) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held LyondellBasell Industries N.V. (NYSE:LYB) at the end of the second quarter which was 59 in the previous quarter. While we acknowledge the potential of LyondellBasell Industries N.V. (NYSE:LYB) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-
2 months ago
During the September 10 episode of Mad Money, a caller questioned whether recent vertical integration by industrial competitors and market selloffs warranted a lower valuation for Howmet Aerospace Inc.'s (NYSE:HWM) economic moat, or if demand remained strong enough to make the pullback an overreaction. Jim Cramer replied:
Now, look, I'll tell you, here's the problem… It's a fastener company, and it frankly is, most times, very commodity-oriented business, and it happens to sell at 44 times earnings, and we don't want to pay that for commodities even though the business is strong. I think people are saying, "Wait a second, that's too much to pay, and I'm going to wait till it goes lower." And if you look at the chart, it does seem like it is going lower.
Howmet Aerospace Inc. (NYSE:HWM) occupies a sole-source or primary-supplier position across critical narrowbody and widebody aircraft programs, providing single-crystal turbine blades, advanced structural castings, and **** anium fasteners. Approval and qualification requirements, manufacturing complexity, and a limited supplier base can make alternative sources difficult to establish quickly. That gives the company strong pricing power on both new plane parts and higher-margin replacement spares.
The structural advantages of Howmet Aerospace Inc.'s (NYSE:HWM) business model can be seen in its Q2 financial results. Revenue surged over 24% year-over-year (21% organically) to $2.55 billion, driven by a 28% jump in commercial aerospace revenue, a 38% expansion in industrial gas turbines, and an 11% gain in defense aerospace. The core Engine Products division recorded third-party sales of $1.37 billion, up 32% year-over-year, while segment adjusted EBITDA margins expanded by 470 basis points to 37.7%.
Despite its market positioning, Howmet Aerospace Inc. (NYSE:HWM) carries valuation risks that advise a cautious approach. Trading at elevated EV/EBITDA and forward P/E multiples relative to traditional industrial peers, the stock leaves little margin for operational missteps. Capital expenditures are projected to exceed $500 million in 2026 as the company builds out production capacity for next-generation engine components and gas turbines, reducing near-term free cash conversion flexibility.
#lower #ebitda
Now, look, I'll tell you, here's the problem… It's a fastener company, and it frankly is, most times, very commodity-oriented business, and it happens to sell at 44 times earnings, and we don't want to pay that for commodities even though the business is strong. I think people are saying, "Wait a second, that's too much to pay, and I'm going to wait till it goes lower." And if you look at the chart, it does seem like it is going lower.
Howmet Aerospace Inc. (NYSE:HWM) occupies a sole-source or primary-supplier position across critical narrowbody and widebody aircraft programs, providing single-crystal turbine blades, advanced structural castings, and **** anium fasteners. Approval and qualification requirements, manufacturing complexity, and a limited supplier base can make alternative sources difficult to establish quickly. That gives the company strong pricing power on both new plane parts and higher-margin replacement spares.
The structural advantages of Howmet Aerospace Inc.'s (NYSE:HWM) business model can be seen in its Q2 financial results. Revenue surged over 24% year-over-year (21% organically) to $2.55 billion, driven by a 28% jump in commercial aerospace revenue, a 38% expansion in industrial gas turbines, and an 11% gain in defense aerospace. The core Engine Products division recorded third-party sales of $1.37 billion, up 32% year-over-year, while segment adjusted EBITDA margins expanded by 470 basis points to 37.7%.
Despite its market positioning, Howmet Aerospace Inc. (NYSE:HWM) carries valuation risks that advise a cautious approach. Trading at elevated EV/EBITDA and forward P/E multiples relative to traditional industrial peers, the stock leaves little margin for operational missteps. Capital expenditures are projected to exceed $500 million in 2026 as the company builds out production capacity for next-generation engine components and gas turbines, reducing near-term free cash conversion flexibility.
#lower #ebitda
2 months ago
Energy Transfer LP (NYSE:ET) is set to move the primary listing of its common and Series I preferred units from the New York Stock Exchange to the Texas Stock Exchange in early October, making it the first major company to make such a switch from the NYSE to the newly established Dallas exchange. Reuters said the companies moving to TXSE, including Energy Transfer and related energy businesses, represent nearly $100 billion in combined market value, giving the fledgling exchange an important early credibility boost.
For Energy Transfer LP (NYSE:ET), however, the more important question is whether the move can eventually translate into better investor visibility or valuation rather than simply giving the company a stronger Texas identity. WSJ reported that Energy Transfer is worth roughly $75 billion and that Executive Chairman Kelcy Warren is a major backer of TXSE, owning about 30% of its parent company. That relationship makes the listing particularly significant, but it also means investors may scrutinize whether the decision creates a tangible benefit for Energy Transfer unitholders rather than primarily helping establish the new exchange.
The strongest bull argument is that Energy Transfer LP (NYSE:ET) is positioning itself ahead of a potentially important shift in the U.S. energy infrastructure market. TXSE is backed by major financial institutions including BlackRock, Citadel Securities, and Charles Schwab, and winning a roughly $75 billion company gives the exchange substantially more credibility with institutional investors. If TXSE attracts additional large energy companies, Energy Transfer could benefit from becoming one of the exchange's anchor names and gaining greater visibility among investors already focused on Texas-based energy infrastructure.
More importantly, the listing decision fits the underlying environment in which Energy Transfer LP (NYSE:ET) operates. Reuters has highlighted continued investment in U.S. gas-fired generation, LNG infrastructure, and pipeline networks as electricity demand rises and countries seek reliable energy supplies. The U.S. is also building substantial additional LNG export capacity. That matters because Energy Transfer's extensive midstream network can benefit from higher volumes of natural gas, crude oil, and NGLs without taking the same direct commodity-price exposure as upstream producers. If rising power demand from data centers and continued LNG development drive greater demand for U.S. gas transportation, Energy Transfer could see expanding opportunities to place additional infrastructure into service and lock in long-duration cash flows.
#transfer #company #infrastructure #listing
For Energy Transfer LP (NYSE:ET), however, the more important question is whether the move can eventually translate into better investor visibility or valuation rather than simply giving the company a stronger Texas identity. WSJ reported that Energy Transfer is worth roughly $75 billion and that Executive Chairman Kelcy Warren is a major backer of TXSE, owning about 30% of its parent company. That relationship makes the listing particularly significant, but it also means investors may scrutinize whether the decision creates a tangible benefit for Energy Transfer unitholders rather than primarily helping establish the new exchange.
The strongest bull argument is that Energy Transfer LP (NYSE:ET) is positioning itself ahead of a potentially important shift in the U.S. energy infrastructure market. TXSE is backed by major financial institutions including BlackRock, Citadel Securities, and Charles Schwab, and winning a roughly $75 billion company gives the exchange substantially more credibility with institutional investors. If TXSE attracts additional large energy companies, Energy Transfer could benefit from becoming one of the exchange's anchor names and gaining greater visibility among investors already focused on Texas-based energy infrastructure.
More importantly, the listing decision fits the underlying environment in which Energy Transfer LP (NYSE:ET) operates. Reuters has highlighted continued investment in U.S. gas-fired generation, LNG infrastructure, and pipeline networks as electricity demand rises and countries seek reliable energy supplies. The U.S. is also building substantial additional LNG export capacity. That matters because Energy Transfer's extensive midstream network can benefit from higher volumes of natural gas, crude oil, and NGLs without taking the same direct commodity-price exposure as upstream producers. If rising power demand from data centers and continued LNG development drive greater demand for U.S. gas transportation, Energy Transfer could see expanding opportunities to place additional infrastructure into service and lock in long-duration cash flows.
#transfer #company #infrastructure #listing
2 months ago
October Nymex natural gas (NGV26) on Wednesday closed down -0.094 (-3.22%).
Nat-gas prices tumbled to a 2-week low on Wednesday and settled sharply lower. Nat-gas prices fell Wednesday as forecasts for warmer US weather to begin the fall season could potentially curb heating demand for nat gas. The Commodity Weather Group said Wednesday that forecasts shifted to hotter, with above-average temperatures expected across the South and Southeast through September 18.
Crude Oil Prices Rise as Global Supplies Tighten
Abundant US Nat-Gas Supplies Pressure Prices
Crude Oil Prices Soar on Escalation of Middle East Hostilities
#prices #nymex #ngv26
Nat-gas prices tumbled to a 2-week low on Wednesday and settled sharply lower. Nat-gas prices fell Wednesday as forecasts for warmer US weather to begin the fall season could potentially curb heating demand for nat gas. The Commodity Weather Group said Wednesday that forecasts shifted to hotter, with above-average temperatures expected across the South and Southeast through September 18.
Crude Oil Prices Rise as Global Supplies Tighten
Abundant US Nat-Gas Supplies Pressure Prices
Crude Oil Prices Soar on Escalation of Middle East Hostilities
#prices #nymex #ngv26
