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TECK

Teck Resources Limited's stock (TECK) is trading higher following the announcement of the complete divestiture of its steelmaking coal business, valued at an implied enterprise value of $9 billion.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:41 pm

GLNCY

TECK

Teck Resources Limited (NYSE:TECK) has agreed to sell its steelmaking coal business, Elk Valley Resources, to Glencore plc and Nippon Steel Corporation for an implied enterprise value of $9 billion. Glencore will acquire a 77% stake for $6.9 billion, while Nippon Steel will buy a 20% interest. Proceeds will be used to strengthen Teck's balance sheet and return cash to shareholders. The deal is expected to close in Q3 2024 for Glencore and Q1 2024 for Nippon Steel, subject to regulatory approvals. Glencore will establish a Canadian head office for the business, maintain jobs, and increase investment in the community.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:34 pm

HES

Hess Corporation (NYSE:HES) has announced the commencement of production from the Payara development on the Stabroek Block offshore Guyana. The Prosperity FPSO, which will be used for production, is expected to reach an initial production of 220,000 gross barrels of oil per day by the first half of 2024. The Stabroek Block's production capacity has now increased to approximately 620,000 gross barrels of oil per day. The Payara development is the third of multiple planned oil developments on the block, with future projects expected to bring the total production capacity to over 1.2 million barrels per day by the end of 2027.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:28 pm

MGTX

MeiraGTx Holdings plc reported having approximately $64M in cash and cash equivalents as of September 30, 2023. This amount is expected to fund the company's operating expenses and capital expenditure requirements into mid-2025, indicating a solid financial position for the near to medium term.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:15 pm

MLTX

MoonLake, with $496M in cash, cash equivalents, and short-term marketable securities, is well-capitalized to fund its Phase 3 programs for Hidradenitis Suppurativa and Psoriatic Arthritis, including regulatory submissions and additional research.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:12 pm

XOM

ExxonMobil has started production at its third offshore project in Guyana, marking a significant step towards achieving a combined production capacity of over 1.2 million barrels per day by the end of 2027. ExxonMobil Guyana Limited, which operates the Stabroek Block, holds a 45% interest in the project.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:07 pm

XOM

ExxonMobil has initiated production at the Payara project in Guyana, marking the third offshore development on the Stabroek Block. This addition brings Guyana's total production capacity to around 620,000 barrels per day. The Prosperity FPSO vessel is expected to contribute an initial 220,000 barrels per day, with the goal of achieving over 1.2 million barrels per day from the Stabroek Block by the end of 2027.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:07 pm

ECC

Eagle Point Credit Co reported a Q3 NAV per share of $9.33 as of September 30, 2023, which is a 7.0% increase compared to June 30, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:05 pm

PDSB

PDS Biotech has announced that its current cash resources are sufficient to support its operations and research & development activities until the third quarter of 2024. This statement provides a timeline for the company's financial runway, indicating stability and the ability to continue its projects without the immediate need for additional funding.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 12:40 pm

SYRS

Syros Pharmaceuticals announced that its cash, cash equivalents, and marketable securities totaling $112M are expected to fund its operations and capital expenditures into 2025, suggesting financial stability and reduced risk of near-term cash shortfalls.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 12:40 pm