Exxon Mobil ‘s (XOM) planned deal to buy Pioneer Natural Resources (PXD) has sparked talk of more consolidation in the oil-and-gas industry. While we don’t own companies as mergers-and-acquisition plays, the potential for more tie-ups could have significant implications for our remaining oil name: Coterra Energy (CTRA). It’s unclear which shoe will drop next now that Pioneer — the largest independent producer in the Permian Basin, a key U.S. oil field in West Texas and New Mexico — is effectively off the market in an all-stock deal valuing the company at roughly $60 billion . But analysts expect the acquisition by Exxon, the most valuable U.S. oil-and-gas company at nearly $450 billion in market capitalization, to have ripple effects on producers of all sizes. “Consolidation is critical for the sector. It’s healthy. It’s needed, and I think you’ll see more of it,” said Gabriele Sorbara, an analyst at Siebert Williams Shank & Co. The consolidation could take multiple shapes, as companies seek scale and bolster the amount of quality land they own to drill on in the future. On the one hand, investors are looking at bigger U.S. players such as Chevron (CVX) and ConocoPhillips (COP), wondering whether they’ll follow Exxon’s lead and acquire smaller exploration-and-production (E & P) firms. Chevron’s market cap is around $324 billion, while ConocoPhillips is worth roughly $152 billion, based on Thursday’s stock prices. Another possibility could be that E & P companies further down the valuation ladder choose to pursue deals that make their own inventory positions more attractive to investors, according to Nitin Kumar, senior analyst at Mizuho Securities. Companies in this basket could include Coterra, Devon Energy (DVN) and Diamondback Energy (FANG). Coterra is valued at roughly $22.4 billion Thursday, while Devon and Diamondback are valued at $31.7 billion and $30.5 billion, respectively. “I’m not proposing there’s going to be a big wave of M & A, necessarily. But if scale is what matters, your options are limited,” Kumar said. He added: “You can choose to either go your own way…you can look at the small public guys and pick off a few assets there, or you could look at mergers of equals and say, ‘Hey look, let’s two of us get together and now we create a competitive position with 800,000, 900,000 acres into play.'” That would be roughly on par with Pioneer’s more-than-850,000 acres in the Permian Basin. “All those should be options that these guys should be thinking about strategically,” Kumar argued. Devon Energy is reportedly doing just that. In recent months, the Oklahoma City-based company has held preliminary talks with Marathon Oil (MRO) about a potential tie-up , Bloomberg reported after the close Wednesday , citing people familiar with the matter. Houston-based Marathon is valued at nearly $18 billion, as of Thursday. Devon has also eyed privately held CrownRock, which operates in the Permian, according to Bloomberg. In recent years, publicly traded E & P companies have adopted a more muted approach to production growth — bowing to investor pressure after spending heavily to pump more oil in the 2010s proved unkind to energy stocks as crude prices pulled back. Now, the priority is generating more sustainable cash flows that can be returned to investors through buyback programs and dividends. The shift has generally been positive for the stock prices of oil companies. Expense reduction is another way to satisfy investors, and is likely a major motivation behind any further consolidation that might occur in the sector, said Scotiabank analyst Paul Cheng. Smaller companies may not solve their inventory backlog problems by combining, Cheng said, “but that certainly could provide them additional room to reduce costs.” At the time the Exxon-Pioneer deal was announced, Jim Cramer’s Charitable Trust owned a position in Pioneer. We sold our entire stake Monday, and will consider redeploying some of the cash into Coterra on future pullbacks in its stock price. Our investment in Coterra has been rooted in its attractive fundamentals as an E & P play with sizable exposure to both oil and natural gas — not its viability as a takeover target, or even a buyer itself. Indeed, owning Coterra in the hopes that a larger company may swoop in and offer a big premium would not be a wise strategy. That’s because a substantial premium might never materialize — as we saw with Exxon’s valuation of Pioneer. The industry’s newfound restraint on production makes it harder to justify paying up for a company, analysts say, compared with the premiums paid in the early days of the U.S. shale boom a decade ago. “If you go back to 2014, 2016, in those deals it was asset acquisition driven by growth. Today, it’s asset acquisition driven by not volume growth, but cash flow sustainability and longevity. It’s a little bit of a different motivator,” Mizuho’s Kumar said. (Jim Cramer’s Charitable Trust is long CTRA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Permian Basin rigs in 2020, when U.S. crude oil production dropped by 3 million a day as Wall Street pressure forced cuts.
Paul Ratje | Afp | Getty Images
Exxon Mobil‘s (XOM) planned deal to buy Pioneer Natural Resources (PXD) has sparked talk of more consolidation in the oil-and-gas industry. While we don’t own companies as mergers-and-acquisition plays, the potential for more tie-ups could have significant implications for our remaining oil name: Coterra Energy (CTRA).
Mercedes-Benz is gearing up to unveil the electric version of its best-selling SUV, the GLC, later this year. With its official debut just around the corner, Mercedes revealed a few new details, offering an exclusive first look at the new EV.
Mercedes offers an exclusive look at the new electric GLC
Although we got a sneak peek of the electric SUV in March during winter testing in Northern Sweden, Mercedes is giving us a better idea of what to expect.
“We’re not just introducing a new model – we’re electrifying our top seller,” Mercedes-Benz Group CEO, Ola Källenius, said on Thursday.
Mercedes promises the electric GLC “sets new standards” with a sleek new design, advanced tech, and its new MB.OS operating system.
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The new GLC EV is an upgrade over the current model, offering significantly more space and improved ride quality. Since the wheelbase is 3.1″ longer than the current gas-powered SUV, the electric version has more legroom and headroom for front and rear passengers.
With all the seats folded, the electric SUV offers 61.4 cubic feet of space. The gas-powered model features up to 56.3 cubic feet of cargo space. Plus, you get an extra 4.5 cu ft of space in the trunk (front trunk).
Mercedes-Benz CEO Ola Källenius with the new GLC EV (Source: Mercedes-Benz)
Källenius said that with Mercedes’ new 800V electric architecture and latest batteries, the electric GLC can regain around 260 km (161 miles) WLTP range in just ten minutes. He added that DC fast charging at over 320 kW is possible.
The GLC 400 4MATIC with EQ Technology will arrive with impressive towing capability of up to 5,291 lbs. In comparison, the Tesla Model Y can only tow up to 3,500 lbs.
Mercedes-Benz CEO Ola Källenius tests a prototype of the new electric GLC (Source: Mercedes-Benz)
Added features, such as ESP trailer stabilization and trailer maneuvering assistant, make it even easier to tow with optimized stability and control.
Källenius also teased the new electric GLC design, calling it the start of a “new era” and “a new face of the brand as the first in a family of upcoming vehicles.”
Mercedes GLC EV prototype with EQ Technology testing in Sweden (Source: Mercedes-Benz
The inside is just as impressive, providing a holistic experience. A “majestically floating next generation MBUX Hyperscreen” is optional, providing a spatial experience powered by the new MB.OS supercomputer.
Mercedes will unveil the new electric GLC at the 2025 International Motor Show in Munich on September 7, 2025.
The new electric Mercedes CLA interior (Source: Mercedes-Benz)
Although official range figures will be revealed at the event, according to Car and Driver, which tested a prototype model, Mercedes said it expects the new GLC to provide a WLTP range of just over 400 miles, or slightly more than 300 miles on the EPA scale, from a 94.5 kWh battery.
Prices will also be announced in due time, but given that the current GLC 350e 4MATIC PHEV starts at $59,900 in the US, you can expect the electric model to be priced slightly higher, at around $65,000.
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Tesla (TSLA) announced its 2025 annual shareholders meeting at the very last minute, and it pushed it all the way to November, the latest it has ever held the meeting.
Tesla generally holds its annual meeting in the summer and announces it way ahead of time.
Today, the automaker announced that the meeting will be held on November 6:
The board of directors (the “Board”) of Tesla, Inc. (“Tesla”) has designated November 6, 2025 as the date of Tesla’s 2025 annual meeting of shareholders (the “2025 Annual Meeting”).
This is highly unusual for Tesla. Here are the dates of Tesla’s last 5 annual meetings:
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2020: September 22, 2020
2021: October 7, 2021
2022: August 4, 2022
2023: May 16, 2023
2024: June 13, 2024
At those meetings, shareholders vote on several matters, including the reelection of directors and shareholders’ proposals.
Tesla has not released any yet, but they are expected to be in the upcoming proxy statement, which Tesla should release in the coming weeks.
Why does Tesla need more time?
Electrek’s Take
I think Tesla is working on some proposals that are going to take time to put together and then to sell to shareholders – hence why the meeting is set for November.
There are two suspects: a new CEO compensation package for Musk or a merger/acquisition of xAI.
It could also be both, but I think that would be harder to swallow for some shareholders as both initiatives have a clear aim of giving Musk a bigger stake in Tesla.
I think sane investors should not want that, but Tesla shareholders don’t fit in that category. Much of Tesla’s value is attached to Musk’s lies and ridiculous predictions. The value will have to come down to reality at some point, but they are a bunch of gamblers who are enjoying the ride in the meantime.
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A three-row electric SUV for less than $30,000? Sign me up. NIO (NYSE: NIO) opened pre-orders for the new Onvo L90 on Thursday, starting from 193,900 yuan, or about $27,000.
NIO kicks off Onvo L90 pre-orders in China
NIO claims the Onvo L90 is the lightest full-size three-row SUV in its class, with a curb weight just under 5,000 lbs (2,250 kg). In comparison, the Lucid Gravity has a curb weight of 5,966 lbs (2,712 kg).
The new flagship model is designed as a family-friendly SUV, offering ample interior space and advanced technology.
At 5,145 mm long, 1,998 mm wide, and 1,766 mm tall, the Onvo L90 is slightly bigger than the Lucid Gravity. In China, it will go head-to-head with higher-end electric SUVs like Li Auto’s L9.
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However, the L9 is an extended-range electric vehicle (EREV) and starts at around 409,800 yuan ($57,000), more than double the price of the Onvo L90.
The low price of 193,900 yuan ($27,000) applies only to those who rent the battery. Nio’s Battery as a Service (BaaS) costs 899 yuan ($125) a month. With the battery included, the Onvo L90 still starts at just 279,900 yuan ($39,000).
Nio’s new electric SUV is offered in six and seven-seat configurations. The interior features a massive 17.2″ floating infotainment screen at the center.
Other interior highlights include a three-zone climate control system, massage, heating, and ventilation for every seat, as well as an additional entertainment screen for rear passengers. And like many new vehicles in China nowadays, it even comes with a built-in refrigerator.
Powered by an 85 kWh battery, the Onvo L90 offers a CLTC range of 605 km (367 miles). It’s also based on NIO’s next-gen 900V platform, unlocking class-leading energy consumption of just 14.5 kWh per 100 km.
Buyers can choose from single and all-wheel-drive powertrains. The AWD version boasts up to 590 hp (440 kW), good for a 0 to 100 km/h (0 to 62 mph) sprint in just 4.7 seconds.
NIO is offering an incentive for early pre-order holders. Those who place an order with a 2,000 yuan deposit will receive a 5,000 yuan credit off the vehicle and an extra 5,000 yuan for optional features and more. Nio plans to begin delivering Onvo L90 to customers, starting on August 1.
The L90 is the second Onvo-branded EV to arrive in China, following the smaller L60, launched last September.