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Russia sells gold reserves to support economy under 21st EU sanctions
Edgen Stock·Jul 23 2026, 23:00Share to
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[1] Russia continues to sell Gold to support its economy (https://www.fxstreet.com/analysis/russia-cont ...)[2] Sports Scores, Games, Schedules and Standings | National Post (https://nationalpost.com/category/sports/ ...)[3] Mandi Prices (https://www.commodityonline.com/mandiprices ...)[4] San Diego Union-Tribune (https://www.sandiegouniontribune.com/ ...)[5] 21st package of sanctions: EU hits Russian energy, financial services and crypto hard (https://www.consilium.europa.eu/en/press/pres ...)
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Jul 24 2026, 00:10
Ovintiv raises production guidance as Q2 free cash flow hits $682M
Ovintiv generated $682M in free cash flow during the second quarter and raised its full-year oil production guidance without increasing capital spending, as the Denver-based driller completed its $2.82B Anadarko asset sale. "Our second quarter results continued to demonstrate industry-leading performance across the board driven by our stacked innovation approach," said Brendan McCracken, president and chief executive officer at Ovintiv. Production averaged 615 MBOE/d, including 206 Mbbls/d of oil and condensate — above the high end of company guidance. Non-GAAP cash flow totaled $1.3B, while capital expenditures of $574M landed at the midpoint of the $550M to $600M range. The company realized $91.22 per barrel for oil and condensate after hedging, or 98% of the average WTI price of $92.79. The results show Ovintiv's ability to grow production per share by 4% this year with flat capital outlay, a key metric for investors focused on capital discipline. The company now expects full-year shareholder returns to exceed 60% of free cash flow, up from 45% year-to-date, as it targets a net debt-to-adjusted EBITDA ratio of 0.6 times. **Anadarko Sale Reshapes Balance Sheet** Ovintiv closed the sale of its Anadarko basin assets for approximately $2.82B in total cash proceeds after preliminary adjustments, recording a $337M pre-tax loss on the divestiture. The company used part of the proceeds to redeem $700M of 5.65% senior notes due 2028, generating annualized interest savings of about $40M. Net debt fell to $2.995B as of June 30, down from $5.167B at the end of 2025, pushing the net debt-to-adjusted EBITDA ratio to 0.6 times from 1.2 times. Total liquidity stood at approximately $4.4B, including $700M in cash and $3.5B in available credit facilities. **Permian and Montney Drive Growth** In the Permian Basin, production averaged 231 MBOE/d (78% liquids) during the quarter with 38 net wells turned in line. Full-year capital investment in the play is expected to total $1.325B to $1.375B, supporting five rigs and 125 to 135 net wells. The Montney formation delivered 374 MBOE/d (27% liquids) with 40 net wells turned in line. Capital spending there is forecast at $875M to $925M for the year across six rigs, targeting 130 to 140 net wells. McCracken said the company organically replaced its full-year 2026 drilling locations in both plays during the first half. **Shareholder Returns Accelerate** Ovintiv returned approximately $429M to shareholders in the second quarter, or 63% of non-GAAP free cash flow, consisting of $345M in share repurchases (6.1 million shares) and $84M in dividends. Year-to-date returns totaled $598M, or 45% of free cash flow. The company's framework commits to returning 50% to 100% of annual non-GAAP free cash flow through dividends and buybacks. For the full year, Ovintiv expects to exceed 60%, up from the 45% pace through June. The board declared a quarterly dividend of $0.30 per share, payable Sept. 29. **Revised Guidance** Ovintiv raised its full-year 2026 production forecast to 630 MBOE/d to 645 MBOE/d, driven by higher oil, condensate and NGL volumes. Oil and condensate guidance was lifted to 210 Mbbls/d to 212 Mbbls/d. Capital investment remains unchanged at $2.25B to $2.35B. For the third quarter, the company expects total production of 615 MBOE/d to 640 MBOE/d, with oil and condensate of 205 Mbbls/d to 210 Mbbls/d and capital spending of $550M to $600M. Upstream operating expense fell to $3.25 per BOE from $3.84 a year earlier, while transportation and processing costs rose to $9.47 per BOE from $7.62, reflecting higher volumes and the Montney's gas-weighted mix. This article is for informational purposes only and does not constitute investment advice.
Jul 24 2026, 00:07
Oracle secures $6.99B DoW contract to unify defense software buying
Oracle has secured a $6.99 billion, 10-year contract with the U.S. Department of War to consolidate software procurement under a single framework, centralizing access to cloud, SaaS and on-premises products for 3.4 million personnel. "The challenge is not just finding the right technology, it's doing so quickly, compliantly, and at scale, without getting bogged down by complex procurement processes," Kim Lynch, executive vice president of Government, Defense & Intelligence at Oracle, said. The Indefinite Delivery/Indefinite Quantity contract carries a base value of $3.31 billion for the first five years, with options that could bring the total to $6.99 billion. Authorized DoW organizations and contractors can now purchase Oracle's commercial offerings — including on-premises software licenses, SaaS applications and professional services — through task orders with defined pricing and performance criteria. The Pentagon separately estimated the consolidated approach would save taxpayers at least $441 million, according to Pentagon Chief Information Officer Kirsten Davies. The deal follows a $9.69 billion enterprise software agreement the Pentagon signed with Microsoft in May, as the Defense Department pushes to eliminate fragmented purchasing across its agencies. For Oracle, the contract deepens a relationship dating to the 1990s and provides a long-term revenue stream from the federal government's largest employer, with transition to the new vehicle beginning this summer. The DoW, which employs more than 3.4 million civilians and military personnel across dozens of specialized agencies and armed forces branches, has historically managed software procurement through decentralized contracts. The Enterprise Software Initiative framework replaces that patchwork with a standardized intake process and dedicated program operations from Oracle, routing requests efficiently across the company's government and defense teams. The contract covers the full Oracle portfolio, including database software, cloud infrastructure, SaaS applications such as Oracle Fusion Cloud ERP, and professional services. Pricing and deliverables are defined at the order level, giving DoW organizations flexibility while maintaining a streamlined contracting structure. The Department of the Navy negotiated the agreement, which also extends to the U.S. Coast Guard and intelligence community. The competition for federal software contracts has intensified as cloud providers vie for multi-billion-dollar defense deals. Microsoft's $9.69 billion agreement in May consolidated its on-premises licensing across the Pentagon, while Amazon Web Services holds the $10 billion Joint Enterprise Defense Infrastructure contract, though that deal has faced legal challenges. Oracle's ESI vehicle puts it in a position to compete for workload migrations as the DoW shifts more mission-critical systems to cloud and AI-enabled platforms. For Oracle, the contract provides a visible, long-term revenue stream from the defense sector at a time when its cloud infrastructure business is competing with Amazon and Microsoft for government workloads. Oracle shares trade at about 22 times forward earnings, below Microsoft's 31 times, reflecting the market's view of its smaller cloud market share. The DoW transition to ESI in summer 2026 will test whether the standardized framework can accelerate procurement cycles for AI and cloud services, a key requirement as the department modernizes its technology stack. This article is for informational purposes only and does not constitute investment advice.
Jul 23 2026, 23:58
Gold slides 2% to test $4,000 as metals rout deepens across complex
Gold spot fell 1.96% to $4,049.48 per ounce on Thursday, approaching the $4,000 psychological threshold after a broad-based metals selloff swept across precious and industrial commodities. "The simultaneous decline across precious and industrial metals suggests a macro-driven liquidation rather than a gold-specific event," Omar Tariq, commodities analyst at Edgen, said. COMEX gold futures dropped 2% to $4,052.30. Silver bore the brunt of the selloff, with spot prices sliding 3.6% to $57.60 per ounce, while COMEX silver futures fell 3.99% to $57.895. COMEX copper declined 2.4% to $6.3375 per pound. Platinum lost 2.25% to $1,597.20 and palladium shed 2.86% to $1,258.35. Gold's 27.6% drawdown from its all-time high of $5,597.23 set Jan. 29 places the metal 28% below that peak, a decline analysts at Investing.com described as confirming a blow-off top. The next catalyst is the July 24 S&P Global US Manufacturing PMI release, with consensus at 54.4. **Precious Metals Lead the Decline** The selloff accelerated after 14:45 Beijing time, with gold dropping steadily through the US session to hit an intraday low of $4,040.27 by 22:08 UTC, according to COMEX data. The metal traded near $4,040 for the remainder of the session. At current levels, gold is up 2.41% from last week but down 0.92% from one month ago, per LBMA pricing. The Philadelphia Gold and Silver Index fell 2.10%, while the NYSE ARCA Gold Miners Index declined 1.66% to 2,167.94 after opening near 2,205. Newmont Corp., the world's largest gold miner, reported Q2 adjusted earnings of $2.10 per share on revenue of $6.12 billion Thursday — beating profit estimates but missing on the top line, according to Reuters. **A Dollar-Fueled Squeeze Across Commodities** The metals rout coincided with a firmer US dollar, with the DXY rising 0.31% to 101.27, and Brent crude topping $100 per barrel for the first time in months, stoking inflationary fears that complicate central bank rate paths. The 10-year US Treasury yield held at 4.70%. Gold at $4,049 compares with the 52-week low of $3,268.15 and the all-time high of $5,597.23. The 28% decline from the January peak is the largest drawdown since gold's 2020 correction, according to Investing.com technical analysis, which rates XAU/USD as a "Strong Sell" across daily and weekly timeframes. This article is for informational purposes only and does not constitute investment advice.