Demand. Ryan, it is always a pleasure to talk to you. It was long in coming. Everyone asking, what are you going to buy . Tell us how you came up with this deal. It is great to be with you again today. We have been talking about the need for consolidation in business for quite some time. We need to put a Value Proposition together that offers investors a different way to think. We have done this with a transformative acquisition with concho resources. This brings in a bunch of lowcost supply resources government 23 billion barrels into the company. It is about a super strong Balance Sheet to manage the volatility we have seen in this business. It is about how you allocate capital for value, not for growth. It is distributions we were going to give back to the shareholder. It is about having a sustainable business. The deal takes an Energy Transition that we know is coming for our planet. Alix can you give us insight into how competitive it was . If you look at the Shell Companies that
Earnings. We will speak in the 1 00 hour with the citizens ceo, so make sure everyone tunes and for that. Boeing up as well after its factory will get up and running again. Then theres a few more regional banks doing ever so well. Gilead had been one of the top performers, up 8 . But Morgan Stanley and a couple the 15 houses saying billion Additional Market cap may be just a little exaggerated. We dont know anything about the drug trials yet. Not enough, anyway, but it does look promising for covid19 patients. That is the story and the stock market. The 10 year yield at 60 basis points. New york crude continues to plummet, down at 18. 40 a barrel. The dollar continuing to rise broadly, although we are soft on the day. There you have the u. S. Data check. Guy it is interesting, that gilead study. Very small at the moment. It will be interesting to see what happens in phase three. Lets get more with what is happening in markets and the economy. Joining us over the phone is Chris Watling
Well get you a list. The oil meeting previously, the u. S. Linked to cut Domestic Oil Production . What came out of the meeting . A lot of things came out. Its a great industry, its a tremendous job producing industry. It is vital. It was also interesting because they all given the test before they came into the room. You have the head of all these guys taking tests and they all passed with flying colors. It was good. They left happy in that respect. Its an overabundance of oil right now. Oil and gas, tremendous overabundance. It was caused, they were producing a lot of energy but then you had the virus come along and it knocked another 35 , maybe 40 off the market. So if theres too much oil, and these are Great Companies and theyll figure it out. Well figure it out. You spoke to president puti putin they were having a competition from well see how it works out. I think its going to work out very well. Its going to take a long time to get rid of that, theres massive excess amount of oi
Well get you a list. The oil meeting previously, the u. S. Linked to cut Domestic Oil Production . What came out of the meeting . A lot of things came out. Its a great industry, its a tremendous job producing industry. It is vital. It was also interesting because they all given the test before they came into the room. You have the head of all these guys taking tests and they all passed with flying colors. It was good. They left happy in that respect. Its an overabundance of oil right now. Oil and gas, tremendous overabundance. It was caused, they were producing a lot of energy but then you had the virus come along and it knocked another 35 , maybe 40 off the market. So if theres too much oil, and these are Great Companies and theyll figure it out. Well figure it out. You spoke to president puti putin they were having a competition from well see how it works out. I think its going to work out very well. Its going to take a long time to get rid of that, theres massive excess amount of oi
Economy could lose a chunk the size of japan as coronavirus cases top 1. 5 million. Across extends gains opecplus meetings as Top Producers move closer to a deal. Cutia says it is ready to 1. 6 billion barrels a day. Just under one hour from the start of cash equity trading. Lets take a look at your futures. Gains inoking at futures on the ftse, cac, and dax of 1. 2 . More than 1 gains in european futures. U. S. Futures had a mixed picture. Nasdaq futures were down and we were seeing gains over the last 30 seconds. We are seeing u. S. Futures climb wellwell ahead of the open in new york. Johnson haser boris spent a third night in Critical Care where we are told his condition is improving. Officials are drawing up plans to extend the lockdown in a bid to control the crisis. Scientists predict the u. K. Will be headed into the peak of the outbreak over the next week. Biden is thejoe Presumptive Democratic nominee for president. Thats as Bernie Sanders ended his run, thanking supporters f