Former US President Donald Trump found guilty of conspiring to buy porn actor's silence; Saudi Arabia selling $12bn Aramco shares. European oil majors face challenges in M&A amid energy transition. Podcast discusses Trump's conviction fallout and oil industry trends.
Read more
AI Summary
AI Chapters
Episode notes
auto_awesome
Podcast summary created with Snipd AI
Quick takeaways
Donald Trump convicted of 'catch and kill' scheme to silence a porn star pre-2016 election.
Saudi Arabia selling $12bn Aramco shares for economic diversification while European oil majors lag in M&A activities.
Deep dives
Donald Trump Found Guilty in New York
Donald Trump has been convicted of conspiring to buy the silence of a porn star before the 2016 election. Trump orchestrated a 'catch and kill' scheme with his lawyer to suppress the story. Despite previous doubts about the case, Trump was found guilty on 34 counts, marking a significant moment as a former US president faces a criminal conviction.
Saudi Arabia's Aramco Share Sale
Saudi Arabia plans to sell $12 billion worth of shares in Saudi Aramco to diversify its economy. The capital from this sale is intended for new projects and industries beyond oil. While the kingdom prepares for the share sale, US oil companies like ConocoPhillips have been engaged in a consolidation trend, acquiring companies to strengthen positions in domestic basins such as the Permian Basin.
US Oil Industry's M&A Craze vs. European Inactivity
The US oil industry has witnessed a wave of mergers and acquisitions, with companies like ConocoPhillips making multi-billion dollar deals. In contrast, European oil majors have not joined the M&A frenzy due to already consolidated domestic basins and investor focus on energy transition. European companies are shifting towards investments in renewable energy to drive growth amid limited M&A opportunities in the oil sector.
Donald Trump has been found guilty of conspiring to buy the silence of a porn actor and Saudi Arabia is selling roughly $12bn worth of shares in its national oil company Saudi Aramco. Plus, European oil majors are left at a disadvantage in several areas when it comes to M&A.
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Ethan Plotkin, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.