Chris Swann is a Reuters Breakingviews columnist, based in New York. He writes about hedge funds, commodities and asset management. He joined from Bloomberg News, where he covered global poverty issues and the International Monetary Fund. From 1997 to 2006 Chris was a reporter at the Financial Times in a variety of roles including currency correspondent, economics reporter and columnist on Lex. He has a first-class degree in History from Oxford University, and has also studied piano performance at the University of Michigan and International Relations at Cambridge.
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Mexico’s energy giant lost more money in Q2. Chronic inefficiency is pushing crude output to its lowest since 1990. And the government upped its tax take to 132 pct of Pemex’s income. It’s a blessing and a curse for rivals finally allowed to participate in Mexico’s core oil biz.
A year out of bankruptcy, American has set its first dividend in 34 years. United will buy back stock. But the industry has a woeful record of rarely covering its cost of capital and often losing billions. On a 7-9 year cycle, U.S. carriers should already be conserving cash.
Breitburn and QR are probably just the first of several tiddler explorers to tie the knot. Such small companies only have a few wells each, leaving them prey to painful disruption if there’s a problem. Bulking up should ensure the steadier income MLP investors crave.
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