** Diamondback Energy Inc., the largest independent oil and gas producer in the Permian Basin, warned that the US shale industry may be growing to its own detriment again. The company is planning to hold its own output growth to 2% next year and said it can be flexible with spending if the oil market is oversupplied in 2025.
* Spirit AeroSystems, a key supplier to U.S. planemaker Boeing, warned on Tuesday there was “substantial doubt” the company would be able to continue as a going concern.
** Congressman Michael McCaul, head of the House Foreign Affairs Committee has accused the Biden administration of not doing enough to prevent China’s Semiconductor Manufacturing International Corp (SMIC) from strengthening the country’s chipmaking industry and military-industrial complex.
** Hawaiian Electric Industries formalized a $2 billion agreement to settle damage claims from a wildfire that razed the historic town of Lahaina and killed more than 100 people.
** Colorado regulators order Xcel Energy to remove investor relations costs, lobbying fees and a portion of executive salaries from its rates to comply with a new state law.
World
** Dock employers in British Columbia shut out workers on Monday after a union’s strike notice, bringing trade to a halt across Canada’s busiest and third-busiest ports.
** The wind has stopped blowing in Germany, the UK and other parts of northern Europe, resulting in a “Dunkelflaute.” Wind farms on Tuesday only were able to meet about 3% of the UK’s electricity demand. Natural gas provided 60%.
** Russian industry may suffer the fate of car makers in Germany, which have shed tens of thousands of jobs, if it moves too fast to replace fossil fuels, a Kremlin adviser said on Wednesday.
** Russia saw a double-digit drop in oil revenue last month, hitting an important source of funds for the Kremlin amid pressure on global crude prices. Moscow’s revenue from oil-related taxes plummeted 29% year-over-year in October, from 1.48 trillion rubles to 1.05 trillion rubles, according to data from Russia’s Finance Ministry.
** Michelin factory workers burnt tyres in western France on Tuesday and vowed to stage a strike after the tyre company said it would close two plants by early 2026 over collapsing sales. Michelin said the decision to close down the plants in Cholet and Vannes in western France, which together employ more than 1,250 people, had been made “as a last resort.”
** Thousands more jobs are under threat in Germany’s beleaguered automotive industry. Parts supplier Schaeffler said it would cut thousands of jobs for a net reduction of about 3,700 workers.
** Abu Dhabi National Oil Co. agreed to sell liquefied natural gas to Germany’s SEFE for 15 years starting 2028, a deal that expands the United Arab Emirates’ efforts to become a key supplier of the fuel.