2025-11-03 21:51

Partial SNAP payments unprecedented in program's 60-year history States may face delays in distributing reduced benefits Democratic-led states and officials push for full SNAP funding Nov 3 (Reuters) - President Donald Trump's administration said on Monday it plans to partially fund November food benefits for millions of Americans, but warned it could take some states weeks or months to calculate and distribute the aid. The administration laid out the Department of Agriculture's plan in a filing , opens new tab in federal court in Rhode Island after a judge ordered it on Friday to use emergency funds to at least partially cover November's Supplemental Nutrition Assistance Program or SNAP benefits. Sign up here. But a USDA official warned in the filing that at least some states, which administer SNAP benefits, would need weeks to months to make system changes that would allow them to calculate and issue the reduced benefits. In the meantime, some states have hurried to pay benefits themselves or buoyed support for food banks. Partial payments are unprecedented in the program's 60-year history, which provides assistance to nearly 42 million low-income Americans. Changes in the system that states need to implement to provide reduced benefits "will take anywhere from a few weeks to up to several months," said the filing from Patrick Penn, deputy under secretary for food, nutrition, and consumer services at the USDA. SNAP benefits, also known as food stamps, lapsed for the first time ever on November 1 during the federal shutdown. CONTINGENCY FUNDS A coalition of Democratic-led states sued the administration last week to draw on contingency funds and other sources of funds to pay for the benefits after the USDA said last month it would suspend SNAP benefits starting November 1. The U.S. Department of Justice said on Monday that the USDA is complying with U.S. District Judge John McConnell's order and "will fulfill its obligation to expend the full amount of SNAP contingency funds today." While the administration said it would fully deplete the $5.25 billion in contingency funds, it would not use other funding that would allow it to fully fund SNAP benefits, which cost $8 billion to $9 billion per month. Separately, the administration on Friday made $450 million in tariff revenue available to fund three weeks of the Special Supplemental Nutrition Program for Women, Infants, and Children, known as WIC, according to federal funding records seen by Reuters on Monday. Penn said in the court filing that the sums required to fully fund SNAP were too large to draw on tariff revenue, some of which is earmarked for other child nutrition programs. Skye Perryman, CEO and president of Democracy Forward, which represented the plaintiffs in the case, said in a statement the group is "considering all legal options to secure payment of full funds." Senator Amy Klobuchar, top Democrat on the Senate Agriculture Committee, also said full benefits should be paid. "It is not enough to do the bare minimum — the administration should stop playing politics with hunger and use all available resources to ensure Americans can put food on the table," Klobuchar said in a statement. The administration said $600 million would be used to fund states' administrative costs in administering SNAP benefits, leaving $4.65 billion to cover 50% of eligible households' current allotments. UNPRECEDENTED PAYMENTS States will need to calculate the partial benefit amount for recipients and then transmit that information to their contracted Electronic Benefit Transfer processor, which then loads SNAP recipients' EBT cards with their benefits. Conduent, an EBT processor that works with 37 states, said it would be able to move quickly once it receives updated benefit information from states. SNAP benefits are paid out monthly to eligible Americans whose income is less than 130% of the federal poverty line, or $1,632 a month for a one-person household and $2,215 for a two-person household in many areas. McConnell and another judge in Boston, U.S. District Judge Indira Talwani, said on Friday the administration had the discretion to also tap a separate fund holding around $23 billion. Penn said in the court filing the agency is carefully considering using those funds but determined they must remain available for child nutrition programs instead of SNAP. STATES STEP IN Alaska and Maryland on Monday joined Vermont, Virginia and a handful of other states that have said they will free up state funds to pay for November SNAP benefits. Alaska Governor Mike Dunleavy issued a state disaster declaration to make funds available to be loaded onto SNAP recipients' EBT cards on a weekly schedule, according to a press release. New Jersey Governor Phil Murphy said members of the state National Guard would be deployed to support food banks with distribution. Other states including Connecticut, New Mexico and West Virginia have said they will send additional money to food banks, which are already under strain as higher food costs strain low-income households. https://www.reuters.com/world/us/trump-administration-use-emergency-funds-pay-partial-food-aid-benefits-2025-11-03/

2025-11-03 21:39

Nov 3 (Reuters) - Oil and gas firm Coterra Energy (CTRA.N) , opens new tab missed Wall Street estimates for third-quarter profit on Monday, as lower oil prices offset a jump in production, but raised its annual production forecast. Shares of the company were down 3% at $23.66 in after-market trading. Sign up here. U.S. President Donald Trump's trade policies fueled uncertainty across the energy industry, as escalating trade tensions threatened to slow global economic growth and weaken energy demand. Crude prices averaged $68.33 per barrel in the July-September quarter, down more than 13% from a year earlier, after OPEC+ accelerated output hikes and raised concerns about oversupply. The Houston-based company reported an average oil price of $64.10 per barrel, down about 13% from a year earlier, whereas production was at 166,800 barrels per day, up about 49% from last year. However, the company raised its full-year production forecast to between 772,000 to 782,000 barrels of oil equivalent per day, on the back of strong natural gas demand. Average natural gas prices rose to $3.25 per million British thermal units in the quarter, up 26% from a year earlier, driven by record power demand. The United States is poised to see a record surge in power demand this year and in 2026, led by data centers' outsized energy needs, the U.S. Energy Information Administration estimates. The company's adjusted profit was 41 cents per share for the three months ended September 30, compared with the analysts' average estimate of 44 cents per share, according to data compiled by LSEG. https://www.reuters.com/business/energy/coterra-energy-misses-third-quarter-profit-estimates-2025-11-03/

2025-11-03 21:32

Nov 3 (Reuters) - Diamondback Energy (FANG.O) , opens new tab on Monday beat estimates for quarterly profit and said it would sell its subsidiary Viper Energy's (VNOM.O) , opens new tab non-Permian assets for $670 million to an affiliate of GRP Energy Capital and Warwick Capital Partners. U.S. shale producers are turning to asset sales as shareholders increasingly favor disciplined spending and steady returns over rapid growth in an uncertain oil market. Sign up here. The transaction, set to close in the first quarter of 2026, is expected to bring Diamondback closer to achieving its target of raising $1.5 billion from divestitures and reduce debt. Last month, Diamondback sold its Environmental Disposal Systems for $694 million and divested its stake in pipeline operator EPIC Crude Holdings for $504 million. Viper Energy in June acquired Sitio Royalties in an all-stock deal valued at about $4.1 billion, to expand its presence across top U.S. oilfields including the Permian Basin. Diamondback's total output jumped over 65% to 942,946 barrels of oil equivalent per day (boepd) in the third quarter. However, CEO Kaes Van't Hof said in the current macro environment he believed there was no need for incremental oil barrels until there is a proper price signal. Van't Hof said he would keep oil volumes roughly flat and focus on maximizing free cash flow to pay dividends, buy back shares and reduce debt. The producer raised its annual production forecast by 2% to 910,000 to 920,000 boepd. During the quarter, Diamondback's realized price for oil fell 11.7% to $64.60 per barrel. The average Benchmark Brent crude dropped more than 13% from a year earlier, as OPEC+ output hikes and slowing global demand weighed on prices. Melius Research analyst James West said though the results were solid, "they may not have been enough". Shares of the company slipped 1.6% in trading after the bell. The Midland, Texas-based company posted an adjusted profit of $3.08 per share in the third quarter, compared with analysts' average expectations of $2.93, according to data compiled by LSEG. https://www.reuters.com/business/energy/shale-producer-diamondback-energy-tops-third-quarter-profit-estimates-2025-11-03/

2025-11-03 20:38

Nov 3 (Reuters) - Vulcan Elements has struck a partnership with the U.S. government and ReElement Technologies to expand domestic rare earth magnet production, the latest effort to secure supplies of critical minerals and cut reliance on China. North Carolina-based Vulcan said it would build and operate a 10,000-metric-tonne magnet facility in the U.S. with investments from the Pentagon and a $50 million investment from the Department of Commerce under the Chips Act in exchange for a stake. Sign up here. The financing will include a $620 million direct loan from the Pentagon's Office of Strategic Capital and $550 million in private capital. ReElement Technologies, a U.S.-based refiner of rare earth and critical minerals, will receive a $80 million direct loan from the Office of Strategic Capital matched by private capital to expand its recycling and processing capabilities. Rare earth magnets are used to make motors in electric vehicles, wind turbines, hard disk drives, as well as medical devices like MRI machines. Earlier this year, Vulcan agreed to buy a supply of critical minerals from ReElement that will be sourced outside of China for five years, beginning in 2026. https://www.reuters.com/business/energy/us-vulcan-elements-ink-deal-boost-rare-earth-magnet-supplies-2025-11-03/

2025-11-03 20:36

USDA to use tariff revenue for temporary WIC funding SNAP aid lapses, no tariff funds allocated for November benefits Shutdown affects nearly 7 million low-income Americans relying on WIC WASHINGTON, Nov 3 (Reuters) - The administration of President Donald Trump has made $450 million in tariff revenue available for a childhood nutrition program imperiled by the federal government shutdown, according to federal funding records. The shutdown, now in its 34th day, has compromised benefits for nearly 7 million low-income Americans who are pregnant, breastfeeding or who have children under age 5 who receive food, nutrition counseling and other support through the Special Supplemental Nutrition Program for Women, Infants, and Children, known as WIC. Sign up here. The money was transferred to the WIC program on Friday, according to the records from the White House Office of Management and Budget. It was drawn from a pool of tariff revenue made available to the U.S. Department of Agriculture for commodity and disaster assistance, and will cover about three weeks of benefits, said the National WIC Association. The USDA previously drew on that funding source in mid-October to send states about $300 million for two weeks of WIC benefits. State agencies are expected to receive the funds in the next two days, the NWA said. The additional funds come as food aid under the Supplemental Nutrition Assistance Program, also known as food stamps, remains delayed. The Trump administration on Monday said it would draw on contingency funds to partially pay for November SNAP benefits, but that some states could take weeks or months to calculate and distribute the aid. "We anticipate the disruptions in SNAP may lead additional families to certify (for) WIC or families to run through their WIC benefits faster, so we will be keeping a really close eye on these resources because we know that WIC can't fill the gap that SNAP plays for families," said Nell Menefee-Libey, senior public policy manager at the NWA. The White House did not immediately respond to a request for comment. NO TARIFF MONEY FOR SNAP SNAP aid for nearly 42 million low-income Americans lapsed for the first time in the program's 60-year history on November 1 after neither Congress nor the Trump administration acted to fund the benefits during the shutdown. The administration said in a court filing on Monday that while it has drawn on tariff revenue to fund WIC, it will not draw on the pool for the $4 billion required to fully fund November SNAP benefits. The tariff revenue also supports child nutrition programs like school lunches, and moving billions to SNAP would threaten that funding, said Patrick Penn, deputy under secretary for food, nutrition, and consumer services at the USDA, in the filing. "Creating a shortfall in Child Nutrition Program funds to fund one month of SNAP benefits is an unacceptable risk, even considering the procedural difficulties with delivering a partial November SNAP payment, because shifting $4 billion dollars to America's SNAP population merely shifts the problem to millions of America’s low income children that receive their meals at school," Penn said. https://www.reuters.com/legal/litigation/trump-administration-injects-more-temporary-funding-child-nutrition-program-2025-11-03/

2025-11-03 20:34

US withdrawal linked to disarming factions, Sudani says Sudani highlights US investment in Iraq's energy sector Sudani confident in election victory, aims for second term BAGHDAD, Nov 3 (Reuters) - Iraq has pledged to bring all weapons under the control of the state, but that will not work so long as there is a U.S.-led coalition in the country that some Iraqi factions view as an occupying force, the prime minister said on Monday. Prime Minister Mohammed Shia al-Sudani said a plan was still in place to have the multinational anti-Islamic State coalition completely leave Iraq, one of Iran’s closest Arab allies, by September 2026 because the threat from Islamist militant groups had eased considerably. Sign up here. “There is no ISIS. Security and stability? Thank God it's there ... so give me the excuse for the presence of 86 states (in a coalition)," he told Reuters in an interview in Baghdad, referring to the number of countries that have participated in the coalition since it was formed in 2014. "Then, for sure there will be a clear program to end any arms outside of state institutions. This is the demand of all," he said, noting factions could enter official security forces or get into politics by laying down their arms. 'NO SIDE CAN PULL IRAQ TO WAR', SAYS SUDANI Iraq is navigating a politically sensitive effort to disarm Iran-backed militias amid pressure from the U.S., which has said it would like Sudani to dismantle armed groups affiliated with the Popular Mobilization Forces, an umbrella group of mostly Shi'ite factions. The PMF was formally integrated into Iraq's state forces and includes several groups aligned with Iran. At the same time, the U.S. and Iraq have agreed on a phased withdrawal of American troops, with a full exit expected by the end of 2026. An initial drawdown began in 2025. Asked about growing international pressure on non-state armed groups in the region such as Lebanon's Hezbollah, part of Iran's so-called Axis of Resistance created to counter U.S. and Israeli influence in the Middle East, Sudani said: "There is time enough, God willing. The situation here is different than Lebanon.” "Iraq is clear in its stances to maintain security and stability and that state institutions have the decision over war and peace, and that no side can pull Iraq to war or conflict," said Sudani. Shi'ite power Iran has gained vast influence in Iraq since a U.S.-led invasion toppled Saddam Hussein in 2003, with heavily armed pro-Iranian paramilitary groups wielding enormous political and military power. Successive Iraqi governments have faced the challenge of keeping both arch-foes Iran and the U.S. as allies. While the U.S. slaps sanctions on Iran, Iraq does business with it. Securing major U.S. investment is a top priority for Iraq, which has faced severe economic problems and years of sectarian bloodletting since 2003. US COMPANIES INCREASINGLY ACTIVE IN IRAQ, SAYS SUDANI "There is a clear, intensive and qualitative entrance of U.S. companies into Iraq," said Sudani, including the biggest ever agreement with GE for 24,000 MW of power, equivalent to the country's entire current generation capacity, he said. In August, Iraq signed an agreement in principle with U.S. oil producer Chevron (CVX.N), for a project at Nassiriya in southern Iraq that consists of four exploration blocks in addition to the development of other producing oil fields. Sudani said an agreement with U.S. LNG firm Excelerate to provide LNG helped Iraq cope with rolling power cuts. Sudani praised a recent preliminary agreement signed with ExxonMobil, and he said the advantage of this agreement is that for the first time Iraq is agreeing with a global company to develop oilfields along with an export system. Sudani said that U.S. and European companies had shown interest in a plan for the building of a fixed platform for importing and exporting gas off the coast of the Grand Faw Port, which would be the first project there. Sudani said the government had set a deadline for the end of 2027 to stop all burning of gas and to reach self-sufficiency in gas supplies, and to stop gas imports from Iran. "We burn gas worth four to five billion (dollars) per year and import gas with 4 billion dollars per year. These are wrong policies and it's our government that has been finding solutions to these issues," he said. Sudani is running against established political parties in his ruling coalition in Iraq's November 11 election and said he expects to win. Many analysts regard him as the frontrunner. "We expect a significant victory," he said, adding he wanted a second term. "We want to keep going on this path." Sudani said he believed this year's elections would see a higher turnout than last year's roughly 40% in parliamentary polls, which was down from around 80% two decades ago. SUDANI CAMPAIGNS AS IRAQ'S BUILDER-IN-CHIEF He has portrayed himself as the builder-in-chief, his campaign posters strategically laid out at key sites of Baghdad construction, including a new dual-carriageway along the Tigris in the centre of the capital. He ticks off the number of incomplete projects he inherited from previous governments - 2,582, he said — and notes he spent a fraction of their initial cost to finish them. Many Iraqis have been positive about the roads, bridges and buildings they have seen go up, helping to somewhat alleviate the choking traffic in the city. But it has come at a cost. Sudani's three-year budget was the largest in Iraq's history at over $150 billion a year. He also hired about 1 million employees into the already-bloated state bureaucracy, buying social stability at the cost of severely limiting the government's fiscal room for maneuver. "I am not worried about Iraq’s financial and economic situation. Iraq is a rich country with many resources, but my fear is that the implementation of reforms is delayed,” he said. https://www.reuters.com/world/middle-east/iraq-can-disarm-factions-only-when-us-withdraws-prime-minister-says-2025-11-03/