April 12, 2019 – Oil & Gas 360

Chevron CEO Michael Wirth Talks about what Chevron is Getting with the Acquisition of Anadarko

April 12, 2019

Chevron (stock ticker: CVX, $CVX) Chairman and CEO Michael Wirth went on the morning cable business shows and hosted a conference call today, saying his company’s acquisition of Anadarko Petroleum (stock ticker: APC, $APC) is “the highest return investment dollar that we can spend.” During his company’s conference call, Wirth responded to analyst questions about plunking down $33 billion in

SHAREHOLDER NOTICE: Brodsky & Smith, LLC Announces an Investigation of Anadarko Petroleum Corporation – APC

April 12, 2019

SHAREHOLDER NOTICE: Brodsky & Smith, LLC Announces an Investigation of Anadarko Petroleum Corporation – APC

New Mexico Drilling Boom Hits Multi-Decade Milestone

April 12, 2019

New Mexico rig count exceeds Oklahoma’s for first time in at least 28 years By Richard Rostad, analyst, Oil & Gas 360 Drilling activity decreased in the U.S. this week, according to the latest edition of Baker Hughes Weekly Rig Count. A net three rigs shut down in the week, leaving 1,022 rigs active in the country. Four land-based rigs

Making History: Third-Largest U.S. Oil & Gas Transaction Wakes Up U.S. E&P

April 12, 2019

Breaking down the numbers By Richard Rostad, analyst, Oil & Gas 360 Chevron (ticker: CVX) uprooted the eerily quiet U.S. exploration and production M&A landscape today when it announced it had agreed to acquire Anadarko Petroleum (ticker: APC). The total deal value is $50 billion, making it the third-largest U.S. oil and gas transaction in history, and the largest since

Occidental Bid More Than $70 A Share For Anadarko And Is Now Considering Options: CNBC

April 12, 2019

From CNBC There was another bid for Anadarko Petroleum, the oil and gas explorer which Chevron said it was buying for $65 a share in cash and stock on Friday. Occidental Petroleum bid more than $70 a share for Anadarko in cash and stock earlier, people familiar with the situation told CNBC, but the company ultimately decided to go with Chevron. In addition to being higher,

Anadarko CEO Could Get $64 Million Payout After Chevron Deal

April 12, 2019

From Bloomberg Anadarko Petroleum Corp. Chairman and Chief Executive Officer Al Walker may not have a role once his company is purchased by Chevron Corp., but he will have some money. Walker’s employment agreement entitles him to walk away with about $64 million if he’s let go as part of the transaction or isn’t tapped to lead the combined entity,

Pipestone Energy Corp. Announces Performance Share Unit and Restricted Share Unit Grant

April 12, 2019

Pipestone Energy Corp. Announces Performance Share Unit and Restricted Share Unit Grant

Exxon and Others Say U.S. Government Sold Toxic Crude Oil

April 12, 2019

From Bloomberg Exxon Mobil Corp. is the latest company to raise concerns that a stockpile of U.S. government crude is tainted with poisonous gas. The American energy giant said some of the oil it purchased last year from the Energy Department’s Strategic Petroleum Reserve, or SPR, contained “extremely high levels” of hydrogen sulfide, according to emails obtained by Bloomberg under

Fear Grips Norway’s Oil Industry as Political Risk Explodes

April 12, 2019

From Bloomberg Oil companies in Norway may pay some of the highest taxes and wages in the world but they could always count on support in the halls of power. Then last week the country’s biggest political party pulled out the rug from under that certainty in a dramatic policy shift to abandon support for drilling off the Lofoten islands.

Drilling in Colorado Lives to See Another Day: Proposition 112 Fails - Oil & Gas 360

Colorado Regulators Prepare to Hit the Ground Running When Oil and Gas Bill Becomes Law

April 12, 2019

From The Denver Post State officials aren’t waiting for the governor to sign a bill revamping oil and gas regulations to get a start on writing rules, a process that is likely to take at least a year, several hearings and a major overhaul of the main regulatory body. Jeff Robbins, director of the Colorado Oil and Gas Conservation Commission,

U.S. FERC Approves EPIC Oil Pipeline Rates, Interim Service to Begin Mid-2019

April 12, 2019

From Reuters U.S. energy regulators on Thursday approved the rate structure and terms of service for EPIC Crude Pipeline LP’s new 900,000 barrels per day (bpd) line from the Permian basin to Corpus Christi, Texas, subject to some conditions. EPIC plans to provide interim service by mid-2019 and place the line into service during the fourth quarter, according to a

U.S. Super-Light Oil Output Rise Roils Texas, Oklahoma Markets

April 12, 2019

From Reuters Growing production of Texas super-light oil – and worries about its quality compared with other types of crude – is slowing down deliveries into the main U.S. storage hub in Oklahoma, draining supply there and adding to a glut in Texas. In the last several months, drillers are producing more oil known as West Texas Light (WTL), a

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