(Oil Price) – Chevron Corp. (NYSE:CVX) has announced that it will lay off 15-20% of its global workforce and reorganize its business structure. The U.S. oil and gas major announced that it will consolidate its Oil, Products & Gas segment into Upstream and Downstream, Midstream & Chemicals segment, and be led by Mark Nelson, the current executive vice president of the Oil, Products &
World Oil (Bloomberg) — Shale bosses are bracing for more megadeals in the U.S. oil industry — and some fear the consequences of consolidation. Executives predict more monster acquisitions after Chevron Corp.’s $53 billion takeover of Hess Corp. and Exxon Mobil Corp.’s purchase of Pioneer Natural Resources Co. for $59.5 billion in October, according to a quarterly survey by the Federal Reserve Bank of Dallas.
Reuters WINNIPEG, Manitoba – A wave of consolidation is underway in Canada’s Montney oil and gas region as small companies struggling to weather the impact of coronavirus on the energy industry sell their holdings in what just a few years ago was a booming patch. Lockdowns and sharp contractions in economic activity have hammered global oil demand in 2020, pushing
Reuters DHAHRAN, Saudi Arabia – U.S. oil output growth is expected to slow over the next five years, likely prompting oil majors to “gobble up” smaller shale oil producers, Mark Papa, shale pioneer and non-executive chairman of Schlumberger, told Reuters. U.S. output surged to nearly 13 million bpd last year, making it the world’s largest producer. The Energy Information Administration
By Tyler Losier, Energy Reporter, Oil & Gas 360 Continental Resources’ Harold Hamm sits down for a fireside chat Today, as part of EnerCom’s 24th annual The Oil and Gas Conference in Denver, Colorado, Harold Hamm, CEO and chairman of Continental Resources (stock ticker: CLR), sat down with Tom Petrie of Petrie Partners for a fireside chat. The two spoke
Roan Resources forms transaction committee Roan Resources, Inc. (NYSE: ROAN) said it has received multiple unsolicited indications of interest to purchase the company. Roan reports it has an 150,000-acre position with an estimated resource potential of more than 2 billion Boe and multiple zones. Roan is focused on developing unconventional oil and natural gas reserves in the Merge, SCOOP and
From S&P Global Platts Too many small, mid-sized companies Oilfield services needs more consolidation Services subsector still not making suitable profits Houston — Consolidation through the oil and gas sector is heating up, spurred in many cases by too many small companies, lack of operator scale, profits and in the oilfield services segment, an inability to raise prices after the recent
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