World Oil (Bloomberg) — OPEC+ is more than half a billion barrels behind on its pledge to supply world markets with oil, exacerbating concerns about the group’s ability to balance the global market. In May 2020, the Organization of Petroleum Exporting Countries and allies joined forces to coordinate production cuts aimed at re-balancing the global oil market. Since then,
Reuters DENVER – Liberty Oilfield Services’ acquisition of Schlumberger’s shale fracking business will make it the third-largest oilfield services firm by North American revenue, nudging out Baker Hughes Co (BKR.N) in a bet on a shale rebound. Denver-based Liberty Oilfield (LBRT.N) on Tuesday agreed to swap a 37% stake in the company in exchange for Schlumberger’s North American hydraulic fracturing
From Reuters Mexico’s government said on Tuesday it had persuaded companies to waive “significant” profits from natural gas pipeline deals signed under the previous administration after renegotiating the contracts to save taxpayers $4.5 billion. The deal announced by President Andres Manuel Lopez Obrador and the head of state-run power utility the Federal Electricity Commission (CFE) at a news conference will
From Reuters Mexican President Andres Manuel Lopez Obrador said on Thursday a deal could be reached next week with companies to end a contractual dispute over several natural gas pipelines, dialing back hopes for a quicker resolution. “It’s going well, that business,” Lopez Obrador told reporters at his regular morning news conference after the latest round of talks with companies
From The Houston Chronicle Occidental Petroleum reported a $635 million quarterly profit that dipped 25 percent from the year prior, but the focus still remains on Oxy’s $38 billion acquisition of Anadarko Petroleum that could close in August. Houston-based Oxy said it plans to close the Anadarko deal next week after the scheduled Aug. 8 vote of Anadarko shareholders to
Enbridge Inc. (ticker: ENB) said its indirect subsidiary, Enbridge (U.S.) Inc., has entered into an agreement to sell Midcoast Operating, L.P. and its subsidiaries to AL Midcoast Holdings, LLC (an affiliate of ArcLight Capital Partners, LLC) for a cash purchase price of US$1.120 billion. “The sale of Midcoast is an important step in our shift towards a pure regulated pipeline
100% year-over-year growth in Midland Basin production; realized price is SM’s highest level in 14 quarters: $37.76/BOE average Midland Basin operations up to nine rigs and five completions crews; SM expects to double completions in Q2 The Midland Basin produced strong results for Texas-focused SM Energy Company (ticker: SM) in the first quarter of 2018. In a brief update, the
TPG Pace Energy acquires EnerVest’s South Texas Division in $2.66 billion handshake; forms new public company – Eagle Ford, Austin Chalk pure-play – Magnolia Oil & Gas Corp. TPG Pace Energy Holdings Corp. (ticker: TPGE), an energy-focused special purpose acquisition entity led by former Occidental Petroleum Corporation CEO Steve Chazen, has entered into definitive agreements with funds managed by EnerVest,
Total S.A. (ticker: TOT) closed the acquisition signed on August 21, 2017, adding around one billion BOE 2P reserves, mainly in OECD countries. The acquisition also increases Total’s production by 160 MBOEPD in 2018, and the company expects to ramp up production to 200 MBOEPD by early 2020. According to Total, this deal makes the company the second-largest operator in
Noble Energy, Inc. (ticker: NBL) has signed agreements to sell significant quantities of natural gas from the Leviathan and Tamar fields to Dolphinus Holdings Limited to supply gas in Egypt. These agreements, one for natural gas from Leviathan and one for Tamar, each provide for total contract quantities of 1.15 trillion cubic feet of natural gas. The natural gas is
Stock will trade on Nasdaq: AMR, starting Feb. 12 Silver Run Acquisition Corporation II (ticker: SRUN) completed its business combination with Alta Mesa Holdings, LP and Kingfisher Midstream, LLC. Alta Mesa is an independent exploration and production company focused on the development and acquisition of unconventional oil and natural gas reserves in the Anadarko Basin. Kingfisher is a company engaged
Cheniere Energy, Inc. (ticker: LNG) and its subsidiary Cheniere Marketing, LLC have entered into a LNG sale and purchase agreement (SPA) with Trafigura Pte Ltd., a Geneva-based independent trader of oil and petroleum products. Trafigura’s LNG team is based in Houston, Geneva and Singapore. Trafigura has agreed to purchase approximately 1 million tons per annum of LNG from Cheniere Marketing
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