Oil Price Oil production in the Bakken shale play is set to increase after Chevron’s acquisition of Hess, although volumes are unlikely to hit the records seen before 2020, analysts have told Reuters. Last week, Chevron said it would buy Hess Corporation in an all-stock transaction valued at $53 billion with a total enterprise value, including debt, at $60 billion. The Hess deal
World Oil (WO) – On Oct. 26, Reuters reported that ExxonMobil, along with partners Hess Corp. and CNOOC, made a “significant discovery” in the Stabroek block offshore Guyana. This discovery from the Lancetfish-2 well is the fourth made in 2023 in the country, bringing the total amount of recoverable oil and natural gas resources to 11 billion barrels (Bbbl).
World Oil (Bloomberg) – A hot spot for Canadian oil drillers is emerging in a tiny corner of eastern Alberta, drawing companies including Canadian Natural Resources Ltd. and Baytex Energy Corp. in search of cheaper, lower-emissions heavy crude. Oil drillers have applied for 81 licenses to drill into the so-called Waseca formation so far this year, 30 more than in
World Oil (Bloomberg) – Devon Energy Corp., an Oklahoma City-based oil and gas company, is studying major acquisition targets as it seeks to gain scale in U.S. shale, according to people familiar with the matter. Devon has held preliminary talks in recent months about a combination with Marathon Oil Corp., said the people, who asked to not be identified because
Oil Price Shale pioneer Chesapeake Energy has approached its peer Southwestern Energy for preliminary talks about a possible acquisition that would create America’s top shale gas producer by market value, Reuters reports, citing sources with knowledge of the matter. The talks are in the early stages and there are no guarantees a deal could be reached, according to Reuters’ sources.
World Oil (Bloomberg) —Exxon Mobil Corp.’s $59.5 billion acquisition of Pioneer Natural Resources Co., the biggest U.S. energy deal in decades, is poised to usher in a new era of industry-shifting takeovers. The shale sector is a hotbed of consolidation talk as oil companies compete for the best drilling portfolios in the Permian basin, North America’s biggest source of crude.
World Oil (Bloomberg) – Exxon Mobil Corp. expects to trim annual costs by about $2 billion as it integrates the $60 billion purchase of Pioneer Natural Resources Co., said Chief Executive Officer Darren Woods. About two-thirds of the savings will come from squeezing more oil out of the U.S. Permian basin via improved fracking methods and other technological improvements, Woods
Oil and Gas 360 SPRING, Texas & IRVING, Texas–(BUSINESS WIRE)– Exxon Mobil Corporation (NYSE: XOM) and Pioneer Natural Resources (NYSE: PXD) jointly announced a definitive agreement for ExxonMobil to acquire Pioneer. The merger is an all-stock transaction valued at $59.5 billion, or $253 per share, based on ExxonMobil’s closing price on October 5, 2023. Under the terms of the agreement,
Oil and Gas 360 Acquisition increases Free Cash Flow and balances portfolio between Permian and DJ Basins DENVER–(BUSINESS WIRE)– Civitas Resources (NYSE: CIVI) (“Civitas”) today signed an agreement with Vencer Energy (“Vencer”), a Vitol investment, to acquire oil producing assets in the Midland Basin of west Texas for a total consideration of approximately $2.1 billion, subject to customary terms, conditions, and
World Oil (WO) – Consistent with its Alaska strategy to focus on the Pikka development, Santos will farm-down half of its working interest in 148 exploration leases (more than 270 thousand acres of State of Alaska lands) on the Alaska North Slope, in an agreement with APA Alaska LLC1 and Lagniappe Alaska LLC2. The leases are located on the
Oil and Gas 360 HOUSTON, Sept. 13, 2023 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution”) and PEDEVCO Corp. (NYSE American: PED) (“PEDEVCO”) today announced entry into a definitive Participation Agreement to jointly develop PEDEVCO’s Chaveroo oilfield in the Northwest Shelf (“NWS”) of southeastern New Mexico, a conventional oil-bearing San Andres field in the Permian Basin located in
World Oil (Bloomberg) – Operators in the Permian basin pulled back on rig use at the fastest pace in three years as the world’s most prolific shale basin shrinks amid consolidation and the slow return in oil demand. Rigs targeting both crude and natural gas in the West Texas and southeast New Mexico region declined by 7 to 320 this
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