Diamondback Energy increases its third-quarter production estimate
Diamondback Energy, a U.S. shale oil producer, raised its production forecast for the third quarter on Tuesday in order to reflect its $26 Billion acquisition of Endeavor Energy. Last month, Texas-based Endeavor Energy completed its acquisition, making the company the third largest oil and gas producer within the Permian basin, the U.S.'s top shale-region. It is now just behind Exxon Mobil, and Chevron. The company expects to produce between 565,000 to 569,000 barrels equivalent per day (boepd) in the third quarter, up from its earlier forecast of 459,000 to 466,000.
EQT Corp, a Natgas producer, will lay off 15% of its workforce
EQT Corp announced on Tuesday that it will lay off approximately 15% of its employees as part of its "integration process" after its $14 billion purchase of Equitrans Midstream. The natural gas producer has now cut the most jobs since 2019. That's when it cut about 23% of the workforce, just a few months after Toby Rice became the top executive. In March, EQT bought Equitrans, its former pipeline division, in a bid for a boost in natural gas margins, as producers struggled to cope with a drop in natural gas prices that had plummeted to multi-year-lows earlier this summer. EQT was among the many U.S.
Document shows that Russian oil and gas revenues will decline in 2025-2027 due to a reduction in tax burden for Gazprom.
A draft budget released on Monday shows that Russia's oil and gas revenues are expected to decrease in 2025-2027, due mainly to the easing of the tax burden for the country's biggest gas producer Gazprom. The budget document states that the total budget revenue expected from oil and natural gas sales will decline from this year's 11.3 trillion Russian roubles to 10.9 trillion (117.53 billion) roubles in 2025, or 5.1% of GDP. The revenue is expected to drop further, to 10,56 trillion roubles by 2026, and to 9,77 trillion roubles by 2027. The Russian parliament will debate the draft budget.
Petrobras, Brazil's natural gas company, will pump gas from a reopened offshore oil well
Petrobras, the Brazilian oil giant, is planning to reopen an oil well that was closed in its offshore Roncador oil field to obtain natural gas quickly. This decision was made by the company's CEO on Thursday. Magda Chambriard, the Chief Executive of Magda Energy, told reporters that the well located northeast of Rio de Janeiro could begin producing as soon as next year. It would supply approximately 1.7 million cubic metres per day when it is brought on line, she said. This is the first major move made by the state-run gas producer to supply Latin America's largest economy with additional natural gas.
Natural gas producers ask Harris for answers on the battleground state
Drillers from Pennsylvania, an energy-rich state, called on Democratic presidential nominee Kamala Harris this week to explain her stance on natural gas. The energy industry touts it as a clean fuel but climate activists claim that the fuel is a threat to global warming. In January, President Joe Biden froze new LNG export permits to examine their environmental impact. This was a move made in the election year in order to gain support from the green voting blocs of his party. Harris is now facing Donald Trump, a Republican who has stated that he will immediately lift the freeze on permits if elected.
Natgas producer BKV is valued at $1.56 billion in its NYSE debut
BKV shares rose by 3.1% on their New York Stock Exchange debut on Thursday. This gives the U.S. Natural Gas Producer a market cap of $1.56 Billion. Companies looking to list shares have a new window of opportunity as the long-awaited rate-cutting cycle of the U.S. Federal Reserve begins. Several companies are also speeding up their plans in order to avoid the uncertainty that will result from the November presidential elections. BKV shares opened at $18.55 on their debut, as opposed to the $18 price for the initial public offer.
Sources say that Citizen Energy, a producer of shale oil and gas, will buy Validus in a deal worth more than $2 billion.
According to sources familiar with the situation, Validus Energy, a privately held oil and natural gas producer, has agreed to purchase Citizen Energy, a rival company, for over $2 billion including debt. The U.S. Shale industry has seen a record wave of consolidation. After the COVID, oil prices surged and buyers were eager to secure the best drilling locations. Sources who requested anonymity because the talks are confidential said that Validus won the auction for Tulsa's Citizen Energy. Sources said that Citizen…
Woodside Energy CEO: We are in discussions with potential partners about Driftwood LNG
Woodside Energy CEO Meg O'Neill announced on Monday that the company is in talks with U.S. onshore gas producers, pipelines and companies who share its views and outlook on liquefied gas for its Driftwood LNG Project. O'Neill, speaking at an investor's conference in New York said that U.S. producers of gas were frustrated by the lower Henry Hub price for gas which is then converted into LNG and sold to higher global prices. O'Neill stated that Woodside would be able to access a gas supply by partnering with gas producers. This would allow them to increase their revenue.
Money losing natgas producer BKV revives US IPO
BKV Corp, a natural gas producer in the red, said it plans to raise $315 million via an initial public offer of shares. This comes nearly two years after BKV first filed to sell its shares publicly. BKV said it will offer between $19 to $21 per share. The company aims to achieve a valuation up to $1.77bn in its IPO. Companies waiting to list shares have a new window of opportunity due to the recent increase in natural gas prices in the United States from their more than 30-year low inflation adjusted. This company was one of the U.S. producers who were hard hit by low natural gas prices during the past two years.
Viper Energy will buy certain Permian minerals assets from Tumbleweed Royalty at $461 million
Viper Energy is a subsidiary owned by oil and gas producer Diamondback Energy. It announced on Wednesday that it had entered into an agreement with Tumbleweed Royalty to purchase mineral and royalty interests from the company for $461,000,000 in cash. According to the agreement, an additional payment of $41 million could be made in the first quarter 2026 based on average U.S. West Texas Intermediate Crude prices in 2025. Viper issued an 8.5-million share offering to finance the acquisition. Shares fell over 4% following the close of the market.
Energean gas's first-half profit rises on increased output
Energean, a gas producer, reported higher profits in the first half of this year on Wednesday. This was due to a strong summer demand from Israel, which accounts for more than 70%. The company is expanding in Europe, the Middle East, and Africa. It is particularly interested in areas where gas is supported by long-term policies and coal is being replaced. Carlyle, a private equity fund, had agreed to buy the assets of the company in Egypt and Italy for $945 million. Energean is expecting to pay up to $200,000,000 in special dividends following the conclusion of this deal. This should be completed by the end the year.
Oil producer APA Corp will sell Permian assets at $950 mln
APA Corp, a U.S. oil-and-gas producer, announced on Tuesday that it will sell its non-core Permian drilling properties for $950 million to an unnamed buyer as part of its efforts to reduce debt. Energy companies are rushing to increase their oil and natural gas drilling inventory, particularly in the Permian Basin, which is the largest shale formation in the United States. In an attempt to reduce debt and streamline operations, companies have also been forced to sell assets. Occidental Petroleum announced earlier this year that it would sell certain assets to Permian Resources.
Prices of EUROPE GAS rise on demand and tight supply
The Dutch and British wholesale prices of gas extended their previous session's gains Tuesday. This was due to the rising demand for gas from cooler weather, the ongoing Norwegian supply restrictions, and fears that a hurricane could impact the U.S. liquefied gas supply. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub rose by 0.60 euro to 37.75 euros per Megawatt Hour, or 12.19/mmBtu by 0802 GMT. On the British market, the day-ahead contracts gained 1,50 pence each to 90.50 cents per therm.
Pampa Energia, Argentina raises over $400 mln for Vaca Muerta campaign
Pampa Energia, a natural gas producer in Argentina, announced a $410 million debt issuance on Friday. This demonstrates investor confidence as the company expands its operations in the Vaca Muerta shale in the country. The massive shale deposits, where state-owned YPF, Vista Energy and other competitors are investing, is a bright point in the ongoing economic crisis of South America, marked by triple-digit rates of inflation. Pampa said that its new debt will be due in 2031, and it was issued with a 7.95% coupon.
Woodside raises $ 2 billion in bonds amid growing investor concerns over capital expenditure plans
Woodside Energy, an Australian oil and gas company, raised $2 billion on the U.S. Bond Market, the company announced on Friday. This news caused its shares to fall on concerns about the company's capital spending plans. The bond issue consisted of two tranches: $1.25 billion in 10-year bonds at a coupon rate of 5.1%, and $750 millions through 30-year bonds at a 5.7% coupon. Woodside, Australia's largest gas producer, stated that the funds would be used for general corporate purposes without disclosing details.
How Trump will try to undo Biden's environmental legacy
Donald Trump, the presidential hopeful, has outlined an energy policy that focuses on maximizing U.S. power and fuel output. This includes dismantling Biden's main efforts to combat climate change. The Republican campaign for the former president has stated that President Joe Biden's efforts in supporting the adoption of electric cars while reducing the use of gas and coal poses a threat to the country's power grid during a time when energy demand is soaring. They have promised changes to ease permits for new power stations and remove barriers to fossil fuel production.
After a 1-month low, the price of gas in Europe has seen a small increase.
The Dutch and British wholesale prices of gas traded slightly higher on Thursday morning, after having hit a one-month low the day before. This was due to full storages as well as a rising supply of liquefied gas (LNG), which offset fewer pipeline gas deliveries from Norway or Algeria. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub rose by 0.60 euros to 36.25 Euro per megawatt hour or $11.78/mmBtu at 0838 GMT. The contract dropped to 35.65 Euros/MWh on Wednesday, its lowest level since August 5. The British day-ahead contract rose 1.40 pence, to 86.50 cents per therm.
Perenco will acquire mature gas fields from BP
BP Trinidad and Tobago has signed an agreement with Perenco T&T for the divestment of its Immortelle offshore gas field and production facilities. The oil major said this in a Monday statement. It said that the agreement includes undeveloped resources in the Parang field. All fields except Parang have been in operation since 1993, and produce about 30 thousand barrels equivalents of oil per day. According to the agreement, bpTT is required to buy gas from these fields in order for it meet its contractual obligations. This sale is part of a broader BP strategy to streamline operations and concentrate on assets with higher value.
Harbour Energy, UK to complete Wintershall Dea Asset Deal in September
Harbour Energy, of Britain, said Tuesday that it expected to complete the purchase of Wintershall Dea assets by early September. This is a change from its previous estimate of early in the 4th quarter. Harbour's shares rose 7.2% to 301.10p at the opening of morning trading. The biggest British North Sea oil-and-gas producer has said that it has made significant progress in satisfying the completion conditions, including regulatory approvals from Mexico. Harbour produces and develops oil and gas on the continental shelfs of the United Kingdom, Norway, Indonesia, Vietnam, and Mexico.
Woodside Energy's earnings to drop as investors focus on strategic deals
Woodside Energy is Australia's largest independent gas producer and on course to report a decline in its interim earnings on February 2, with investors focused on the company's deal-making strategies after a failed $52 billion merger between Santos. According to Jarden's Visible Alpha consensus, Woodside, based in Perth, is expected to report a underlying net loss after tax of $1.11billion for the six-month period ended June. This compares to $1.90billion reported a year earlier. Woodside's portfolio has a high concentration in the Scarborough field, which is yet to be started.
