Chevron sells assets worth $6.5 billion to Canadian Natural Resources
Chevron announced on Monday that it would sell its assets in the Athabasca Oilsands and Duvernay Shale fields to Canadian Natural Resources at a price of $6.5 billion. This is part of its divestment plan. The cash-only transaction is part of the company's strategy to sell assets worth $10 to $15 billion by 2028. Chevron will be able to produce 84,000 barrels equivalent per day (boepd), based on the assets located in Alberta Canada.
Infinity Natural, a company that produces oil and natgas, files for an IPO in the US
Infinity Natural Resources, an oil and natural gas developer, is planning to launch its initial public offering (IPO) in the United States. This comes after the company nearly doubled its revenue during the first half year. Infinity, backed by investment firms Pearl Energy Investments (PEI) and NGP Capital (NGP Capital), will seek to list at the NYSE.
Southeast Asia is expected to increase coal trade as China nears its peak
Industry officials predict that Southeast Asian countries like Vietnam and Philippines will boost coal consumption and trade in this decade even as China, the top consumer, is approaching its peak demand. In a speech at the Coaltrans Asia Conference, Priyadi, the Chairman of the Indonesian Coal Miners Association, said that the Association expects China and India's coal imports to reach a peak in 2025.
Eni restructures its chemicals business to unlock value and improve profitability
Eni, the Italian energy company, announced on Thursday that it had approved a new structure for its business aimed at developing main units, speeding up a revamp of its chemical business, and integrating both its upstream activities and its trading activities. The new structure aims to unlock some of the "satellite companies" of the group, including Plenitude, Enilive and others.
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.
Investors react negatively to US inflation data, causing TSX to fall
Canada's main index of stocks fell on Wednesday, part of a wider decline. Mixed U.S. data on inflation reduced expectations for a 50-basis point rate cut next week in the United States. At 10:19 am. The S&P/TSX Composite Index of the Toronto Stock Exchange was down 126.22 or 0.55% at 22,876.87 by 14:19 GMT. At least 10 sectors experienced declines.
Southeast Asia is expected to increase coal trade as China nears its peak
Industry officials predict that Southeast Asian countries like Vietnam and Philippines will boost coal consumption and trade in this decade even as China, the top coal consumer, is approaching its peak demand. In a speech at the Coaltrans Asia Conference, Priyadi, the Chairman of the Indonesian Coal Miners Association, said that the Association expects China and India's coal imports to reach a peak in 2025.
Developments in Clean Hydrogen Production
The recent release of proposed regulations to the Clean Hydrogen Production Credit by the U.S. Department of the Treasury and IRS has stirred significant interest in the energy sector. These changes mark a pivotal moment in advancing towards a cleaner, more sustainable energy economy. Ongoing review and analysis will be crucial as stakeholders adapt to these regulations…
Malaysia won't stop South China Sea exploration, despite China protests says PM
Anwar Ibrahim, Malaysia's Prime Minister, said that the country would not stop oil and gas exploration on the South China Sea in spite of Beijing's claims that Malaysia had infringed on its territory. Anwar, who is currently in Russia on an official visit, stated that Malaysia's exploration was within its own territory, and it wasn't meant to be provocative towards China.
Minister: Russia welcomes foreign investments in geological exploration
Alexander Kozlov, Minister for Natural Resources and Ecology in Russia, said that the country would be happy to welcome foreign investors who wish to participate in its geological surveys. After the outbreak of the conflict in Ukraine, in February 2022, Russia experienced a mass exodus. Moscow has tried to strengthen cooperation with nations who did…
After historic oil vote, little progress in Ecuador's Amazon
In the Amazon, on August 20, 2023, almost 60% of the population voted to keep crude oil in the ground. Environmentalists and Indigenous Communities hailed the referendum as a historic victory for protecting one of the most biodiverse areas of the planet and a rare instance of the shift away from fossil fuel based economies. The Amazon rainforest is vital in slowing climate change because it absorbs huge amounts of carbon dioxide.
US oil and gas M&A activity increased 57% in the last year due to industry consolidation
The report said that the dealmaking activity in oil and gas increased by 57% in 2017 as companies boosted their development spending due to higher cash flow from previous years' profits. According to a report by Ernst & Young, the top energy companies spent $49,2 billion on mergers & acquisitions in 2023. This is up from $31,4 billion in 2022. The…
Sources say that the owner of energy producer Maverick is interested in selling it for $3 billion.
According to sources familiar with the situation, the private equity owner of Maverick Natural Resources has been exploring the possibility of selling the U.S. oil-and-gas producer for a price that would be around $3 billion including debt. Sources said that the Houston-based exploration company, owned by the energy-focused investment group EIG, was working with Jefferies investment bankers on the sale process.
Exxon reports 59 job losses at Texas agency following the acquisition of Pioneer
Exxon Mobil laid off 59 employees following the acquisition of Pioneer Natural Resources for $60 billion, according to an application filed with the Texas Workforce Commission. Exxon has confirmed that more than 1,500 Pioneer workers will be offered new jobs as a result of the merger. Around 2,200 people worked for Pioneer. According to the filing…
Oil and Gas Rig Numbers Drop in the US
U.S. energy firms today cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes stated in its closely followed report on Friday.The oil and gas rig count, an early indicator of future output, fell by three to 586 in the week to Aug. 2. the overall rig count down 73, or 11%, below this time last year.
Occidental Petroleum Jumps into Acquisition Mode
Occidental Petroleum said on Monday it would buy energy producer CrownRock in a cash-and-stock deal valued at $12 billion including debt, expanding in the lucrative Permian basin.Investors are pressing oil and gas producers to expand their inventories following Exxon Mobil's $60 billion deal for Pioneer Natural Resources and Chevron's $53 billion…
Exxon Secures Lead in top US Oilfield with $60B Buy of Shale Rival Pioneer
Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.The deal, valued at $253 a share, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the U.S.
Exxon in Advanced Talks for $60B Acquisition of Pioneer - Sources
Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday. The acquisition would be Exxon's biggest since its $81 billion deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the U.S.
US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time
Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.The outlook for stronger energy prices has not changed the focus on investor returns from the U.S. industry, according to the report's authors, Ernst & Young LLP. U.S.
SLB Launches Cement-free System to Cut CO2 Footprint of Well Construction
Oilfield services giant SLB, until recently known as Schlumberger, on Monday introduced the EcoShield geopolymer cement-free system that it says minimizes the CO2 footprint of a well’s construction." This innovative technology eliminates up to 85 percent of embodied CO2 emissions compared with conventional well cementing systems, which include portland cement.
