Exxon Mobil to Cut Almost 400 Jobs in Wake of Pioneer Acquisition
A regulatory filing shows more than 90% of layoffs are at Pioneer’s former headquarters in Irving, Texas with the rest being workers in Midland.
US Energy Sector Deals Extend Strong Run as Producers Build Reserves
Nov 14 (Reuters) – U.S. energy sector mergers are set to close 2024 on a high note after a blockbuster 2023 when the total deal value hit a record $250 billion, as companies double down on efforts to augment their oil and gas reserves. Deals worth $12 billion were disclosed in the quarter ended Sept. …
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IEA’s Monthly Oil Statistics: August 2024
The latest IEA’s Monthly Oil Statistics report including August 2024 data shows that for Total OECD: Total OECD production of crude oil, NGL and refinery feedstocks increased by 2.7% in August 2024 compared to August 2023. Refinery gross output of total products decreased by 0.3% on a year-on-year basis. Net deliveries of total products stayed flat in August 2024 compared to August 2023. Oil stock levels …
US Natgas Flows to LNG Export Plants on Track to Hit 9-Month High
The amount of gas flowing to the seven big operating U.S. liquefied natural gas export plants was on track to rise to a nine-month high on Thursday as feedgas to a few plants hit multi-week highs, according to data from financial firm LSEG. The energy market cares about feedgas flows to U.S. LNG plants because …
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Ovintiv to Buy Oil-Rich Assets in Canada’s Montney Shale for USD$2.38 Billion
Shale producer Ovintiv announced a $2.38-billion all-cash acquisition of oil assets from Paramount Resources on Thursday, expanding its presence in Canada’s Montney shale play. The shale formation, a 50,000-square-mile (32-million acre) area spanning northern Alberta and British Columbia, is considered one of Canada’s most attractive oil and gas-producing regions due to its strong economics. “The assets come with …
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Ovintiv Strengthens Portfolio with Core Oil-Rich Montney Asset Acquisition
Transaction to Significantly Expand Existing Montney Premium Oil Inventory, Company to Exit Uinta Basin with Asset Sale Highlights: Agreement reached to acquire approximately 109,000 net acres and approximately 70 thousand barrels of oil equivalent per day (“MBOE/d”) in the core of the Alberta Montney for $2.377 billion (C$3.325 billion) Acquisition will add approximately 900 total net well …
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Range Resources Counters M&A Peer Pressure with Drilling Efficiencies
Range Resources doesn’t feel the need to give into M&A peer pressure as it focuses on the efficient development of its current asset base, President and CEO Dennis Degner tells Hart Energy.
Ovintiv Swaps the Uinta for Montney in Multiple M&A Moves
Ovintiv is expanding greatly in the Canadian Montney Shale play through a US$2.38 billion deal with Paramount Resources and exiting the newly booming Uinta Basin in Utah with a $2 billion sale to FourPoint Resources.
AI Power Demand Complicates Low-Carbon Goals, Dominion CEO Says
Data centers make it harder to retire fossil-fuel plants Demand also spiking from new factories and electric vehicles The boom in power demand from data centers and artificial intelligence creates a conflict between maintaining a reliable grid and cutting carbon emissions, according to the head of Dominion Energy Inc. “There’s a little bit of tension there …
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Republican Sweep Opens Way to Boost Oil and Gas Development
‘Slight’ limits likely on Biden clean energy tax incentives GOP also likely to roll back Biden environmental regulations Republicans are poised to pave the way to expand fossil fuel development, roll back Biden-era environmental regulations and curtail President Joe Biden’s signature climate law after securing unified control of Congress and the White House. Republicans completed the feat …
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