Tuesday, March 11

Tag: Integrated Oil/Gas

Chevron Warns of Billions in Charges From California Challenges, Gulf of Mexico Assets
2Jan By adminNo Comments
World

Chevron Warns of Billions in Charges From California Challenges, Gulf of Mexico Assets

Chevron said it will book $3.5 billion to $4 billion in charges for the fourth quarter, citing challenges tied to regulations in California and previously sold oil and gas production assets in the Gulf of Mexico.Chevron said it will impair a portion of its U.S. upstream assets, mostly in California, due to regulatory challenges in the state that have led to “lower anticipated future investment levels in its business plans.” Chevron said it will continue to operate the affected assets for many years.Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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FTC Probes Chevron’s $53 Billion Deal for Hess
8Dec By adminNo Comments
World

FTC Probes Chevron’s $53 Billion Deal for Hess

The Federal Trade Commission is investigating Chevron’s $53 billion proposed deal to buy Hess, the second-biggest oil megamerger this year.  Chevron and Hess said Friday the antitrust enforcer is seeking additional information about the merger, a move signaling the commission is reviewing whether the deal could be anticompetitive under U.S. law. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Woodside Energy, Santos in Merger Talks to Create Global Energy Giant
7Dec By adminNo Comments
World

Woodside Energy, Santos in Merger Talks to Create Global Energy Giant

SYDNEY—Woodside Energy and Santos said they are discussing a merger that could result in a new global giant worth around $52 billion, illustrating how rising demand for natural gas in the wake of the Ukraine war is reshaping the energy sector.Woodside and Santos said talks are at an early stage and there is no agreement over a deal that would rank as one of the largest in the energy sector this year. Santos said it was weighing the merger alongside other options to boost value for shareholders after its stock declined around 5% over the past 12 months.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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FTC Investigates Exxon’s $60 Billion Deal for Pioneer
5Dec By adminNo Comments
World

FTC Investigates Exxon’s $60 Billion Deal for Pioneer

Updated Dec. 5, 2023 12:49 pm ETU.S. antitrust enforcers are investigating Exxon Mobil’s plan to acquire Pioneer Natural Resources, which would be the largest oil-and-gas deal in two decades, according to securities filings. The Federal Trade Commission has sought additional information from the companies about the deal, a step it takes when reviewing whether a merger could be anticompetitive under U.S. law, Pioneer disclosed in a filing Tuesday. Merger investigations on average take about 10 months to complete, according to data compiled by law firm Dechert.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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American Oil—Good to the Last Drop?
27Nov By adminNo Comments
Money

American Oil—Good to the Last Drop?

How low can they go?U.S. shale developers have been on a relentless chase to drill for oil as cheaply as possible. With plenty of cash in their pockets and a hunch that they might soon exhaust their best inventory in the prolific Permian Basin, some companies have been shifting their focus to making sure they get every last drop of crude they can get out of what they have. That could mean higher costs today.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Brazil Charts $100 Billion Path to Be Global Oil Power
24Nov By adminNo Comments
World

Brazil Charts $100 Billion Path to Be Global Oil Power

Updated Nov. 24, 2023 5:48 pm ETSÃO PAULO—Brazil’s state-controlled oil company, Petrobras, announced it would invest $102 billion before the end of 2028 as Latin America’s biggest nation positions itself to become one of the world’s major oil powers.“Someone has to produce oil, right?” the company’s chief executive, Jean Paul Prates, said in an interview Friday.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Chuck Schumer Doesn’t Know How Gas Prices Work
24Nov By adminNo Comments
World

Chuck Schumer Doesn’t Know How Gas Prices Work

Senate Majority Leader Chuck Schumer and 22 Democratic senators recently wrote to Federal Trade Commission Chairman Lina Khan calling for an investigation into the proposed mergers between Exxon Mobil and Pioneer Natural Resources and Chevron and Hess. The letter argues that these mergers will enable “anticompetitive coordination in the industry” and raise U.S. gasoline prices. The letter, however, is based on dubious economic and legal logic and spurious historical analysis. It’s a mischaracterization of how the oil-and-gas industry operates. A fair assessment of the proposed mergers and the fossil-fuel market doesn’t reveal a firm legal and economic basis to initiate antitrust enforcement proceedings against these deals. If the senators really want a competitive energy market that suppl...
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