Sunday, December 22

Tag: Oil extraction

Energy & Utilities Roundup: Market Talk
18Dec By adminNo Comments
World

Energy & Utilities Roundup: Market Talk

The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.0702 GMT – Centrica has had an outstanding 2023, outperforming the utility sector by around 50%, but 2024 looks to be a more normalized earnings year, Jefferies analysts write in a research note. “We believe that Centrica’s earnings momentum has started to slow down,” they say. To unlock further value, the U.K. energy company needs more visibility on how it can put its standout balance sheet to work, they say. For them to get positive again on Centrica, it needs to deliver on business KPIs, such as growth in energy services, margins on residential energy supply, and further visibility on capital expenditure returns, the analysts say. Jefferies lowers it rat...
Read More
Occidental to Acquire CrownRock in $12 Billion Deal
11Dec By adminNo Comments
World

Occidental to Acquire CrownRock in $12 Billion Deal

Updated Dec. 11, 2023 7:49 am ETOccidental Petroleum has signed a $12 billion cash-and-stock deal to acquire the oil and gas producer CrownRock.Houston-based Occidental said Monday that it will take on $9.1 billion in new debt and issue $1.7 billion in new shares to finance the transaction, which sees it gaining CrownRock’s 94,000 net acres in the northern part of the Midland Basin in Texas. The acreage is part of the Permian basin, the largest oil producing region in the U.S.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
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
Read More
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
Read More
Occidental Petroleum in Talks to Buy Permian Producer CrownRock
30Nov By adminNo Comments
Money

Occidental Petroleum in Talks to Buy Permian Producer CrownRock

Occidental Petroleum is in talks to buy CrownRock, a major energy producer in the west Texas area of the Permian basin, continuing a frenzy of deal making in the oil patch.A deal for the closely held company, which could be valued well above $10 billion including debt, could come together soon assuming the talks don’t fall apart or another suitor doesn’t prevail, according to people familiar with the matter.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
Occidental Petroleum in Talks to Buy Permian Producer CrownRock
30Nov By adminNo Comments
World

Occidental Petroleum in Talks to Buy Permian Producer CrownRock

Occidental Petroleum is in talks to buy CrownRock, a major energy producer in the west Texas area of the Permian basin, continuing a frenzy of deal making in the oil patch.A deal for the closely held company, which could be valued well above $10 billion including debt, could come together soon assuming the talks don’t fall apart or another suitor doesn’t prevail, according to people familiar with the matter.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
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
Read More
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...
Read More
Santos’s Barossa Gas Pipeline Delayed by Australian Court
2Nov By adminNo Comments
World

Santos’s Barossa Gas Pipeline Delayed by Australian Court

Updated Nov. 2, 2023 12:36 am ETSYDNEY—Santos’s attempt to lay a pipeline through a gas field off Australia’s north coast has been held up after a court granted an interim injunction delaying the start of the project.The Australian energy explorer on Thursday said that Australia’s Federal Court had granted an injunction delaying the commencement of the laying of the Barossa gas-export pipeline until Nov. 13, following allegations that the project could affect submerged sites of cultural importance to the indigenous inhabitants of the nearby Tiwi Islands.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More