Bloomberg News reports that Civitas Resources is considering selling DJ Basin assets.
Bloomberg News reported Wednesday that oil and gas producer Civitas is considering selling part or all its assets located in the Denver-Julesburg Basin in Colorado. These assets could be worth more than $4 billion. The report cited people who were familiar with the situation as saying that the company was working with a financial advisor to gauge buyer interest. If it received a sufficiently appealing offer, they would be willing to divest fully from the basin. Civitas didn't immediately respond to our request for comment.
Sources: Eni is in discussions with funds about another Plenitude stake sales
Two sources familiar with the matter confirmed on Friday that the Italian energy group Eni was in discussions with several funds about the possible sale of a minor stake in its renewables and retail businesses Plenitude. This possible sale would be a further step in Eni’s strategy to tap specialized investors to fund the energy transition of the group. Eni sold 7.6% of Plenitude in March to Energy Infrastructure Partners. Sources said that talks between Eni…
US CFTC fines energy traders
The U.S. Commodity Futures Trading Commission ordered TOTSA TotalEnergies Trading SA on August 27 to pay a fine of $48 million for alleged gasoline price manipulation. Ian McGinley, CFTC Director of Enforcement, said that the CFTC had "guarded the integrity of the market in numerous cases during the past 20 years" by detecting these benchmark-related scheme and prosecuting them. The U.S. regulator has fined several companies for what they call oil and gas market malpractice. Here are some examples.
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. oil patch.Pioneer's shares rose nearly 12% to $240.47 in premarket trading on Friday while Exxon slipped 1.7%.Pioneer…
Oil Slips, Set for 20% Annual Drop in Tumultuous 2020
Global crude prices slipped on Thursday and lost more than a fifth of their value in volatile trade in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and slammed fuel demand.Still, Brent and U.S. crude benchmarks have more than doubled from April's decade lows. The start of coronavirus vaccinations bolstered demand in the fourth quarter, and prices recovered to the highest in about 10 months.On the last trading day of 2020, Brent fell 49 cents, or 1%, to $51.14 a barrel as of 10:49 a.m. EST (1549 GMT). U.S.
U.S. NatGas Prices Near 25-year Low as Glut Weighs
In the shale field that helped launch the U.S. natural gas boom a decade ago, Chesapeake Energy Corp this month set aside its last drilling rig. The problem for the once No. 2 U.S. gas producer was not a lack of gas, but too much of it.A long, steady increase in U.S. gas production – much of it a byproduct of the shale oil boom – has prices for the fuel heading toward a 25-year low, with output outpacing U.S. consumption and expected to hit 91.6 billion cubic feet…
WFW Advises on Race Bank Wind Farm Deal
Watson Farley & Williams (WFW), an international law firm based in London, said that it has advised Race Bank Wind Farm Limited on its USD 608 million sale of transmission system assets relating to the 573 MW Race Bank offshore wind farm to Diamond Transmission Partners.Race Bank is a joint venture owned by Ørsted (50%), Macquarie European Infrastructure Fund 5 (25%), a fund established by Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Development Bank of Japan (12.5%)…
Woodside Looks to Sell Gas Assets
Australian oil and gas producer Woodside is seeking to reduce its stakes in the Scarborough gas field at home and in Canada's Kitimat liquefied natural gas (LNG) project to cut its capital exposure, its chief executive told Reuters on Tuesday.The comments by CEO Peter Coleman came after speculation Saudi Aramco could be interested in Scarborough, a gas resource that, once developed, would feed into and expand Woodside's Pluto LNG production…
Oil slumps 7% as More Tariffs Loom
Oil prices plummeted more than 7% on Thursday, with the U.S. benchmark posting its worst day in more than four years, after President Donald Trump said he would impose additional tariffs Chinese imports starting Sept. 1.The drop in Brent crude was the steepest in more than three years, undoing a fragile oil rally built on steady drawdowns in U.S. inventories even as global demand looked shaky due to the U.S.-China trade dispute.Trump's announcement…
Leadership Changes at Equinor
Equinor said it will make changes to the leadership of two corporate staff areas.Siv Helen Rygh Torstensen, head of the CEO office, will take over as General Counsel, succeeding Hans Henrik Klouman, who will take on a role as Senior Advisor to the EVP CFO from August 1.Ana Fonseca Nordang, VP PL Executive and leadership development, will take over the position as SVP People & Leadership, succeeding Magne Hovden, who will join MMP MT and…
Oil Prices Sink to Lowest in a Year as Stock Markets Fall
Oil prices fell about 3 percent on Thursday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a U.S. interest rate rise knocked stock markets.Brent crude futures fell $1.53 to $55.71 a barrel, a 2.7 percent loss, by 10:55 a.m. EST (1555 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.55 to $46.62 a barrel, a 3.2 percent loss.Brent earlier hit a session low of $54.64 a barrel…
U.S. Crude Stocks Fall in Latest Week -EIA
U.S. crude stocks fell last week, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration (EIA) said on Wednesday.Crude inventories fell by 497,000 barrels in the week to Dec. 14, a much smaller draw than the decrease of 2.4 million barrels that analysts had expected. The decline was the third consecutive decrease.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.09 million barrels, EIA said.Crude stockpiles in the Midwest rose to the highest since early January.U.S.
Oil Rebounds After Prior Session's Slide
Oil prices rose almost $2 a barrel on Wednesday, bouncing from the lowest levels in months, after U.S. government data showed strong demand for refined fuel, but concerns remained over rising global crude supply.Brent crude futures gained $1.55 to $64.08 a barrel, a 2.5 percent gain, by 1:12 p.m. EST (1812 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $1.89 to $55.32 a barrel, a 3.5 percent gain.U.S. crude stocks rose 4.9 million barrels last week, the Energy Information Administration said, a larger-than-expected increase.
U.S. Crude Stockpiles Rise More than Forecast - EIA
U.S. crude oil stockpiles rose more than expected last week, building for the ninth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday.Crude inventories rose 4.9 million barrels in the week to Nov. 16, compared with analysts' expectations for an increase of 2.9 million barrels. Total inventories were 446.91 million barrels, the highest level since Dec. 2017.The last time crude stocks grew for nine straight weeks was between Jan.
Shell Sells its Danish Upstream Assets for $1.9 Bln
Royal Dutch Shell has agreed to sell its Danish upstream business to Norwegian Energy (Noreco) in a deal valuing the assets at $1.9 billion, as part of its wider divestment strategy, the company said on Wednesday.The sale brings Shell's three-year $30 billion divestment plan close to its conclusion, having begun the process in 2015 after the acquisition of BG Group. Deals so far have included large portfolios in the British North Sea, Gabon…
Transocean Norge to Drill for Equinor
Equinor has awarded Transocean a contract for drilling six wells on the Norwegian continental shelf (NCS) by use of the Transocean Norge mobile rig. Drilling start-up is scheduled for the summer of 2019.The rig has also been awarded a contract option for drilling four additional wells and is intended for subsequent continuing options. Transocean has previously signed a framework agreement with Equinor. Transocean Spitsbergen was the company’s first rig to be included as per the framework agreement terms…
U.S. Crude Stockpiles Fall Less Than Expected - EIA
U.S. crude stocks fell last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday.Crude inventories fell by 1.4 million barrels in the last week, compared with analysts' expectations for a decrease of 3.3 million barrels."The report was negative for prices with the smaller-than-expected drawdown in crude oil inventories and the decent sized rise in refined product inventories," said John Kilduff, a partner at Again Capital Management in New York.
Oil Prices Fall On U.S. Stock Rise, Higher Supply
Oil benchmark Brent crude hit a three-month low on Wednesday after government data showed a rise in U.S. crude inventories and oil production, which highlighted increasing global supply and concerns over weak demand.Brent crude futures fell 33 cents to $71.83 a barrel by 10:55 a.m. EDT (1455 GMT). The contract hit a session low of $71.19 a barrel, its lowest since April 17.U.S. West Texas Intermediate (WTI) crude futures fell 45 cents to $67.63 a barrel.U.S.
Race Bank Offshore Wind Farm Officially Opens
A new offshore wind farm officially opened this week that is capable of powering over half a million U.K. homes.The Race Bank wind farm located off the North Norfolk coast is capable of generating 573 megawatts (MW) of green electricity from its 91 Siemens Gamesa 6 MW wind turbines.
Proserv Completes Financial Restructuring
Energy services company Proserv announced the completion of its financial restructuring.Through a debt-for-equity exchange and injection of a $50 million investment, the company’s two largest lenders - KKR and funds managed by Oaktree Capital Management, L.P. - will become owners of the company. Proserv said it emerges substantially debt-free and with a well-capitalized balance sheet, enabling it to provide strong, life-of-field support to its global customers.
