Report: Oilfield services consolidation will increase under Trump
According to Deloitte’s 2025 Oil and Gas Industry Outlook report, the oilfield services sector will consolidate in 2025. Donald Trump is expected to loosen regulations for the U.S. industry. This increase in services deals follows a wave mega-mergers between oil producers such as Exxon Mobil, Pioneer Natural Resources, and ConocoPhillips, Marathon Oil. Deloitte is the largest consultancy in the world.
Fourth oil production vessel to leave Guyana in Q1 of 2025
The CEO of U.S. oil producer Hess John Hess stated on Wednesday that Guyana's fourth floating production, storage and offloading facility (FPSO) is expected to depart the South American nation in the first quarter of next year. Yellowtail, the fourth project of the firm that is responsible for the oil and gas production throughout South America, will add an additional 250,000 barrels a day (bpd).
Hess CEO will consider appealing FTC board seat ban in the future
Hess' CEO said that he will consider appealing to the Federal Trade Commission the ban on his taking a Chevron Board seat once the Trump Administration takes office. In September, the FTC barred John Hess's participation on Chevron’s board of directors as part a consent order allowing the proposed acquisition. Exxon Mobil, CNOOC and Hess's partners in the Guyana joint venture have challenged Hess over a contract arbitrage.
Hess CEO will consider appealing FTC board seat ban in the future
Hess' CEO said on Wednesday that he will consider appealing to the Federal Trade Commission the ban on his taking a Chevron Board seat once the Trump Administration takes office. As part of an agreement that allowed for the acquisition, the FTC banned John Hess's appointment to Chevron’s board. Exxon Mobil, CNOOC and Hess's joint venture partners…
Wall Street welcomes Trump's comeback, but with trepidation
Wall Street executives praised the prospect of business friendly regulations and a flurry of deals, as they analysed the implications of Donald Trump’s reelection. However, some were uneasy over his unpredictable nature. Executives from banks and private equity firms said that Trump's return will likely ease some of the regulatory pressures that existed under Biden's administration.
ConocoPhillips beats Q3 profits on higher production and share buyback
ConocoPhillips surpassed Wall Street's estimates for the third quarter profit on Thursday, as the Texas oil and gas company reaped benefits from higher production. Its shares rose 2.6% to $105.5 at premarket trading. The volatility of commodity prices has been a major topic in recent months. This is due to several factors, including the escalating conflict between the United States and the Middle East.
Hess reports a quarterly profit increase as Guyana's oil production remains strong
Hess Corp, a leading oil producer in Guyana, beat expectations for the third quarter profit on Wednesday. The Guyana assets have been at the heart of a dispute between Exxon and Chevron that has delayed Chevron’s $53 billion purchase of Hess. Hess agreed on the buyout in October last year, but Exxon has challenged the deal. They claim a right over the company's Guyana-based assets.
US energy deals fall to $12 billion in Q3 after a year-long frenzy
Enverus, a leading analytics firm, said that U.S. oil deals slowed dramatically in the last quarter as a result of fewer firms being offered and a consolidation wave lasting ten months. Andrew Dittmar, principal analyst at Enverus Intelligence research, reported that the quarter ending Sept. 30 saw the lowest number of deals in six quarters. After 2023…
Bloomberg News: Chevron and Hess CEO agree that Hess will not be joining the board of directors in a deal with US regulator
Bloomberg News, citing sources familiar with the situation, reported that U.S. Energy Major Chevron agreed with U.S. Federal Trade Commission Hess CEO John Hess would not join its board as part of an agreement to proceed with a $53 billion acquisition deal. The proposed acquisition of all stock, announced first in October, is the largest in the U.S. Oil and Gas industry.
Sources say that the FTC is set to approve chevron’s purchase of Hess for $53 billion, according to sources.
Two people with knowledge of the matter say that the U.S. Federal Trade Commission will likely approve the purchase by U.S. oil company Chevron of Hess this week. Exxon Mobil is the last hurdle to clear. The merger proposal was announced in October last year. Two months later, the FTC sent Chevron a second request for information. Chevron's shares…
Icahn Steps up Fight with Occidental
Billionaire investor Carl Icahn on Wednesday ratcheted up his fight with Occidental Petroleum over its pending purchase of rival Anadarko Petroleum by calling for a special shareholder meeting where he hopes to win board seats.In a regulatory filing, Icahn said he planned to oust and replace four Occidental directors and change the company's charter…
US FTC Approves Oxy's Bid for Anadarko
Oil and gas producer Occidental Petroleum Corp said on Tuesday the U.S.
OPEC, Shale Industry Seek Truce: Kemp
The Organization of the Petroleum Exporting Countries (OPEC) and shale producers have fought each other to a draw over the last two years, with neither able to achieve a decisive victory. Now both want a truce. There have been no winners from the oil producers’ civil war of 2014-2016, except for consumers, who have enjoyed two years of cheaper fuel prices.
Enbridge, Spectra Energy to Settle Charges Merger Would Harm Competition
Energy infrastructure firms Enbridge Inc and Spectra Energy Corp have agreed to settle charges their merger would hurt competition in the market for gas pipeline transportation in three areas off the Louisiana coast, the Federal Trade Commission said on Thursday. The FTC said the firms agreed to resolve the charges by adopting a consent decree…
FTC Okays Enbridge-Spectra with Conditions
Canada's Enbridge Inc and Spectra Energy Corp have won U.S. antitrust approval to merge with conditions, the Federal Trade Commission said on Thursday. (Reporting by Diane Bartz)
79,000 Acres Offshore New York Auctioned for Wind Energy Development
Furthering President Obama’s comprehensive Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper today announced the completion of the nation’s sixth competitive lease sale for renewable energy in federal waters.
Tesla Wins U.S. Antitrust Approval to Buy SolarCity
Tesla Motors Inc has won U.S. antitrust approval to buy solar panel installer SolarCity Corp, the Federal Trade Commission said on Thursday. The deal was announced on Aug. 1 and is part of an effort by Tesla to improve economies of scale in electrical energy management systems, battery production and marketing.
U.S. Extends VW Emissions Settlement Deadline
A U.S. judge late on Wednesday extended the deadline for Volkswagen AG, U.S. government regulators and owners of nearly 500,000 2.0 liter vehicles to reach a final diesel emissions settlement until June 28. The tentative settlement announced in April includes an offer by VW to buy back nearly 500,000 polluting vehicles, as well as an environmental…
US Senate Democrats Unveil Climate-focused Energy Bill
Senate Democrats on Tuesday unveiled energy legislation focused on cleaner energy production, manufacturing and vehicles that they say would slash U.S. greenhouse gas emissions by at least 34 percent by 2025, surpassing the goal pledged by the Obama administration for U.N. climate talks. The bill, announced by Senate Democratic party leaders and the energy committee's chair…
Brazil clears $70 bln BG-Shell merger
BG Group Plc on Friday confirmed that it has received final unconditional clearance from Brazilian competition authority CADE for its acquisition by bigger rival Royal Dutch Shell. The clearance of the $70 billion merger follows the 15-day period during which the preliminary approval granted by CADE on 8th July could have been appealed. Shell…
