Exxon Secures Lead in top US Oilfield with $60B Buy of Shale Rival Pioneer
Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.The deal, valued at $253 a share, combines the largest U.S. oil company with one of the…
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.
US Drillers Add Oil and Gas Rigs for Fifth Week in Six
U.S. energy firms this week added oil and natural gas rigs for the fifth time in six weeks although growth in the rig count over the past few months has slowed as drillers continue to focus on capital discipline despite firmer oil prices.The oil and gas rig count, an early indicator of future output, rose three to 491 in the week to Aug.
Top Shale CEO Says OPEC Shouldn't Worry About U.S. Oil Growth
Pioneer Natural Resources Chief Executive Scott Sheffield said on Tuesday that he expects the Permian Basin, the top U.S. shale field, to "slow down significantly over the next several years.""I don't think OPEC has to worry that much more about U.S. shale growth long term," Sheffield said on Tuesday on a call with analysts.U.S.
US Shale Eases Into Detente with OPEC as Supply Cut Extended
U.S. producers applauded Thursday's decision by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia to extend output cuts until the end of 2018. Texas and North Dakota - the two largest U.S. shale-producing states - described it as a boon for their producers.
OPEC Agrees Oil Cut Extension to End of 2018
OPEC agreed on Thursday to extend oil output cuts until the end of 2018 as it tries to finish clearing a global glut of crude while signalling it could exit the deal earlier if the market overheats. Non-OPEC Russia, which this year reduced production significantly with OPEC for the first time, has been pushing…
Pioneer CEO Sheffield Doubts OPEC Will Reach Output Deal
Pioneer Natural Resources Co Chief Executive Scott Sheffield has little hope that OPEC members will agree later this month to curb production, a step that would boost low oil prices. "I give OPEC a 40 percent chance of reaching an agreement," Sheffield said on a conference call with investors on Wednesday. "And even if they do, everyone will cheat.
Does OPEC Deal spell Relief for U.S. Shale?
It was a moment U.S. shale oil producers have been waiting on for more than two years: OPEC nations finally agreed to cut production on Wednesday in a move that lifted low prices ravaging their budgets. Two sources in the Organization of the Petroleum Exporting Countries said the group would reduce output…
US Oil Output Seen on the Rise
Large U.S. shale oil companies, flush with cash raised through stock offerings, are gobbling up properties in the Permian Basin straddling Texas and New Mexico, a trend that could boost U.S. oil output in the second half of 2017. Hess Corp and Devon Energy Corp are among oil and gas companies that tapped the equity market in the first eight months of the year…
Williams Adds 3 New Directors as it Seeks to Fend Off Board Takeover
Pipeline company Williams Cos Inc added three new directors to its board on Monday as it works to fend off an attempt by activist investor Keith Meister to replace all of the company's directors. Williams said on Monday it appointed Pioneer Natural Resources Co CEO Scott Sheffield, PPL Corp CEO William Spence…
U.S. Shale's Achilles Heel is Mending
Since the beginning of the U.S. fracking revolution, oil producers have struggled with a vexing problem: after an initial burst, crude output from new shale wells falls much faster than from conventional wells. However, those well decline rates have been slowing across the United States over the past few years, according to data analysis provided exclusively to Reuters.
With Oil Near $50, U.S. Shale Producers eye Growth
Two years into the worst oil price rout in a generation, large and mid-sized U.S. independent producers are surviving and eyeing growth again as oil nears $50 a barrel, confounding OPEC and Saudi Arabia with their resiliency. That shale giants Hess Corp, Apache Corp and more than 25 other companies have…
Pioneer Natural CEO to retire, be replaced by operating chief
U.S. shale oil producer Pioneer Natural Resources Co said on Thursday its Chief Executive Officer Scott Sheffield will retire at the end of the year and be replaced by Tim Dove, the company's chief operating officer. Sheffield said he is retiring to spend time with his family. Dove joined a predecessor company to Pioneer in 1994 and has worked there ever since.
U.S. Energy CEOs Ready to Drill as Oil Rebounds
After cutting spending and staff levels to the bone, U.S. oil executives say they are getting ready for new drilling projects as a 50 percent increase in crude prices since February leads them to believe the worst of the downturn may be over. Any price rise above $50 per barrel could fuel a resurgence in the U.S.
Pioneer Natural Resources to Hold off on New Rig Additions
Pioneer Natural Resources will not add any new oil rigs in 2015 and is mulling the timing of its previously announced 2016 rig expansion program, Chairman and Chief Executive Officer Scott Sheffield said on Tuesday. The company had planned to add two rigs per month from July 2015 through the end of the year in the Permian Basin, but has stopped after adding just eight rigs.
U.S. Shale Outfits Shine Amidst Gloom
A handful of U.S. shale oil producers are pushing up their production forecasts, saying efficiency gains from drilling in prime rock are helping them eke out more crude in the middle of the worst price crash in six years. The slightly bolder outlooks this week from Oasis Petroleum Inc, Devon Energy Corp…
U.S. Shale Giants Bearish on 2016
Some of the largest U.S. shale oil producers have already begun slashing 2016 budgets, with some planning double-digit reductions starting next January, the latest sign low crude prices are forcing a radical adjustment in the industry. A rash of bleak commentaries from CEOs this week marks one of the earliest…
U.S. Shale Drillers Struggle as Prices Plunge
North America's shale drillers are struggling with the renewed slump in oil prices, despite cutting costs, boosting output, and in some cases employing hedging to improve realised prices. Stock prices for most of the main shale drillers have fallen faster than the price of U.S. light crude since the middle of April.
U.S. Shale Firms Hedging as Oil Rebounds
Oil's 'fear gauge' falls 30 pct to lowest since December. U.S. oil producers are rushing to take advantage of the rebound in oil markets by locking in prices for next year and beyond, safeguarding future supplies and possibly paving the way for a rebound in production. The flurry of hedging activity in the…
Statoil Won't Add North American Drilling Rigs This Year
Norwegian oil and natural gas producer Statoil ASA has no plans to add North American drilling rigs this year, an executive told Reuters on Wednesday. "I don't see us adding rigs this year," William Maloney, Statoil's head of North American exploration, said in an interview on the sidelines of the IHS CERAWeek conference in Houston…
