Sources say that Citizen Energy, a producer of shale oil and gas, will buy Validus in a deal worth more than $2 billion.
According to sources familiar with the situation, Validus Energy, a privately held oil and natural gas producer, has agreed to purchase Citizen Energy, a rival company, for over $2 billion including debt. The U.S. Shale industry has seen a record wave of consolidation. After the COVID, oil prices surged and buyers were eager to secure the best drilling locations.
Occidental's 1PointFive receives funding up to $500 mln by US DOE
Occidental Petroleum’s carbon capture unit 1PointFive announced on Thursday that the U.S. Department of Energy’s Office of Clean Energy Demonstrations had committed up to 500 million dollars to support the development of the South Texas Direct Air Capture Hub (DAC). BlackRock, one of the largest asset managers in the world, had funded this facility previously.
Baker Hughes Finds US Drillers Add Most O&G Rigs Since April
U.S. energy firms this week added the most oil and natural gas rigs in a week since April as rising oil prices prompt more drillers to return to the wellpad.The oil and gas rig count, an early indicator of future output, rose 13 to 601 in the week to Jan. 14, its highest since April 2020, said Baker Hughes in its weekly report.
Shale Pioneer Hess Says Key U.S. Fields Starting to Plateau
Shale pioneer John Hess said Tuesday that key U.S. shale fields are starting to plateau, calling shale "important but not the next Saudi Arabia."Production in the Eagle Ford Shale in South Texas is starting to plateau, while the Bakken field in North Dakota where Hess is a major producer will hit its peak production levels within the next two years…
Cheniere Energy Ships 1,000th LNG Cargo
US-based liquefied natural gas (LNG) firm Cheniere Energy has produced and exported its 1,000th cargo of LNG.The Houston-based LNG exporter said in a press note that the 1000th cargo was exported within a four-year time period after startup, setting an industry record and making Cheniere the…
Frac Sand Prices to Remain Flat
Demand for sand to be used by the oil and gas industry in hydraulic fracturing operations in the US is set to grow by 10% in 2019 and 17% in 2020, said a report.According to Rystad Energy, frac sand supply, on the other hand, is forecast to increase by 10% in 2019 and then decrease by 2% in 2020…
'We Are the Rightful Owners' of Anadarko -Oxy CEO
Occidental Petroleum Chief Executive Vicki Hollub on Friday touted her $38 billion deal for Anadarko Petroleum Corp and defended the pricey terms she negotiated in a 90-minute session with billionaire investor Warren Buffett to secure the deal without seeking shareholder approval.Hollub, 59,…
Oxy Shareholders Criticize Anadarko Bid
Several major Occidental Petroleum Corp shareholders have voiced opposition to the oil company's $38 billion bid for rival Anadarko Petroleum Corp that now includes a pricey financing deal with billionaire Warren Buffett.Occidental and Chevron Corp are battling for Anadarko and its holdings of nearly a quarter million acres in the Permian Basin, the top U.S.
Chesapeake Beats Street, Predicts Higher Output
Chesapeake Energy Corp's quarterly profit beat analysts' estimates on Wednesday and the company said it expects to produce more crude oil in 2019, boosted by its acquisition of WildHorse Resource in October.Chesapeake's shares rose 10 percent before the opening bell.The company, which agreed to buy Texas oil producer WildHorse in a $4 billion deal…
Phillips 66, Kinder Announce Gray Oak Pipeline Deliveries to Houston
Phillips 66 and Kinder Morgan Inc began on Monday soliciting shipper commitments for crude deliveries on the 900,000 barrel per day (bpd) Gray Oak Pipeline from the Permian Basin to delivery points at or near the Houston Ship Channel, the companies said.The Gray Oak Pipeline would deliver crude to the Houston area through a connection in South Texas.
US Oil Export Boom Sparks Battle to Build Texas Ports
Booming U.S. oil exports have set off a scramble to build Gulf Coast ports to handle more than 3 million barrels per day in new supplies expected over the next five years.Of seven proposed oil-export projects, nowhere is the opportunity greater or the competition more fierce than in Corpus Christi…
Aqueos Supports South Texas-Tuxpan Gas Pipeline
Aqueos Corporation said it has completed a major diving scope for the installation and commissioning of the South Texas-Tuxpan Gas Pipeline. The South Texas-Tuxpan Gas Pipeline is being constructed by a joint venture between TransCanada (60%) and Sempra Energy’s Mexican unit IEnova (40%), also known as Infraestructura Marina del Golfo (IMG).
Chesapeake Energy's Q4 Profit Beats Street
Chesapeake Energy Corp's fourth-quarter profit topped analysts estimates, helped by higher production and prices of oil and natural gas, sending the company's shares up about 6.5 percent premarket on Thursday. The company's net income available to shareholders was $309 million, or 33 cents per share, in the quarter to Dec.
Texas Flood: U.S. Oil Pours into Global Markets
United States taking share from OPEC nations in Asia, Europe, as China’s biggest U.S. crude buyer to double imports. In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The repeal has unleashed a flood of U.S.
Why Canada is the Next Frontier for Shale Oil
The revolution in U.S. shale oil has battered Canada's energy industry in recent years, ending two decades of rapid expansion and job creation in the nation's vast oil sands. Now Canada is looking to its own shale fields to repair the economic damage. Canadian producers and global oil majors are increasingly exploring the Duvernay and Montney formations…
Harvey's Rains Shut in More Refineries, Sending Fuel Prices Higher
U.S. fuel prices surged on Monday as two more Gulf Coast refiners cut output and a third considered reductions, leaving more than 13 percent of the country's refining capacity offline after Tropical Storm Harvey flooded plants and shut seaports. The storm swung back over the Gulf of Mexico on…
Harvey Throws a Wrench into US Energy Engine
A hurricane in the heart of the U.S. energy industry is expected to upend years of U.S. excess oil capacity and low prices, with the impact expected to reverberate globally and affect energy markets for weeks. Harvey hit the Texas shore as a fierce Category 4 hurricane, causing massive flooding that knocked out 11.2 percent of U.S.
Enterprise Shuts Shoup Gas Plant in Corpus Christi Due to Harvey
Midstream oil and gas firm Enterprise Products Partners has shut down its Shoup natural gas processing and fractionation plant in South Texas due to Hurricane Harvey, the company said on Friday. The facility, 10 miles west of Corpus Christi, was recently expanded to handle increasing natural gas production from the Eagle Ford shale play.
Residents Flee South Texas Ahead of Harvey
Residents fleeing most powerful storm on U.S. mainland since 2005. Businesses closed and lines of cars streamed out of coastal Texas as officials called for residents to evacuate ahead of Hurricane Harvey, expected to arrive about midnight as the most powerful storm to hit the U.S. mainland in more than a decade.
Hurricane Harvey Strengthens, Threatens US
Hurricane Harvey intensified early on Friday into potentially the most powerful hurricane to hit the U.S. mainland in more than a decade, as authorities warned locals to shelter from what could be life-threatening winds and floods. Harvey is set to make landfall late Friday or early Saturday…
