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Diamondback Vows Slow Growth, Fewer Rigs After Endeavor Deal

Conventional Energy, Latest, Oil, US News / By

Investors are not very interested in growing output, CFO says Combined company will operate fewer rigs but more efficiently Diamondback Energy Inc. will borrow a page from the shale-consolidation playbook by cutting drilling rigs after its acquisition of rival Endeavor Energy Resources LP, a move that will help satisfy investors who prefer payouts over production growth. The explorers, …

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Carbon Capture Tech a ‘Complete Falsehood’, Says Fortescue Metals Chairman

Carbon Capture, Energy Topics & Technology, Latest, US News / By

(Reuters) – Carbon capture is not a solution for the energy transition and political leaders need to provide real, non-greenwashed, commitments to encourage investment, Andrew Forrest, executive chairman of Fortescue Metals, said on Tuesday. Speaking at the 50th anniversary meeting of the International Energy Agency, Australian billionaire Forrest said the investment community needs a level-playing …

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Why Endeavor Energy’s Founder Sold his Company after Years of Rebuffing Offers

Conventional Energy, Energy Topics & Technology, Latest, Mergers and Acquisitions, US News / By

(Reuters) – For years, Endeavor Energy founder Autry Stephens’ refusal to entertain acquisition offers for one of the most lucrative producers in the U.S. oil patch vexed some of his peers. “It’s not for sale, it hasn’t been for sale, it’s probably not going to ever sell,” Pioneer Natural Resources’  former CEO Scott Sheffield, a contemporary …

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Tesla Collapse has Investors Wondering if it’s Still Magnificent

Electric Vehicles, Energy Topics & Technology, Latest, US News / By

Tesla is by far the worst performer in the Magnificent Seven index this year Bloomberg News If you’re building a list of the most important stocks in the market, Tesla Inc. has to be on it. Or does it? That’s part of a growing debate on Wall Street, where shares of Elon Musk’s electric-vehicle maker are tanking as the …

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Investors Dump Oil After U.S. Refinery Shutdown: John Kemp

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries, US News / By

Portfolio investors abandoned hope for an early rally in crude prices after a site-wide electricity failure caused an unexpected shutdown in production at BP’s refinery at Whiting in Indiana on Feb. 1. The refinery is the largest in the U.S. Midwest and processes more than 400,000 barrels per day, so the extended closure for safety …

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U.S. Natgas Price to Average Higher in 2024 and 2025 – EIA

EnergyNow News and Press Releases, Latest / By

The U.S. natural gas spot price is projected to average higher in 2024 and 2025 compared with last year but will remain below the $3.00-per-million British thermal units (MMBtu) mark, the U.S. Energy Information Administration (EIA) said on Monday. “We forecast increases in natural gas prices as demand for natural gas grows faster than supply …

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FirstEnergy Scraps 2030 Climate Goal in Rare Embrace of Coal

Coal, Conventional Energy, Latest, US News / By

Two coal-fired plants are crucial to company’s power supplies Utilities under growing pressure to clean up generation fleets Bloombert FirstEnergy Corp. abandoned its 2030 target for slashing greenhouse-gas emissions because coal plants can’t be replaced in time, marking a major about-face in the movement to protect the climate. Utilities across the US have announced a slew …

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Oil Slips After Rally Last Week on Middle East, Right Supply

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

(Reuters) – Oil prices slipped on Monday as investors indulged in some profit-taking after both benchmarks ended last week about 6% higher on Middle East tensions and as refining outages squeezed refined products markets. Brent crude futures were down 82 cents, or about 1%, at $81.37 a barrel, while U.S. West Texas Intermediate crude futures …

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Diamondback to Buy Endeavor Energy in $26 Billion Mega Shale Deal

Conventional Energy, Energy Topics & Technology, Latest, Mergers and Acquisitions, Oil, Pinned Primary, Shale / By

(Reuters) – Shale producer Diamondback Energy  said on Monday it would buy the largest privately held oil and gas producer in the Permian Basin, Endeavor Energy Partners, in a cash-and-stock deal valued at about $26 billion, including debt. The combined company would be the third largest oil and gas producer in the region behind Exxon and …

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Biden Taps Democrat Phillips as Head of FERC Energy Regulator

Latest, US News / By

U.S. President Joe Biden has appointed fellow Democrat Willie Phillips as chair of the Federal Energy Regulatory Commission, at a time when the usually low-key panel hopes to take on a more prominent role in transforming the U.S. energy system. The White House made announcement on Friday. Democrats have a 2-1 majority in the commission …

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