US Drillers Cuts Most Oil, Gas Rigs in a Month Since August
The oil and gas rig count, an early indicator of future output, held steady at 600 in the week to May 31.
Chord Closes $4B Enerplus Acquisition for Williston Basin Scale
The Enerplus transaction gives Chord Energy another decade of drilling runway in the Bakken Shale play—the nation’s second-largest oil field.
Schumer Asks DOJ to Investigate FTC Claim Oil Exec Colluded with OPEC
Earlier in May, the Federal Trade Commission gave the go-ahead to Exxon Mobil’s $60 billion purchase of Pioneer Natural Resources, but barred former Pioneer CEO Scott Sheffield from Exxon’s board on allegations he attempted to collude with OPEC to raise oil prices.
Chord Energy and Enerplus Complete Combination, Creating Premier Williston-Focused E&P Company
HOUSTON, May 31, 2024 /PRNewswire/ — Chord Energy Corporation (NASDAQ: CHRD) (“Chord”, “Chord Energy” or the “Company”) and Enerplus Corporation (TSX: ERF) (NYSE: ERF) (“Enerplus”) announced today the completion of their previously announced business combination (the “Arrangement”). The Arrangement was approved by Chord and Enerplus shareholders on May 14, 2024 and May 24, 2024, respectively, and received …
Oil Giants Exxon, Chevron Lean on Big-Ticket Deals to Build Bigger Reserves
Cash-rich Exxon Mobil and Chevron are bolstering their oil and gas drilling inventory with multi-billion-dollar takeovers as they bet on resilient demand for years to come. The consolidation wave sweeping through the U.S. energy sector that spurred deals worth $250 billion in 2023 shows no signs of slowing as companies rush to deploy their cash …
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Coastal GasLink Looks to Borrow $4 billion in Canada’s Biggest Corporate Bond Deal
The funds will refinance debt supporting the construction of the 670-kilometre natural gas pipeline, sources told Bloomberg Bloomberg News A Canadian pipeline that’s partially owned by KKR & Co. is set to kick off what’s likely to be the biggest corporate bond deal in the country’s history. Coastal GasLink LP, a pipeline project in Western Canada, is …
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Saudi Arabia Sets New Test for International Interest with $13.1 Billion Aramco Sale
(Reuters) – Saudi Arabia and its bankers will on Sunday morning start taking orders for as much as $13.1 billion worth of shares in its energy giant Aramco , in a major test of international investor interest in its market. In a long-anticipated announcement on Thursday, the kingdom and Aramco detailed plans to sell up to a 0.7% …
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OPEC+ Working on Complex Production Cut Deal for 2024-2025
(Reuters) – OPEC+ is working on a complex deal to be agreed at its meeting on Sunday that will allow the group to extend some of its deep oil production cuts into 2025, three sources familiar with OPEC+ discussions said on Thursday. OPEC+ has made a series of cuts since late 2022 amid rising output …
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Oil Price Forecasts Cut as Supply Risks Trend Lower, Reuters Poll Finds
Summary Brent 2024 forecast lowered to $84.01 a barrel WTI forecast cut to $79.56 a barrel OPEC+ to meet on June 2, seen keeping output cuts in place Price support seen at $80 if cuts extended -analyst For table of crude price forecasts, click (Reuters) – Analysts have lowered their 2024 oil price forecast for …
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Oil Market Torpor Sends Investors to Other Commodities – John Kemp
Global petroleum markets have become calm again after massive disruptions caused by the coronavirus pandemic, Russia’s invasion of Ukraine, and the sanctions imposed in response by the United States and its allies. Production and consumption are growing at similar rates; inventories are near normal; prices are close to average once adjusted for inflation; and volatility …
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