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(Reuters) – Oil and gas company Diamondback Energy said on Tuesday it would buy certain units of EnCap-backed energy producer Double Eagle in a cash-and-stock deal for about $4.08 billion. The deal would give Diamondback access to about 40,000 net acres in the core of Midland Basin, one of the last large assets in the Permian …
Diamondback Energy to Expand Permian Presence with $4.08 Billion Deal Read More »
When Elliott Investment Management buys into a company to agitate for change, bankers and lawyers who have faced the hedge fund say executives can expect a strong view on their shortcomings, backed by meticulous research and financial firepower. Now, storied oil giant BP is in Elliott’s sights. The investment firm, which manages $70 billion, has …
Hedge Fund Elliott Commands Attention in C-suites as Relentless Activist Read More »
Large US producers have moved to purchase competitors Energy investors have ‘lost a ton of names’ in past 18 months After a burst of oil and gas M&A deals, demand for new investment targets and buoyant natural-gas prices are helping drive a rebound in IPO activity in the energy industry to start 2025. The largest …
Big Oil’s Wave of Buyouts Sets Up Next Leg of Energy IPO Rebound Read More »
(Reuters) – Canadian pension fund CPP Investments is weighing strategic options, including a sale or initial public offering, for Encino Acquisition Partners that could value the U.S. oil and natural gas producer at as much as $7 billion, including debt, people familiar with the matter said. The deliberations come as the energy industry is anticipating …
Encino’s Owner Mulls $7 Billion Sale, IPO of Energy Producer, Sources Say Read More »
(Reuters) – Chevron Corp reported fourth-quarter earnings below Wall Street estimates on Friday as weak margins pushed its refining business into a loss for the first time since 2020, sending its shares down more than 2%. Chevron CEO Mike Wirth told Reuters the downtrend in refining margins is set to continue this year. The second-largest …
Chevron Misses Earnings Estimate as Refining Posts First Loss in Four Years Read More »
(Reuters) – U.S. shale producer APA Corp said on Wednesday it curtailed about 23,500 barrels of oil equivalent per day of production in the fourth quarter due to weak commodity prices. U.S. natural gas prices collapsed to multi-year lows in 2024, with prices at the Waha hub in the Permian shale basin in West Texas …
Oil Producer APA Curtails Production in Fourth Quarter Read More »
Jan 9 (Reuters) – Oil and gas major Shell (SHEL.L) said on Thursday it had started production at the offshore floating facility Whale located in the Gulf of Mexico. The Whale development is operated by Shell, which owns 60% of the project alongside U.S. energy major Chevron (CVX.N), which has a 40% stake. The project …
Shell Begins Production at Whale in US Gulf of Mexico Read More »
(Reuters) – Chevron is positioned to increase its free cash flow by $6 billion to $8 billion by next year, and reduce expenses by “a couple billion dollars,” said Chevron CEO Michael Wirth on Wednesday. The No. 2 U.S. oil producer expects results to benefit from the start of new or expanded oil production projects …
Chevron Targets $6-8 bln in Free Cash Flow Growth Next Year, CEO Says Read More »
U.S. oil production rose 260,000 barrels per day (bpd) month-over-month to a record 13.46 million bpd in October as demand surged to the highest levels since the pandemic, data from the U.S. Energy Information Administration showed on Tuesday. U.S. oil output has grown rapidly this year, even as concerns of oversupply have weighed heavily on …
U.S. Oil Production Rose to Record High in October, EIA Data Shows Read More »
By Liam Denning Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column. To most of us, a power plant is a source of electricity. To Exxon Mobil Corp., it’s a machine that converts natural …
