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Summary As renewables advance, companies rush to shed costly oilfields Shareholder payouts taking more cash than capital expenditures (Reuters) – Oil majors are targeting new oilfields that can be profitable even if oil prices fall to about $30 per barrel, using a third year of rising demand to reshape portfolios amid uncertainty over the industry’s …
Oil Majors Rejig Portfolios with $30-Per-Barrel Price in Mind Read More »
The tech sector’s weight in the S&P 500 is roughly eight times that of energy, a gap wider than at the height of the dot-com bubble. 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 …
Big Oil Is the Magnificent Seven’s Hedge-in-Waiting Read More »
Bloomberg Drilling for deals The oil and gas sector has been one of the few in which you haven’t had to drill too deep for good M&A news during the global deals slump. Whether you’re looking over three, six or 12-month periods, year-on-year increases in the values of transactions involving oil and gas companies look …
Oil & Gas Deals Are Powering the Global M&A Engine Read More »
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, …
Diamondback Vows Slow Growth, Fewer Rigs After Endeavor Deal Read More »
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 …
Investors Dump Oil After U.S. Refinery Shutdown: John Kemp Read More »
(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 …
Oil Slips After Rally Last Week on Middle East, Right Supply Read More »
(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 …
Diamondback to Buy Endeavor Energy in $26 Billion Mega Shale Deal Read More »
Of all the sources of supply to American refiners, domestic shale output is the least likely to be disrupted. America’s insistence on refilling the Strategic Petroleum Reserve with US crude is misguided. The political pressures on an administration seen as anti-oil to buy domestic supplies are huge. You can bet that President Joe Biden would be accused of …
Trump raised millions from oil donors in final months of 2023 Industry says production boom happened despite Biden policies Bloomberg Donald Trump is the oil and gas industry’s undisputed top pick for the Republican presidential nomination as energy sector donors shower his candidacy with nearly 10 times the amount of money as they gave his challenger Nikki …
Donald Trump Is the Oil and Gas Industry’s Top Choice for President Read More »
Bloomberg Texas passed two laws in 2021 that restrict government contracts with companies that take what state officials regard as punitive stances toward the fossil fuels and firearm industries. They’re among the many new laws pushed by Republicans in states across the US to oppose ESG investing and financing, which they’ve made into a culture …
Why Texas Is Banning Banks Over Their ESG Policies Read More »
