LONDON, Oct 25 (Reuters) – Shell will cut around 15% of its low-carbon division workforce and scale back its hydrogen business as part of CEO Wael Sawan’s drive to boost profits, the company told Reuters on Wednesday. Shell will cut 200 jobs and has placed another 130 positions under review as part of a drive to …
Shell Cuts Low Carbon Jobs, Scales Back Hydrogen in CEO Overhaul Read More »
(Reuters Breakingviews) – Chevron has decided, like Exxon Mobil, that it’s better to discover oil on the New York Stock Exchange than drilling in the ground. The $318 billion oil giant said Monday it would buy New York-based Hess for $53 billion in an all-stock deal. The transaction is more speculative than Exxon’s $60 billion plunge into …
Commentary: Chevron’s $53 Billion Deal is Risky Exxon Copycat Read More »
Europe’s unloved oil majors seem to finally be winning back investors by refocusing on their core business, yet the valuation gap with their dealmaking US peers remains stubbornly wide.After companies such as BP Plc embraced net zero targets during the pandemic, Russia’s invasion of Ukraine has given them the opportunity to pivot back to fossil …
U.S. Oil Majors Use Big Deals to Stay Ahead of European Rivals Read More »
ExxonMobil and Chevron spend $115B combined on oil assets, target emission reductions CALGARY, Alberta (October 24, 2023) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, is releasing its summary of 3Q23 upstream merger and acquisition (M&A) activity. In Q3, U.S. upstream M&A cruised along with $14 billion transacted …
$14B in 3Q23 Upstream M&A Overshadowed by October’s $60B+ Historic Deals Read More »
U.S. natural gas futures held steady on Tuesday as a bullish drop in daily output and forecasts for a few cold days next week offset bearish record production in recent days and a mostly mild outlook through early November. Front-month gas futures for November delivery on the New York Mercantile Exchange remained unchanged at $2.927 …
U.S. natgas prices hold steady as daily output drop offsets mild forecasts Read More »
Saudi Arabia will need to attract investment in the hundreds of billions of dollars this decade to expand renewable energy and natural gas-fired electricity to meet its generation capacity targets, according to the head of Riyadh-based ACWA Power Co. The project will require building 60 to 80 gigawatts of power plants using renewable sources like …
Saudi Arabia Needs to Invest Hundreds of Billions of Dollars for Power by 2030 Read More »
(Reuters) – Exxon Mobil and Chevron are flush with cash yet their acquisition targets are taking stock as the only form of payment, an arrangement that allows the two largest U.S. energy companies to clinch transformative deals despite volatile oil and gas prices. Chevron said on Monday it would acquire Hess in a $53 billion all-stock deal, less than …
The prospect of Exxon Mobil or Chevron buying European majors has receded after the two leading U.S. oil companies announced major acquisitions focused on the Americas this month, investors said. Speculation that Chevron and Exxon might try to buy rivals BP and Shell intensified over the last two years as the European majors underperformed their …
Mega Transatlantic Oil Mergers Less Likely After Exxon, Chevron Deals Read More »
By Geoffrey Cann A pioneering application of artificial intelligence at Woodside Energy is finally ready for wider deployment in oil and gas. I learned about this use case back in 2016, at APPEA’s annual conference in Perth, where Woodside’s data science team presented their work. Surprisingly, few companies bothered to replicate this innovation, even though …
Making Legacy Engineering Data Sweat – Geoffrey Cann Read More »
The world wants to master the process of corralling carbon, and Occidental Petroleum Corp. is building a futuristic machine on the dusty plains of Texas designed to do just that. The billion-dollar complex, called Stratos, will suck carbon dioxide out of the atmosphere and bury it deep underground. Amazon.com Inc., Shopify Inc., Airbus SE and …
An Oil Giant Quietly Ditched the World’s Biggest Carbon Capture Plant Read More »
