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...Top oil industry executives have hit out at US President Joe Biden’s decision to pause approvals for new liquefied natural gas export terminals, with Shell’s CEO warning it will “erode confidence” in an...
...As asset managers have benefited from a global boom in sustainable investing, they have been targeted by Republicans who are typically aligned with the oil and gas industry....
...It comes amid a broader surge in merger and acquisition activity in the US oil and gas industry, as companies place bets on the future of the energy mix and appetite dwindles to build new pipelines amid...
...The country’s leadership in new oil and gas approvals comes as President Joe Biden faces pressure from environmentalists to take a harder stance on climate while the oil and gas industry accuses the administration...
...Oil and gas companies in the US and Canada tend to attribute a far greater portion of executive pay packets to incentives than their European counterparts....
...In securities filings this week, US oil company Chevron disclosed a potential hang-up for its pending $53bn all-stock acquisition of smaller rival, Hess Corporation....
...Access to some of Guyana’s 11bn barrels of offshore oil was a key rationale for Chevron’s acquisition of Hess announced last year....
...It is expected to generate 110,000 barrels of oil per day for Hess and has 11bn barrels of recoverable deposits overall. The project is already enriching impoverished Guyana....
...The dispute between the two US oil supermajors has dominated discussions both on and offstage at CERAWeek, an annual gathering of the biggest names in the oil and gas industry....
...The potential tie-up comes as a wave of merger and acquisition activity sweeps across the US oil and gas sector as companies look to build scale and bulk up on dwindling prime drilling acreage....
...Shell, TotalEnergies and Portugal’s Galp have made a series of discoveries of oil (and some gas) off the coast of the south-west African country in the past two years....
...But an ill-timed move into oil ultimately led to its bankruptcy when the Covid-19 pandemic crushed fuel demand in 2020....
...Oxy says it can break even with oil at $40 a barrel. Without cost cuts this is a slightly pricey deal....
...of a stake in a Guyana oil project that is central to the deal....
...The deal is the latest in a series of transactions in the oil and gas sector as large energy companies seek to capitalise on their strong balance sheets and equity value to buy smaller rival assets....
...America’s oil supermajors increased output sharply in their own backyard in 2023, pursuing a strategy of doubling down on oil and gas that has prompted blowback over their commitment to cutting emissions...
...gas in that market....
...They were under no illusion that Exxon would stop investing in oil and gas; in fact, in our first letter we noted — just as Exxon’s chief executive did in announcing the Pioneer deal — that oil and gas companies...
...Chevron is also the only big player not to sign up to the UN-led Oil and Gas Methane Partnership, which requires greater transparency on emissions of the potent greenhouse gas, after Exxon signed up in November...
...“Hess’s acquisition of prospective acreage in Guyana was the best oil deal in modern history, and one of the worst decisions by Shell to exit,” said Paul Sankey, an oil and gas equity analyst....
...“Continuing regulatory challenges” in California will contribute to a non-cash charge of $3.5bn to $4bn, the oil company said, reflecting a write down in the value of its US upstream oil and gas assets,...
...Eimear Bonner, Chevron’s chief technology officer, told the Financial Times the oil and gas supermajor was aiming to remove a carbon storage “constraint” at Gorgon, the biggest natural resource project in...
...The stock had risen 27 per cent over the past five years to Tuesday, compared with a 64 per cent rise in the S&P 500 oil refining and marketing index over the same period....
...The Dangote Group said Shell’s crude would be used for an initial test of the facility’s capabilities before the processing of diesel, aviation fuel and liquefied petroleum gas and latterly premium motor...
...The Hess acquisition will increase Chevron’s oil and gas output by more than 10 per cent....
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