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...Access to some of Guyana’s 11bn barrels of offshore oil was a key rationale for Chevron’s acquisition of Hess announced last year....
...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....
...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....
...Brent Berg, president and chief executive of Rare Element Resources, a minerals company, will join Uranium Energy Corp, a North American uranium company, as senior vice-president of US operations....
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...of a stake in a Guyana oil project that is central to the deal....
...Some of the world’s biggest investors including Norway’s oil fund and a Canadian pension giant have failed in a bid to push Samsung’s de facto holding company to increase dividends and share buybacks....
...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...
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...In addition to the drone strikes overnight, two armed militia units based in Ukraine and backed by Kyiv — the Russian Volunteer Corps and Free Russia Legion — made incursions from Ukraine into the Belgorod...
...That left Chevron well positioned when oil prices jumped following Russia’s full-scale invasion of Ukraine in 2022....
...Oxy says it can break even with oil at $40 a barrel. Without cost cuts this is a slightly pricey deal....
...“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,...
...But an ill-timed move into oil ultimately led to its bankruptcy when the Covid-19 pandemic crushed fuel demand in 2020....
...Most of the deals to date have been oil-focused....
...In its first year, the deal is expected to generate $1bn in free cash flow — based on the benchmark US oil price remaining at $70 a barrel — plus about 170,000 barrels of oil equivalent a day....
...Nigeria is Africa’s largest oil producer but has had to import fuels due to a lack of refining capacity....
...The Hess acquisition will increase Chevron’s oil and gas output by more than 10 per cent....
...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....
...Yet the rationale for these transactions can be squared with either view of oil demand....
...One of the defendants is Behnam Shahriyari, a senior official of the Islamic Revolutionary Guard Corps’ Qods Force, who has been placed under sanctions by the US....
...Clips from Yahoo Finance, Reuters, CNBC, Bloomberg For further reading: Oil megadeals usher in an age of energy uncertainty Dealmakers see Chevron-Hess tie-up as the start of oil ‘arms race’ The race...
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