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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...
...Access to some of Guyana’s 11bn barrels of offshore oil was a key rationale for Chevron’s acquisition of Hess announced last year....
...Business is business,” the Exxon chief executive told the Financial Times on the sidelines of the CERAWeek energy conference in Houston on Monday....
...of a stake in a Guyana oil project that is central to the deal....
...His total pay was 199 times that of the median Exxon employee and the largest since he took the helm of the oil major in 2017....
...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...
...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....
...That left Chevron well positioned when oil prices jumped following Russia’s full-scale invasion of Ukraine in 2022....
...Most of the deals to date have been oil-focused....
...But an ill-timed move into oil ultimately led to its bankruptcy when the Covid-19 pandemic crushed fuel demand in 2020....
...The Houston-based company backed by Warren Buffett beat competition from rival bidders that had also tried to snap up CrownRock’s shale assets....
...The Houston-based company is also active in chemicals through a stake in CPChem, which it owns with Chevron....
...Occidental produced 968,000 barrels of oil equivalent a day in the Permian in August, according to consultancy Rystad Energy, leaving it second only to Pioneer....
...The Hess acquisition will increase Chevron’s oil and gas output by more than 10 per cent....
...Chevron also announced a deal to snap up oil producer PDC Energy for $6.3bn in May, a transaction it closed this quarter....
...“Chevron and Shell are oil majors and if they can’t get it right, who can?”...
...It was laziness that Leon Hess said pushed him into the oil game. In 1933, tired of lugging sacks of coal around New Jersey, he bought a used truck and began a heating oil delivery business....
...Clay Seigle, analyst at Rapidan Energy in Houston, said: “When oil demand proves much more resilient than today’s conventional wisdom suggests, we expect these acquisitions will be seen as well-timed.”...
...Conoco, Occidental Petroleum, Devon Energy and Marathon Oil have all been mooted as possible buyers....
...Also joining the board are Kevin Howell, former head of NRG’s Texas business, Alex Pourbaix, former chief executive of Canadian oil group Cenovus Energy, and Marcie Zlotnik, co-founder of Texas retail electricity...
...For decades, Gulf states have built their wealth on plentiful oil and gas reserves, which have powered the global economy....
...It is also sanctioning Turkey’s Ice Pearl Navigation Corp, whose Yasa Golden Bosphorus ship handled Russian crude bought for more than $80 a barrel....
...becoming an investable technology and BlackRock’s commitment in Stratos underscores its importance and potential for the world,” said Vicki Hollub, chief executive of Occidental, one of the biggest US oil...
...The figure was down 9 per cent from the previous quarter and 48 per cent from the same period last year when soaring oil and gas prices sent profits to record levels....
...Houston-based Exxon has been on the hunt for acquisitions after amassing a substantial cash pile over the past year....
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