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...He said there would be “continued demand” for oil and gas, and advocated for a “continuum where in some places you will completely replace the combustion of oil and gas and coal, and other places you’ll...
...The last time Occidental Petroleum made a big acquisition, it ended up teetering on the brink of bankruptcy....
...Occidental’s stock price has risen almost 500 per cent since hitting a 20-year low during the oil market upheaval of 2020....
...Its own financials were not disclosed but Endeavor should contribute about 43 per cent of overall oil and gas production....
...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....
...Diamondback Energy’s $26bn deal for rival Endeavor Energy this week brought to almost $180bn the value of an oil and gas dealmaking spree that has reverberated across the US shale patch since the beginning...
...Diamondback itself lost out to Occidental Petroleum in its bid to buy CrownRock, another big private operator in the Permian. Occidental agreed a $12bn deal for the company in December....
...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....
...Occidental Petroleum yesterday became the latest oil producer to post better-than-expected earnings, bringing in full year net income of $3.8bn in 2023....
..., the largest natural gas producer in the US....
...The recent profit bonanza was driven in part by Russia’s full-scale invasion of Ukraine, which pushed up oil and gas prices....
...Occidental Petroleum in December said it had agreed to pay $12bn for CrownRock and this week APA said it would buy Callon Petroleum for $4.5bn. Most of the deals to date have been oil-focused....
...We start with the oil and gas sector that is due to wrap up a bumper earnings season this week....
...In a report this month, oil and gas supermajor Shell forecast global demand for LNG would climb by more than 50 per cent to reach 625mn to 685mn tonnes by 2040, and would continue to grow during that decade...
...Drillers like Occidental Petroleum and Diamondback Energy have used stock to finance large deals. In stock-financed deals, having a misvalued currency is a deal-breaker, and a threat....
...Separately, Shell is suing Greenpeace for targeting its oil and gas assets, in what Greenpeace says is “one of the biggest legal threats” it has faced....
...The “Trojan horse” approach holds that if an oil company followed its resolutions it would “conclude that there is no room for further investments in exploring for more oil and gas”, Follow This said....
...Several oil and gas supermajors reported profit drops of around 50 per cent in recent days on falling commodity prices....
...Each of the oil and gas supermajors reported profit drops of around 50 per cent in recent days, as did rival shale operators Pioneer Natural Resources and Devon Energy....
...That deal has triggered a wave of consolidation, with rivals such as Chevron and Occidental Petroleum pursuing their own buyouts to acquire the best remaining real estate....
...“In terms of the construction . . . the sanctions, I don’t think have worked,” said Ben Seligman, a project specialist for Arctic oil and gas development....
...If there is a wave of oil mergers, should wildcatters be kept from buying natural gas drillers? Panuwat struggled to explain the unusual coincidence about the timing of his trade....
...The oil and gas driller, he wrote, was essential for America’s energy independence....
...US oil and gas giant Occidental Petroleum deepened its push into carbon capture on Tuesday with a $1.1bn deal to buy technology group Carbon Engineering....
...All eligible assets from Glencore, as well as those from oil and gas companies Repsol, BP and Shell, were issued by their financial subsidiaries, effectively exempting them from the ECB’s proposed limit....
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