Industry & Analysis
News
June 02, 2024
The oil and gas and basic industry sectors are expected by Barclays to be the most active for M&A during the next year.
This week alone, Energy Transfer LP agreed to buy WTG Midstream in a $3.25 billion deal, while ConocoPhillips announced a $17 billion deal for fellow producer Marathon Oil Corp.
News
June 02, 2024
Saudi Aramco’s $12 billion share sale sold out shortly after the deal opened on Sunday, in a boon to the government that’s seeking funds to help pay for a massive economic transformation plan.
News
June 02, 2024
Energy Workforce & Technology Council (EWTC) issued a statement applauding the introduction of S.4405, the "Natural Gas Tax Repeal Act," by U.S. Senator Ted Cruz. If passed, the act would repeal the recently implemented tax on methane emissions, a move that the EWTC believes is crucial for the future of the energy industry.
News
June 02, 2024
The agreement reached in Riyadh on Sunday exceeds market expectations in some ways, extending so-called “voluntary” cuts from key members including Saudi Arabia and Russia well into next year. However, it also begins rolling back those supply reductions in October, earlier than some OPEC-watchers had assumed.
News
May 31, 2024
Hess Corp. shareholders approved the company’s proposal to be acquired by Chevron Corp. for $53 billion by a razor-thin majority of 51% of shares outstanding.
News
May 30, 2024
The message, sent in a letter Wednesday to Energy Secretary Jennifer Granholm, comes as Biden administration officials have hinted they may be willing to release oil from the Strategic Petroleum Reserve to tamp down gasoline prices amid forecasts for a spike this summer.
News
May 29, 2024
Chief Executive Officer Darren Woods vowed to “safeguard” annual meetings from activists that launch “serial attacks” on Exxon and the oil industry. Exxon is pursuing legal action against Arjuna Capital even though the investor dropped a proposal that would have urged the driller to curb greenhouse gas emissions.
News
May 29, 2024
The move expands ConocoPhillips’ footprint in domestic shale fields from Texas to North Dakota and hands the company reserves as far afield as Equatorial Guinea. It adds to a wave of recent megadeals as producers seek new drilling sites on a bet that oil and gas demand will remain robust for years to come.
News
May 28, 2024
The FTC was “straining” to find a reason to criticize Exxon’s deal for Pioneer, Sheffield’s lawyers wrote in the 23-page filing to the agency. Sheffield was examined under oath for four hours by the regulator on April 9 as part of its six-month investigation into the merger “but did not ask questions about his communications and gave him no opportunity to explain them,” according to the filing.
News
May 28, 2024
While Arjuna Capital had already withdrawn the shareholder proposal to accelerate greenhouse-gas emissions cuts that was at issue in the lawsuit, the firm went further in a letter that was sent to Exxon and filed with a Texas court, saying it “unconditionally and irrevocably” promised not to submit any more proposals related to emissions or climate change to Exxon shareholders.
News
May 24, 2024
Saudi Arabia and its partners will gather on June 2 — a day later than initially planned — to review roughly 2 MMbpd of production curbs, introduced to stave off a surplus and shore up crude prices. Crude traders expect the cutbacks will be maintained, and several delegates who asked not to be identified predicted the same.
News
May 24, 2024
Petrobras’s board of directors appointed Magda Chambriard as the state-controlled oil giant’s next chief executive officer, who enters the job with a clear mandate to ramp up investments in sectors including refining.
News
May 23, 2024
Energy Workforce & Technology Council President Tim Tarpley issued a statement in response to Energy Secretary Jennifer Granholm’s testimony before the U.S. House Committee on Oversight. During the hearing, Representatives discussed the ongoing LNG export permit pause, the push towards electric vehicles and energy appliance standards.
News
May 23, 2024
The Hess Corp. chief executive officer is telling investors he got the best deal possible, and that Chevron could walk away if the merger doesn’t get voted through at a May 28 shareholder meeting, according to the people, who asked not to be identified because the discussions are private.
News
May 22, 2024
Wednesday’s ruling by a judge in Fort Worth, Texas, will allow Exxon to pursue claims that Arjuna abused the shareholder vote process by buying minimal shares to campaign for proposals that “are calculated to diminish the company’s existing business.”
News
May 20, 2024
The New York-based investment firm will support a motion to delay the vote until there’s more clarity around Chevron and Hess’s arbitration case with Exxon Mobil Corp., managing director Jason Singer said in an interview.
News
May 19, 2024
The leasing rule’s impact will deter development of federal oil and gas, disproportionately affect small companies, effectively close eligible and available lands to new leasing, and violate BLM’s duty to promote oil and gas development as a multiple use of federal lands, according to the Western Energy Alliance.
News
May 19, 2024
The driving force behind Chevron’s strategy to buy Hess is winning its 30% stake in a massive oil field offshore Guyana, the world’s largest and most profitable crude discovery of the past decade. Exxon owns 45% of the site and is the operator.
News
May 16, 2024
Brazil President Luiz Inacio Lula da Silva will push the new head of Petrobras to speed the pace of investments into refineries and expand its natural gas supplies after ousting the state-run oil company’s chief executive officer, people familiar with his plans said.
News
May 15, 2024
Railroad Commission of Texas commissioners voted to refer a new Environmental Protection Agency (EPA) greenhouse gas emissions rule to the Office of the Attorney General to file a lawsuit to challenge the rule in federal court.
News
May 15, 2024
The United Arab Emirates, Kazakhstan, Iraq, Kuwait and Algeria are among countries who’s potential to pump more next year is under scrutiny, according to people familiar with the discussions. Some have pushed for an upward revision, causing tough talks with the outside consultants that are judging the matter, they said.
