Egypt’s government said Sunday that its natural gas imports have stopped as Israel intensified its fight against Hamas in Gaza. Natural gas prices in Asia and Europe stabilized Monday after declines last week. The market again braced for the possibility of a broader conflict in the Middle East. Egypt said Sunday that gas supplied from…
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Hess Acquisition to Make Chevron ‘Stronger for Longer,’ Says Wirth
Shareholders of Chevron Corp. and Hess Corp. are largely enthusiastic about the pending $53 billion merger, according to Chevron CEO Mike Wirth. He hosted a conference call Friday to discuss the San Ramon, CA-based supermajor’s third quarter earnings. Chevron and Hess recently announced the blockbuster deal, which would give Chevron a foothold in the multibillion-barrel…
Upstream Dealmaking at Full Throttle with ExxonMobil, Chevron Deals, and More Consolidation Said Likely
Dealmaking in the U.S. oil and natural gas upstream segment was on cruise control between July and September, with an estimated $14 billion spent for 25 transactions, but two mega-mergers announced this month may signal that transactions to year’s end may go into overdrive. A summary of 3Q2023 upstream merger and acquisition (M&A) activity, compiled…
Wave of U.S. E&P Consolidation ‘Good for Halliburton,’ Says CEO
The mega-mergers by the two largest U.S.-based producers – and rumors of more tie-ups to come – are positive for business and demonstrate the value of natural gas and oil long term, Halliburton Co. CEO Jeff Miller said Tuesday. Miller held a conference call to discuss third quarter results for the Houston-based oilfield services (OFS)…
TTF Climbs as Traders Weigh Threat of Broader Conflict in Middle East – LNG Recap
European natural gas prices inched higher Monday as the threat of a broader conflict in the Middle East offset a warmer forecast and ample supplies on the continent. The December Title Transfer Facility (TTF) contract added about a nickel and again finished above $17/MMBtu. TTF is about 30% higher than it was before Israel declared…
Chevron’s $53B Deal for Hess Supercharges Lower 48 Portfolio, Opens Door to Guyana’s Stabroek
Chevron Corp. agreed Monday to snap up Hess Corp. in an all-stock transaction valued at $53 billion, enlarging the supermajor’s Lower 48 and Gulf of Mexico portfolios and giving it entry into rich discoveries offshore Guyana in the Stabroek block. The total enterprise value, including debt, is $60 billion. The agreement nearly matches the estimated…
Australian Union Workers Call Off Strikes at Gorgon, Wheatstone LNG
Australian labor unions have called off strike action at the Gorgon and Wheatstone LNG terminals after members gave initial approval for an agreement with Chevron Corp. Union members at Chevron operated liquefied natural gas terminals and offshore platforms had previously planned to start work stoppages as soon as Thursday after accusing Chevron of reneging on…
Large California Companies, Including Chevron and ExxonMobil, Facing First-in-Nation Carbon Disclosure Rules
Groundbreaking legislation in California that will require large companies to publicly disclose their annual greenhouse gas (GHG) emissions has become law with Gov. Gavin Newsom’s signature. Newsom signed nearly 500 bills into law last weekend, but state Senate Bill (SB) 253 may have the biggest impact on industry, including natural gas and oil companies. The…
Federal Court Reinstates Six Million Acres Slashed from Upcoming GOM Natural Gas, Oil Auction
An offshore oil and gas lease sale scheduled for Wednesday (Sept. 27) in the Gulf of Mexico’s (GOM) Outer Continental Shelf (OCS) must proceed as originally planned with all 73 million acres on offer, following a preliminary injunction granted by the U.S. District Court for the Western District of Louisiana. The Department of the Interior’s…
Equinor Builds in U.S. by Joining Chevron, Talos in Texas Carbon Capture Project
Equinor ASA, whose broad U.S. portfolio stretches from Appalachia into the Gulf of Mexico, is snapping up a quarter-stake in the Chevron Corp.-led Bayou Bend CCS LLC, positioned to be one of the largest carbon capture, utilization and storage (CCUS) projects on the Texas coast. In the agreement with Texas Carbon 1 LLC, a subsidiary…