E&P

Cenovus Energy Inc. announced Sunday it would take over Canadian oil and gas rival Husky Energy Inc., combining two of the country’s top producers, in a share swap valued at C$3.8 billion ($2.85 billion). Total estimated value of the transaction, including debt, is C$23.6 billion ($17.7 billion). The run rate synergies achieved by the corporate…

Click here to listen to the latest episode of NGI’s Hub & Flow podcast. In the latest podcast, NGI’s Patrick Rau, director of Strategy & Research, provides his analysis into how the third quarter earnings season is expected to play out for U.S. exploration and production companies in the weeks ahead.  Believing that transparent markets…

The Natural Gas Supply Association (NGSA), which last year called for carbon pricing to be enacted, has now adopted principles that commit members to reducing methane emissions.   Among other things, creating “an effective market mechanism could incentivize broader participation from all sectors” to reduce emissions, the national group said. NGSA members are some of the…

Curtailed oil and natural gas drilling on federal property under a Joseph R. Biden Jr. presidency would mainly affect production of onshore natural gas and offshore oil, according to new analysis by Moody’s Investors Service. Onshore acreage accounted for 69% of natural gas output from federal leases in 2019, while the Gulf of Mexico (GOM)…

ConocoPhillips’ strategic pivot in 2016 to a value model rather than a growth model provided the Houston-based independent the financial capability to “make rational economic decisions” during the oil market downturn, including curtailing around 400,000 b/d of production. ConocoPhillips Executive Vice President and Chief Operating Officer Matt Fox said the company’s strong balance sheet, which…

Lower 48 giants Devon Energy Corp. and WPX Energy Inc. said Monday they are tying up in an all-stock transaction valued at $12 billion including debt to create operations dominated by a 400,000 net acre Permian Basin leasehold. The two Oklahoma-based independents said the company, still branded as Devon, would create a “merger of equals”…

Mexico’s state-owned energy companies must shift their limited capital budgets from unprofitable business lines to segments that make money, according to a new diagnostic analysis by local think tank Instituto Mexicano para la Competitividad, aka IMCO. For national oil company Petróleos Mexicanos, that means re-thinking its strategy to bolster the refining segment and instead investing…

The oil and gas industry is bracing for a possible November victory by Joseph R. Biden Jr., who is leading in the polls and who officially accepted the Democratic nomination Thursday from Wilmington, DE. Although energy policy has taken a backseat to the Covid-19 pandemic and economic hardship facing Americans, climate change has nonetheless garnered…

The Pennsylvania Department of Environmental Protection (DEP) has fined a subsidiary of CNX Resources Corp. $175,000 for a well failure that allowed natural gas to seep into nine neighboring wells.  The company was forced to flare the gas from the wells for several days to relieve pressure. Following investigation, the Canonsburg, PA-based independent and DEP…