Natural gas demand has not slowed, and that’s helping to grease the skids for export contracts, ExxonMobil CEO Darren Woods said Wednesday. During a webcast to discuss capital spending and projected plans, Woods was asked about the company’s opportunities in the global LNG export market. The integrated major is a partner in several big gas…
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BP, Chevron, EQT, ExxonMobil, Oxy, Shell Vow to Curb More Natural Gas, Oil Emissions as EPA Unveils Stringent Methane Rules
The Biden administration’s final revisions to the nation’s methane regulations, launched on Saturday, drew sharp criticism from energy trade groups, even as 50 of the world’s largest natural gas and oil producers pledged more emissions cuts. Long expected, the U.S. Environmental Protection Agency (EPA) final rulemaking revised the Clean Air Act (CAA) methane and volatile…
‘Get Real’ about Energy Transition and Stop Vilifying Oil, Natural Gas Companies, Says ExxonMobil CEO
Choking off the world’s oil and natural gas supply will slow instead of speed ambitions toward achieving net-zero carbon emissions, ExxonMobil CEO Darren Woods warned earlier this month. In his address at the Asia-Pacific Economic Cooperation’s CEO summit, Woods shared how ExxonMobil’s view of climate change has evolved over three decades, from skeptic to believer.…
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)…
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…
ExxonMobil Creating Permian Juggernaut with Pioneer Natural Merger Valued at $59.5B
As has been speculated for months, ExxonMobil on Wednesday agreed to buy Permian Basin pure-play Pioneer Natural Resources Co. in a mega all-stock transaction valued at $59.5 billion. The implied total enterprise value, including net debt, is estimated at $64.5 billion. “Pioneer is a clear leader in the Permian, with a unique asset base and…
Unlocking Efficient, Less Costly CCS Technology for Natural Gas Sector Moving Closer, Say MIT Researchers
Several carbon capture and storage (CCS) projects are in the works across North America, and researchers may have found a novel way to make them more energy efficient. Researchers from Massachusetts Institute of Technology (MIT) recently highlighted how a hidden function of electrodes can attract carbon dioxide (CO2) emissions, which then could be converted, allowing…
ExxonMobil Falters on ‘Dramatic’ Decline in Natural Gas, Oil Prices, but Gulf Coast Still Growing
Lower natural gas and oil prices, combined with reduced output, took a bite out of ExxonMobil’s profits during the second quarter, but it continues to expand on the Gulf Coast, with more acquisitions possible, CEO Darren Woods said Friday. The CEO discussed the second quarter results during a conference call from the new corporate headquarters…
‘Thunderous Return’ to Upstream M&A as 2Q Dealmaking Tops $24B
Merger and acquisition (M&A) activity in the Lower 48 upstream segment doubled year/year during the second quarter in terms of transacted value, with 20 deals totaling $24 billion, according to the latest tally by Enverus Intelligence Research (EIR). The figure was up from a comparatively sluggish $12 billion transacted during 2Q2022. Dealmaking in 2Q2023 was…