In a stealth move Monday, Chevron Corp. snapped up Denver-based independent PDC Energy Inc., a transaction that builds the Permian Basin inventory and adds enough heft in Colorado to become a “Top Five” global asset. Chevron CEO Mike Wirth led a conference call early Monday to discuss the all-stock deal, valued at $6.3 billion, or…
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LNG Exports Seen Boosting North American Natural Gas Demand Through Next Decade and Beyond
North American natural gas demand is likely to grow by roughly 25% over the next 10 years and stay resilient through 2050 as the world shifts to lower-carbon energy, according to new projections from Wood Mackenzie. LNG exports are expected to drive the incremental demand, which will largely be supplied through continued growth in associated…
Vital Energy, NOG Adding Permian Delaware Assets for $540M
Vital Energy Inc. and Northern Oil and Gas Inc. (NOG) are teaming up to acquire the assets of Forge Energy II Delaware LLC, an EnCap Investments LP portfolio company based in the Permian Basin, in a $540 million all-cash transaction. The Forge assets in the Delaware sub-basin span nearly 42,000 gross acres across Pecos, Reeves…
New Permian Research Lab Looks to Advance Natural Gas, Oil and Renewables Know-How
The Permian Energy Development Laboratory is working in the largest producing basin in the United States to advance research on renewable energy, emissions management and natural resources. A memorandum of understanding recently was reached between the University of Texas at Austin (UT), six other New Mexico and Texas universities and two national laboratories to advance…
Oneok to Add Refined Products, Crude Oil Transportation Services with $18.8B Magellan Deal
Natural gas midstream company Oneok Inc. on Monday announced that it has agreed to purchase Magellan Midstream Partners LP for $18.8 billion, giving the Tulsa-based firm entry into the transportation of crude oil and refined products. Under the deal, Oneok would acquire all outstanding units of Magellan in a cash-and-stock transaction, resulting in a combined…
Devon Finds Permian Delaware Tops Targets in ‘Every Flavor of Commodity Price’
Devon Energy Corp. has a bundle of opportunities from which to choose when it allocates its capital in the Lower 48, but it has always come down to the price of natural gas and oil, a top executive said this week. COO Clay Gaspar, speaking with analysts during the first quarter 2023 conference call, explained…
Business Booming for Natural Gas G&P in Oily Onshore Basins, Says Crestwood CEO
It’s a good time to be in the natural gas gathering and processing (G&P) business, particularly in oil-weighted basins such as the Permian, Powder River and Williston, according to Crestwood Equity Partners LP CEO Robert Phillips. Phillips hosted a conference call on Tuesday to discuss first quarter results. Through a series of mergers and acquisitions…
BP Beats 1Q Expectations on ‘Exceptional’ Natural Gas Marketing and Trading
Strong global natural gas marketing and trading lifted BP plc in the first three months of this year, helping the company overcome low commodity prices as the integrated major also leaned in to secure opportunities to expand in the United States and overseas. CFO Murray Auchincloss led a conference call Tuesday to discuss the latest…
Pioneer Resources Posts Robust Natural Gas Output, Sidesteps Possible Sale to ExxonMobil
Pioneer Natural Resources Co.’s management team on Thursday touted strong production volumes for the first quarter, boosted by natural gas output. A day after announcing his planned retirement, CEO Scott Sheffield also brushed aside questions about whether the Permian Basin powerhouse would consider a sale to ExxonMobil. Multiple media outlets earlier in April reported that…
Matador Boosts Permian Opportunities with $1.6B Advance Takeover
Matador Resources Co. has completed its largest transaction in the Permian Basin with the purchase of Advance Energy Partners Holdings LLC, which has assets in New Mexico and West Texas. Matador paid an initial $1.6 billion for the company. In addition, the independent agreed to pay $7.5 million monthly this year if the average West…