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Diamondback Energy Inc. is in the final stages of acquiring Double Eagle, a West Texas oil producer, to strengthen its position in the Permian Basin. The deal, valued at over $5 billion, is expected to be officially announced soon. This acquisition follows Diamondback's previous purchase of Endeavor Energy Resources LP for $28 billion. The transaction reflects a trend of consolidation in the shale industry, with Double Eagle being one of the last major privately held producers in the Permian region. [Extracted from the article]

Diamondback Energy Inc. is finalizing a deal to acquire Double Eagle, a West Texas oil producer, in an effort to strengthen its position in the Permian Basin. The transaction, valued at over $5 billion, is expected to be announced soon. This acquisition follows Diamondback's previous purchase of Endeavor Energy Resources LP for $28 billion, and reflects ongoing consolidation in the shale industry. [Extracted from the article]

Diamondback Energy Inc. is finalizing a deal to acquire Double Eagle, a West Texas oil producer, in an effort to strengthen its position in the Permian Basin. The transaction, valued at over $5 billion, is expected to be announced soon. This acquisition follows Diamondback's previous purchase of Endeavor Energy Resources LP for $28 billion, making it the largest independent oil and gas producer in the Permian Basin. Private equity-backed Double Eagle is one of the few remaining major producers in the region to be acquired, as shale deal-making has slowed down after significant consolidation in recent years. [Extracted from the article]

Diamondback Energy Inc. is in the final stages of acquiring Double Eagle, a West Texas oil producer, to strengthen its position in the Permian Basin. The deal, valued at over $5 billion, is expected to be announced soon. This acquisition follows Diamondback's previous purchase of Endeavor Energy Resources LP for $28 billion. The transaction reflects a trend of consolidation in the shale industry, with private equity firms reducing their investments in energy companies. [Extracted from the article]

Chevron Corp. plans to increase oil production by up to 10% in the US Permian Basin this year, despite reducing capital spending in the region, according to Chief Executive Officer Mike Wirth. The company aims to achieve a 9% to 10% increase in production from the shale field in 2025 compared to the 2024 average, moving towards a plateau for future growth. This strategy is intended to establish a strong cash flow position for Chevron. [Extracted from the article]

Civitas Resources Inc. is considering selling part or all of its assets in the Denver-Julesburg Basin, potentially valued at over $4 billion. The company is seeking buyer interest with the help of a financial adviser, and may fully divest from the Colorado basin if offered an attractive deal. This move could provide Civitas with funds for acquisitions and debt reduction, as it faces challenges operating in Colorado due to regulatory requirements. Other midsize shale producers are also restructuring their portfolios to adapt to industry changes, as seen in recent deals by Ovintiv Inc. and Coterra Energy Inc. [Extracted from the article]

Civitas Resources Inc. is considering selling its assets in the Denver-Julesburg Basin, potentially valued at over $4 billion. The company is working with a financial adviser to assess interest from potential buyers, and may fully divest from the Colorado basin if a compelling offer is made. This move could provide Civitas with funds for acquisitions and debt reduction, as it currently holds around $4.8 billion in debt. Other companies like Chevron Corp. and Occidental Petroleum Corp. operate in the DJ Basin, which is known for its challenging regulatory environment. [Extracted from the article]

Shale executives in the US Great Plains and Rocky Mountains are increasing the natural gas price threshold needed to profit from drilling for the fuel. According to a survey by the Federal Reserve Bank of Kansas City, drillers now require at least $3.69 per million British thermal units to turn a profit, a 7.6% increase in three months. Executives indicated that prices around $4.66 would be necessary to stimulate drilling for untapped reserves in key shale fields across several states. [Extracted from the article]

According to a report by Bank of America Corp., Brent crude oil is projected to average $65 a barrel in 2025 due to increased production from non-OPEC countries surpassing global demand growth. This will put pressure on OPEC+ to maintain output reductions longer than anticipated, as compliance with quotas is already showing signs of strain. The supply growth is expected to come from countries like Brazil, Canada, Guyana, and Norway, with only a slight increase from US shale production. [Extracted from the article]

A plan to export liquefied natural gas from Argentina is gaining momentum, with four drillers in the country's shale patch signing on to supply a floating liquefaction project. Harbour Energy Plc recently acquired drilling assets in Argentina and acquired a 15% stake in the project, joining other companies like Pampa Energia SA and YPF SA. Argentina's LNG ambitions put it in competition with the US and Qatar as demand for natural gas rises in Europe and Southeast Asia. [Extracted from the article]

Blackstone Inc. and EQT Corp. have formed a $3.5 billion joint venture to help EQT reduce its debt. EQT plans to use the investment to pay down loans and repurchase bonds, as its earnings have declined due to low gas prices. The joint venture includes assets such as the Mountain Valley Pipeline and the Hammerhead Pipeline, allowing EQT to decrease its net debt from $13.7 billion to around $9 billion by the end of the year. [Extracted from the article]

Coterra Energy Inc. has agreed to purchase shale assets in the Permian Basin for $3.95 billion from Franklin Mountain Energy and Avant Natural Resources. The deal, which includes cash and stock, will expand Coterra's presence in the New Mexico side of the shale basin. The acquisition is part of a trend where US oil producers are acquiring rivals to secure future drilling sites, with the transaction expected to close in the first quarter of 2025. [Extracted from the article]

Coterra Energy Inc., a Texas shale-oil producer, has agreed to purchase Permian Basin assets from Franklin Mountain Energy and Avant Natural Resources for $3.95 billion. The deal, which includes $2.95 billion in cash and $1 billion in stock, will expand Coterra's presence in the New Mexico side of the Permian Basin. These acquisitions are anticipated to be finalized in the first quarter of 2025, as larger operators seek to secure future well inventories in the region. [Extracted from the article]

LyondellBasell Industries NV will permanently shut down its 106-year-old Houston refinery in early 2025, marking its exit from the crude-oil processing business. The decision comes after the company failed to find a buyer for the facility, which has faced declining profit margins due to increased competition and reliance on costlier imported supplies. The refinery, once a key player in the Houston Ship Channel's refinery corridor, will see the closure of key units starting in January, with additional units being mothballed in February. The company's strategic review also includes operations in Europe. [Extracted from the article]

In August, US oil production reached a new high of 13.4 million barrels per day, with significant contributions from Texas and New Mexico. This surge in production may complicate OPEC's decision on whether to increase supplies to the market. Despite the growth, US shale producers are focusing on shareholder returns over expanding output. The increase in US production comes as imports from Saudi Arabia have decreased, prompting OPEC to consider resuming supplies to the market in December. [Extracted from the article]

Exxon Mobil Corp. has agreed to sell most of its assets in Argentina's Vaca Muerta shale patch to Pluspetrol SA, a deal that is pending approval from the province of Neuquen. The Vaca Muerta oil assets, particularly the Bajo del Choique-La Invernada tract, have been in high demand among Argentine drillers. Exxon's decision to sell its assets in Vaca Muerta is part of its strategy to focus on other regions, such as Guyana, while the Argentine government under President Javier Milei is making changes to the oil industry regulations. Pluspetrol, the buyer, is controlled by two Argentine families and already has operations in the Vaca Muerta region. [Extracted from the article]

According to the Energy Information Administration's Short-Term Energy Outlook, the United States is expecting slower growth in crude oil production in 2025 than previously estimated. The annual rate of growth is projected to be 2.4% instead of the previously estimated 3.2%. This slowdown is attributed to a decrease in the number of oil rigs operating in the US and the prioritization of shareholder returns over growth by shale producers. The trajectory of US oil production is important for market participants, especially as it coincides with the return of supplies from OPEC members and allies. Additionally, the agency has revised its estimate for global oil demand in 2025 to 1.2 million barrels a day, lower than the previous estimate of 1.5 million barrels a day. This has led to concerns about an oversupplied oil market next year. [Extracted from the article]

Chevron Corp. has agreed to sell its stakes in certain oil sands and shale assets in Canada to Canadian Natural Resources Ltd. for $6.5 billion. The deal includes Chevron's 20% interest in the Athabasca Oil Sands Project and a 70% holding in the Duvernay shale, both located in Alberta. This sale is part of Chevron's strategy to focus on growth in other regions, such as the Permian basin in the US and the Tengiz field in Kazakhstan. The transaction is expected to close in the fourth quarter, pending regulatory approvals. [Extracted from the article]

Chevron Corp. has agreed to sell its stakes in certain oil sands and shale assets in Canada to Canadian Natural Resources Ltd. for $6.5 billion. The deal includes Chevron's 20% interest in the Athabasca Oil Sands Project and a 70% holding in the Duvernay shale, both located in Alberta. This sale is part of Chevron's strategy to focus on growth in other regions, such as the Permian basin in the US and the Tengiz field in Kazakhstan. Chevron is also in the process of acquiring Hess Corp. for $53 billion, which would increase its presence in Guyana. [Extracted from the article]

(Bloomberg) -- Chevron Corp. agreed to sell its stakes in oil sands and shale assets to Canadian Natural Resources Ltd. for $6.5 billion.The deal relates to Chevron's 20% interest in the Athabasca Oil Sands Project and a 70% holding in the Duvernay shale, according to a statement from the company on Monday. The all-cash transaction has an effective date of Sept. 1 and is expected to close during the fourth quarter, subject to regulatory approvals.©2024 Bloomberg L.P.By James HerronReported by Author [Extracted from the article]

Chevron Corp. has agreed to sell its stakes in certain oil sands and shale assets in Canada to Canadian Natural Resources Ltd. for $6.5 billion. The deal includes Chevron's 20% interest in the Athabasca Oil Sands Project and a 70% holding in the Duvernay shale, both located in Alberta. This sale is part of Chevron's strategy to focus on growth in other regions, such as the Permian basin in the US and the Tengiz field in Kazakhstan. The transaction is expected to close in the fourth quarter, pending regulatory approvals. [Extracted from the article]

(Bloomberg) -- Chevron Corp. agreed to sell its stakes in oil sands and shale assets to Canadian Natural Resources Ltd. for $6.5 billion.The deal relates to Chevron's 20% interest in the Athabasca Oil Sands Project and a 70% holding in the Duvernay shale, according to a statement from the company on Monday. The all-cash transaction has an effective date of Sept. 1 and is expected to close during the fourth quarter, subject to regulatory approvals.©2024 Bloomberg L.P.By James HerronReported by Author [Extracted from the article]

Helix Energy Solutions Group Inc., a Houston-based offshore drilling services provider, is considering strategic options, including a potential sale. The company is working with advisers to gauge interest from potential buyers. While the deliberations are in the early stages and there is no certainty that a sale will occur, shares in Helix rose as much as 10.4% following the news. Helix primarily offers well intervention services and operates in various regions, including the Gulf of Mexico, US East Coast, Brazil, North Sea, Asia Pacific, and West Africa. This move comes as major oil field service companies are shifting their focus to international and offshore fields due to a slowdown in US shale activity. [Extracted from the article]

Helix Energy Solutions Group Inc., a Houston-based offshore drilling services provider, is considering strategic options, including a potential sale. The company is working with advisers to gauge interest from potential buyers. While Helix's shares have risen approximately 7.9% in the past year, there is no certainty that a sale will be pursued. Helix operates in various regions, including the Gulf of Mexico, US East Coast, Brazil, North Sea, Asia Pacific, and West Africa, offering services for decommissioning and servicing underwater wells. This move comes as major oil field service companies shift their focus to international and offshore fields due to a slowdown in US shale activity. [Extracted from the article]

Diamondback Energy, Inc. and Kinetik Holdings Inc. have acquired a 30% equity stake in Epic Crude, a pipeline operator owned by Epic Midstream. Diamondback and Kinetik now each own 27.5% of Epic Crude, while Epic Midstream retains a 45% stake and manages operations. Epic Crude operates a 700-mile pipeline that transports over 600 million barrels per day of oil from the Permian Basin to the Port of Corpus Christi, serving multiple basins. This deal allows Diamondback to ensure reliable and cost-effective transportation for their crude portfolio. [Extracted from the article]

OPEC+ is facing a dilemma in balancing its goals with market needs, leading to a "confused message," according to Ben Luckock, global head of oil at Trafigura. The group, led by Saudi Arabia and Russia, delayed easing supply curbs last week but now needs to decide its direction for next year. Despite extended curbs, oil prices remain under pressure due to concerns about slowing global consumption. The International Energy Agency predicts a surplus in the fourth quarter if OPEC sticks to its production plan. Analysts suggest that the floor price for oil may be shifting from $75-$80 to $70. [Extracted from the article]

According to analysts at Macquarie Group, oil rigs in the Permian and Bakken basins in the US are currently producing at their most efficient rates in about 13 years. This has led to a prediction that the country's crude oil production will exceed most consensus views. The average length of horizontal lateral wells drilled in the Midland basin of Texas and New Mexico is close to a record, while the Bakken formation in North Dakota has also seen a record average. Drillers have been extending the length of their wells to three miles or more to increase output. Macquarie analyst Walt Chancellor believes that this activity will drive significant production growth, and he estimates that US production may reach a record 13.9 million barrels a day by the end of the year. [Extracted from the article]

Exxon Mobil Corp. is planning to sell a collection of conventional oil assets in the Permian Basin as it shifts its focus to expanding shale production. The package includes older wells in the Permian's Central Basin that produce small but consistent amounts of oil. The sale could potentially fetch around $1 billion, although the final value will depend on oil prices. Exxon stated that it is exploring market interest for select conventional assets in West Texas and South East New Mexico as part of its ongoing portfolio evaluation strategy. [Extracted from the article]

US oil production is expected to increase by 600,000 barrels per day in 2025, a 50% increase from this year, due to improved well productivity and fracking techniques, according to BloombergNEF. This forecast is more optimistic than the estimate of 13.7 million barrels per day by the US Energy Information Administration. The efficiency gains and process improvements in the industry have allowed oil companies to reduce capital spending while maintaining well completions. This increase in US shale production comes at a time when oil prices have dropped due to lower demand, posing challenges for OPEC and its allies. [Extracted from the article]

Diamondback Energy Inc., a major independent oil explorer in the Permian Basin, has raised its 2024 oil-production target. The company now expects to produce up to 276,000 barrels per day, slightly higher than its previous forecast of 275,000 barrels per day. Diamondback also announced a reduction in its capital spending budget for the year. The increased production by US shale drillers like Diamondback poses challenges for the Organization of Petroleum Exporting Countries (OPEC) and its allies in managing global oil prices. [Extracted from the article]

The cost of drilling and fracking new wells in US shale basins is expected to decrease by about 10% this year, according to a report by Wood Mackenzie. The report also states that costs are projected to decrease by an additional 1% next year. However, further reductions may be challenging as oil field contractors aim to maintain their profit margins. Both energy producers and service providers are focusing on efficiency improvements to reduce costs, with service providers using these gains to prevent price decreases and producers aiming to increase profits for shareholders. [Extracted from the article]

According to Toby Rice, CEO of EQT Corp., if fracking were to be banned, natural gas prices would "skyrocket." Rice's comments come in response to Kamala Harris, who has expressed opposition to offshore drilling and fracking. However, even if Harris wanted to ban fracking, she would not have the power to do so unilaterally. Rice argues that fracking bans would have unintended negative consequences and would cause a significant drop in his company's production. EQT Corp. is the largest natural gas producer in the US, operating in Pennsylvania, West Virginia, and Ohio. [Extracted from the article]

Japanese trading firm Sumitomo Corp. plans to tap into the US shale oil and natural gas market, despite exiting production in the sector three years ago. The company aims to boost sales of pipelines used in US shale fields, rather than directly returning to output. Sumitomo's decision to re-enter the market contrasts with other major energy companies, which are investing in oil and gas acquisitions. While Sumitomo is also focusing on renewable energy assets, its president, Shingo Ueno, believes that natural gas will continue to play a role in the energy transition. The company aims to reduce its carbon emissions by more than half by 2035. [Extracted from the article]

According to a survey conducted by the Federal Reserve Bank of Dallas, more than 50% of oil executives believe that US oil production will decline if the current trend of corporate acquisitions in the shale sector continues for five years. The consolidation has led to decreased investment in exploration and a decrease in activity in the oil patch. The recent wave of acquisitions, totaling $250 billion, has also caught the attention of the OPEC+ alliance, who are monitoring for any potential supply impacts. Despite this, the US Energy Information Administration forecasts a rise in production for 2024. [Extracted from the article]

According to US shale giant EOG Resources Inc., the coordinated reduction in crude oil output by the Organization of Petroleum Exporting Countries (OPEC) and its allies has resulted in a balanced global oil market. However, the Saudi Arabia-led oil cartel plans to gradually reverse these cuts later in the year. Additionally, the United States, which is now the world's largest oil producer, is expected to reduce its output growth in 2024 after surpassing expectations in 2023. [Extracted from the article]

Drilling in the US shale patch has reached its lowest level in almost two-and-a-half years, as operators aim to fulfill their promises to investors for limited production growth this year. The number of rigs drilling for oil in the US has dropped to 492, the lowest since January 2022. This decrease in drilling activity is attributed to factors such as a shrinking inventory of prime drilling locations, industry consolidation, and a commitment to returning profits to shareholders. It is predicted that total spending by North American explorers will decrease by 1% this year. [Extracted from the article]

The recent $26 billion merger between Diamondback Energy Inc. and Endeavor Energy Resources LP is part of a trend of consolidation in the shale industry. Wall Street, which was previously skeptical of the sector, is now showing strong support. This consolidation is seen as a way to address the overspending and lack of investor returns that plagued smaller shale drillers. The larger companies are better positioned to weather the boom-and-bust cycles of the industry and negotiate favorable terms with service providers. The consolidation also signals a changing of the guard in the executive ranks, with the departure of Autry Stephens, one of the last original wildcatters. [Extracted from the article]

The recent $26 billion merger between Diamondback Energy Inc. and Endeavor Energy Resources LP is part of a trend of consolidation in the shale industry. Wall Street, which was previously skeptical of the sector, is now showing strong interest. This consolidation is seen as a way to address the overspending and lack of investor returns that plagued smaller shale drillers. The shift towards larger companies is driven by demands for scale, efficiency, and cash returns. The consolidation wave is also expected to lead to a slowdown in oil production growth, which could support global crude prices. [Extracted from the article]

According to Quantum Capital Group CEO Wil VanLoh, the lack of investment in shale is becoming a significant obstacle for the sector and global supply-demand balances. While public shale companies have become more attractive to investors by prioritizing cash returns, there is still not enough funding for oil and gas development to meet global demand. The world's largest oilfield services providers have also warned of a slowdown in shale activity in 2024. North American spending on shale is currently 33% lower than the peak in 2014. [Extracted from the article]

The Federal Trade Commission (FTC) has accused Scott Sheffield, a prominent figure in the shale industry, of colluding with OPEC to manipulate crude oil prices. This has caused concern among US oil executives who are pursuing over $100 billion in deals. As part of the approval for Exxon Mobil Corp.'s takeover of Pioneer Natural Resources Co., Sheffield has been barred from joining Exxon's board, which is a departure from the FTC's usual practice of seeking asset sales. The FTC's decision has led other companies with pending deals to review their regulatory strategies. [Extracted from the article]

The Federal Trade Commission (FTC) has accused Scott Sheffield, a prominent figure in the shale industry, of colluding with OPEC to manipulate crude oil prices. This has caused concern among US oil executives who are pursuing over $100 billion in deals. As part of the approval for Exxon Mobil Corp.'s takeover of Pioneer Natural Resources Co., Sheffield has been barred from joining Exxon's board, which is a departure from the FTC's usual practice of requiring asset sales. This move by the FTC has led other companies with pending deals to review their regulatory strategies. The FTC's decision is seen as a departure from its previous non-adversarial stance towards oil industry mergers and comes amidst criticism from Democratic lawmakers over oil executives' handling of climate change. However, the FTC ruling did define the oil market globally, which was seen as a positive for the industry. Overall, the FTC has not been blocking oil and gas transactions outright. US oil production is currently close to record levels, largely due to the shale-oil revolution that Sheffield helped champion. Some industry experts view the FTC's actions as politically motivated. [Extracted from the article]

The US shale-oil sector has seen a significant decline in drilling activity, with the number of rigs drilling for oil falling by five to 506. This is the largest decrease in drilling activity in over five months. The slowdown in drilling is attributed to factors such as a shrinking inventory of top-tier drilling locations, weak natural gas prices, and industry consolidation. As a result, total spending by North American explorers is expected to decrease by 1% this year. [Extracted from the article]

Halliburton, the largest provider of fracking services, reported its best first-quarter earnings in 12 years, despite a decline in the shale business. The company's international sales increased by 12%, while North America revenue fell by 8%. Halliburton's CEO expressed confidence in the strength and duration of the current upcycle, citing the company's 11th consecutive quarter of year-on-year growth in its international business. This comes as the oilfield services industry shifts its focus away from the once-booming shale patch towards overseas markets. [Extracted from the article]

Halliburton, the largest provider of fracking services, has reported its best first-quarter earnings in 12 years, despite a decline in the shale industry that is not expected to recover until next year. The company expects flat sales growth in the US and Canada this year, with low double-digit growth in other parts of the world. While Halliburton anticipates a recovery in natural gas activity driven by demand from LNG expansions, its 2024 plan does not account for this. The company's international sales grew by 12% while North America revenue fell by 8%. [Extracted from the article]

Halliburton, the largest provider of fracking services, reported its best first-quarter earnings in 12 years, despite a decline in the shale business. The company's quarterly earnings reached $679 million, excluding certain items, with international sales growing by 12% and North America revenue falling by 8%. Halliburton's success in international markets reflects its shift away from the shrinking shale patch. The US shale industry is slowing down due to factors such as dwindling inventory, weak natural gas prices, and industry consolidation. [Extracted from the article]

Halliburton, the largest provider of fracking services, reported its best first-quarter earnings in 12 years, despite a decline in the shale business. The company's international sales increased by 12%, while North America revenue fell by 8%. Halliburton's CEO expressed confidence in the strength and duration of the current upcycle, citing the company's 11th consecutive quarter of year-on-year growth in its international business. This comes as the oilfield services industry shifts its focus away from the once-booming shale patch towards overseas markets. [Extracted from the article]

US oil companies, including Diamondback Energy Inc., are considering the use of small nuclear reactors to power drilling operations in Texas's Permian Basin. This move aims to reduce carbon emissions and ensure reliable access to electricity. Diamondback has signed a nonbinding letter of intent with Oklo Inc. to deploy small reactors for its future power needs. The use of small nuclear reactors would provide reliability without greenhouse gas emissions, as reactors generate power without emitting carbon dioxide. However, commercial systems for small reactors are still years away from being available. Nuclear power is increasingly seen as a key part of the fight against climate change, and incorporating it into the drilling process would help reduce greenhouse gases while oil is still needed. [Extracted from the article]

Investor interest in publicly traded drillers in the Haynesville Shale of Louisiana is growing, according to Aethon Energy Management. Aethon Energy's chief operating officer, Andrea Passman, stated at a conference that there is a desire for more Haynesville stocks on the market. While Aethon Energy did not name any specific companies, Comstock Resources Inc., owned by Jerry Jones, is one of the leading Haynesville drillers with publicly traded shares. The Haynesville region is located near major liquefied natural gas-export terminals and spans across Louisiana and East Texas. [Extracted from the article]

According to a survey conducted by the Federal Reserve Bank of Dallas, some shale oil executives in the US are hesitant to drill new wells due to political and regulatory uncertainty surrounding the upcoming November election. Despite oil prices being high enough to make drilling profitable, concerns about potential regulatory changes under the Biden Administration are causing hesitation. The survey also found that oil executives are slightly more optimistic about crude oil prices, with forecasts predicting prices to end the year in the $80-to-$85 range. The survey involved 144 companies in the oil and natural gas industry in Texas, northern Louisiana, and southern New Mexico. [Extracted from the article]

Shale explorers in the US have increased oil drilling activity to the highest level in six months due to rising crude prices. The number of rigs drilling for oil has risen by six to 510, the largest number since September 15. This increase in activity is being closely watched to see if it will lead to higher production levels, which could help alleviate the global oil market's supply deficit. [Extracted from the article]