Activist Investor Elliott Management has offered to buy soon-to-be Permian pure play QEP Resources in an all-cash deal valued at $2.07 billion. Analysts from Cowen & Co. equity research team estimate QEP’s Permian acreage is garnering roughly $25,000 per acre. That acreage is located in the Midland Basin in Martin and Andrews Counties in Texas.
BP is betting big on the U.S. Gulf of Mexico, where the company has unveiled a $1.3 billion expansion of the Atlantis Field. Exploration efforts have led to two oil discoveries and seismic imaging has uncovered 1 billion more barrels of oil in place near an existing field.
The EIA says that U.S. crude oil stockpiles fell less than expected last week and that gasoline and distillates inventories rose more than expected.
Oil majors Chevron and Occidental Petroleum are taking a minority stake in a Bill Gates-backed startup company. Carbon Engineering has developed technologies to suck CO₂ directly from the atmosphere and use it to make synthetic fuel. The deal marks the first significant investment by energy groups into the technology known as direct air capture, which pulls CO₂ by using chemicals and fans.
Speaking of emissions, the leader of the American Petroleum Institute (API) says every generation has its own defining challenges and accomplishment. API CEO and President Mike Sommers said this generation is defined as “Generation Energy” because of the unprecedented dual achievement of meeting record world energy demand while driving record CO₂ emissions reductions.
Recommended Reading
US Raises Crude Production Growth Forecast for 2024
2024-03-12 - U.S. crude oil production will rise by 260,000 bbl/d to 13.19 MMbbl/d this year, the EIA said in its Short-Term Energy Outlook.
NAPE: Turning Orphan Wells From a Hot Mess Into a Hot Opportunity
2024-02-09 - Certain orphaned wells across the U.S. could be plugged to earn carbon credits.
CNX, Appalachia Peers Defer Completions as NatGas Prices Languish
2024-04-25 - Henry Hub blues: CNX Resources and other Appalachia producers are slashing production and deferring well completions as natural gas spot prices hover near record lows.
CEO: Continental Adds Midland Basin Acreage, Explores Woodford, Barnett
2024-04-11 - Continental Resources is adding leases in Midland and Ector counties, Texas, as the private E&P hunts for drilling locations to explore. Continental is also testing deeper Barnett and Woodford intervals across its Permian footprint, CEO Doug Lawler said in an exclusive interview.
Exxon Versus Chevron: The Fight for Hess’ 30% Guyana Interest
2024-03-04 - Chevron's plan to buy Hess Corp. and assume a 30% foothold in Guyana has been complicated by Exxon Mobil and CNOOC's claims that they have the right of first refusal for the interest.