Business News

Chevron, Hess Deal More Expensive than Exxon, Pioneer Acquisition

Pioneer generates twice as much annual cash as Hess, but the all-stock transactions value Pioneer at just 6.35 times its 12-month cash flow compared with 11.65 times for Hess.

ConocoPhillips Weighs CrownRock Acquisition Amid Oil Major Megadeals

Houston-based Conoco, the largest U.S. oil and gas producer after Exxon Mobil Corp and Chevron Corp, has expressed interest in participating in the sale process for privately held CrownRock, which is valued between $10 billion and $15 billion, the sources said.

Shell to Scale Back Hydrogen Business, Cut Low-Carbon Workforce By 15%

Shell will cut at least 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan's drive to boost profits, it said on Wednesday.

Enverus: US Exxon, Chevron Megadeals to Spark Consolidation Across Energy Industry

Other deals in the third quarter included Permian Resources' $4.5 billion acquisition of Earthstone Energy, and Energy Transfer's $7.1 billion acquisition of pipeline rival Crestwood Equity Partners.

Chevron to Buy Hess for $53 Billion in All-Stock Deal

Chevron agreed to buy U.S. rival Hess Corp. for $53 billion in stock in a deal that reflects top U.S. energy companies' drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns.

Business News October 2023

Association news, personnel changes and mergers and acquisitions in October 2023!

TC Energy Names Ex-CEO as Chair of Oil Pipeline Business

Canadian pipeline operator TC Energy on Thursday named industry veteran and former CEO Hal Kvisle as the chair of its oil pipeline unit.

Midstream Winners Honored at Gulf Energy Information Excellence Awards Gala

(P&GJ) — Pipeline & Gas Journal is excited to announce the winners of the midstream categories at the inaugural Gulf Energy Information Excellence Awards. Industry experts gathered at Houston's Post Oak Hotel for a grand gala, combining the recognition programs of World Oil, Hydrocarbon Processing, Pipeline & Gas Journal, and Petroleum Economist.

Join Us for the Gulf Energy Information Excellence Awards: Where Excellence Takes Center Stage

(P&GJ) — In just two days, the prestigious Gulf Energy Information Excellence Awards will take center stage, celebrating the finest achievements in the energy industry. This event combines the recognition programs of World Oil, Hydrocarbon Processing, Pipeline & Gas Journal, and Petroleum Economist into a single grand gala, is set to be a pinnacle celebration of excellence.

Sources: Exxon in Advanced Talks for $60 Billion Acquisition of Pioneer

Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday.

Business News September 2023

Association news, personnel changes and mergers and acquisitions in September 2023!

NextEra Energy to Sell Florida City Gas to Chesapeake Utilities for $923 Million

NextEra Energy said on Tuesday it plans to sell Florida City Gas (FCG) to Chesapeake Utilities for $923 million in cash. FCG’s natural gas infrastructure encompasses approximately 3,800 miles of distribution mains and 80 miles of transmission pipelines.

Repsol Challenges Venture Global LNG Over Failure to Supply Gas

Spain's Repsol SA has asked an international tribunal to require U.S. gas exporter Venture Global LNG to fulfill its contract for LNG or compensate it, Reuters reported. It is the fourth European customer to pursue an arbitration case against the U.S. developer.

Former CFO of Russian Natural Gas Firm Novatek Sentenced to 7 Years in US Prison

A former deputy chief of Russian natural gas producer Novatek was sentenced on Thursday to seven years and two months in a U.S. prison for a scheme to hide millions of dollars of income in undisclosed Swiss bank accounts and submitting a false filing.

Magellan Midstream Approves $18.8 Billion Sale to ONEOK, Creating Major U.S. Pipeline Player

Magellan Midstream Partners' unitholders on Thursday voted in favor of its sale to larger rival ONEOK Inc. for $18.8 billion, creating one of the largest U.S. energy pipeline companies.

Sempra Completes Port Arthur LNG Phase 1 Interest Sale to KKR

(P&GJ) — Sempra Infrastructure announced that it has completed the sale of a 42% indirect, non-controlling interest in its Port Arthur LNG Phase 1 project to KKR.

Diamondback Energy, Five Point Form Water-Focused JV Deep Blue in Midland Basin

(P&GJ) — Diamondback Energy Inc. and Five Point Energy LLC have partnered to form a new joint venture entity, Deep Blue Midland Basin LLC. The joint venture’s water infrastructure network comprises over 800 miles of pipelines for gathering, transport, disposal and reuse.

Chevron Gambles on Untested Laws to Halt Australia LNG Strike Action

Chevron Australia no longer expects to reach a deal with unions and will instead pursue an untested legal strategy to stop industrial action at its Gorgon and Wheatstone LNG facilities as unions prepare for full-scale strikes.

Equitrans CEO Karam to Step Down, Insider Charletta to Succeed

Equitrans Midstream said on Thursday CEO Thomas Karam will step down from his role at the end of the year to become the pipeline operator's executive chairman.

Natural Gas Firm Peyto to Buy Repsol's Canada Unit for $468 Million

Canadian natural gas firm Peyto Exploration & Development has agreed to buy Spanish energy company Repsol's assets in Canada for $468 million, the two companies said in separate statements.

Williams CEO Not Interested in Acquisition of Utility Companies

U.S. energy firm Williams Companies is not interested in three utilities recently bought by Canada's pipeline operator Enbridge as the return rate would be too low, CEO Alan Armstrong said on Wednesday.

Berkshire Hathaway Successfully Acquires Dominion Energy’s 50% Stake in Cove Point LNG

(P&GJ) — Berkshire Hathaway Energy has completed the purchase of Dominion Energy’s 50% limited partnership stake in the Cove Point LNG, LP business, resulting in a total ownership interest of 75%.

Finalists Unveiled for Midstream Categories in Gulf Energy Information Excellence Awards

(P&GJ) — Pipeline & Gas Journal is thrilled to announce the distinguished finalists for the midstream categories in the inaugural Gulf Energy Information Excellence Awards.

US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time

Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.

Former Trump Energy Secretary Dan Brouillette Named New President of Utility Lobby Group

Edison Electric Institute has named Dan Brouillette as president starting on Jan. 1, 2024. Brouillette, who currently serves as president of Sempra Infrastructure, said he looks forward to leading the lobby group at a "pivotal point" for the industry.

FTC Approves EQT's Deal to Buy THQ Appalachia

EQT Corp., the biggest U.S. natural gas producer, has received the U.S. Federal Trade Commission's approval to buy THQ Appalachia and associated infrastructure. The proposed deal is valued at $5.2 billion.

Suncor Energy's Quarterly Profit Halves on Lower Oil and Gas Prices

Canada's Suncor Energy has joined its global peers in reporting a sharp drop in quarterly profit, as oil and gas prices retreated from last year's peak. Suncor also took a $204 million restructuring charge during the second quarter related to its plans to cut 1,500 jobs this year to reduce costs.

Energy Transfer Reports Lower Q2 Earnings, Weighed by Natural Gas Prices

Last week, U.S. midstream company Energy Transfer reported lower earnings for the second quarter despite higher transport volumes in most energy product segments versus a year ago.

Plains All American Tops Estimates, Sees 2023 Earnings Near High End of Guidance

Plains All American on Friday posted earnings above estimates and said it expects full-year profit at the top end of the pipeline operator's previous guidance, citing higher crude oil volumes.

Canada Pipeline Operator Enbridge's Quarterly Profit Rises on Strong Volumes

Canadian pipeline operator Enbridge Inc. reported a rise in second-quarter profit on Friday as delivery volumes were lifted by oil and gas companies boosting production to take advantage of steady commodity prices.