Mark Lewis’ Post

The oil and gas industry gets another mega-merger. As consolidation of companies extracting energy in the Permian Basin continues, Diamondback Energy announced plans to buy Endeavor Energy Partners, the area’s biggest privately held oil and gas producer, in a cash-and-stock deal valued at around $26 billion. It’s the latest acquisition as energy companies look to grow and secure drilling sites with high oil prices remaining high: Exxon Mobil is snapping up Pioneer Natural Resources in a $60 billion deal, and Chevron is buying Hess for $53 billion. For the Southwest region specifically, where the Permian Basin is located, the USGS estimates there are 147 billion barrels of technically recoverable crude oil resources and 17.8 billion barrels of proved reserves

🇺🇸 Permian gas output has been in the spotlight this year as gas prices slid lower. Gas producers will often rein in drilling when prices collapse, but drilling decisions in the Permian, the second-largest gas field in the US, are based on oil prices rather than gas. A recent acquisition by ExxonMobil of Permian-focused oil producer Pioneer Resources, Inc. for $59.5bn will likely bolster drilling by allowing the combined company to increase scale and cut costs in the Permian, boosting profitability even at lower oil prices. Improved well-level productivity and higher crude prices in 2024 likely will spur more drilling, leading to an increase in associated gas production. Read the full story by David Haydon at Argus Media: https://okt.to/gKAFYu Stay current with Argus Newsletters: https://okt.to/qEwArP #wti #oilgas #oilandgas #markets #trade

🇺🇸 Permian gas output has been in the spotlight this year as gas prices slid lower. Gas producers will often rein in drilling when prices collapse, but drilling decisions in the Permian, the second-largest gas field in the US, are based on oil prices rather than gas. A recent acquisition by ExxonMobil of Permian-focused oil producer Pioneer Resources, Inc. for $59.5bn will likely bolster drilling by allowing the combined company to increase scale and cut costs in the Permian, boosting profitability even at lower oil prices. Improved well-level productivity and higher crude prices in 2024 likely will spur more drilling, leading to an increase in associated gas production. Read the full story by David Haydon at Argus Media: https://okt.to/WQuPht Stay current with Argus Newsletters: https://okt.to/Hn5tkf #wti #oilgas #oilandgas #markets #trade

🇺🇸 Permian gas output has been in the spotlight this year as gas prices slid lower. Gas producers will often rein in drilling when prices collapse, but drilling decisions in the Permian, the second-largest gas field in the US, are based on oil prices rather than gas. A recent acquisition by ExxonMobil of Permian-focused oil producer Pioneer Resources, Inc. for $59.5bn will likely bolster drilling by allowing the combined company to increase scale and cut costs in the Permian, boosting profitability even at lower oil prices. Improved well-level productivity and higher crude prices in 2024 likely will spur more drilling, leading to an increase in associated gas production. Read the full story by David Haydon at Argus Media: https://okt.to/NkC2nc Stay current with Argus Newsletters: https://okt.to/Qvb1cA #wti #oilgas #oilandgas #markets #trade

🇺🇸 Permian gas output has been in the spotlight this year as gas prices slid lower. Gas producers will often rein in drilling when prices collapse, but drilling decisions in the Permian, the second-largest gas field in the US, are based on oil prices rather than gas. A recent acquisition by ExxonMobil of Permian-focused oil producer Pioneer Resources, Inc. for $59.5bn will likely bolster drilling by allowing the combined company to increase scale and cut costs in the Permian, boosting profitability even at lower oil prices. Improved well-level productivity and higher crude prices in 2024 likely will spur more drilling, leading to an increase in associated gas production. Read the full story by David Haydon at Argus Media: https://okt.to/0N7Xci Stay current with Argus Newsletters: https://okt.to/qRne7E #wti #oilgas #oilandgas #markets #trade

CHEVRON SIGNALS UPSIDE Chevron Beats U.S. Permian Production Estimates, Signals Upside - Read More: https://hubs.la/Q02jL7xp0 After a year marked by oil and gas production setbacks, Chevron Corp on Friday delivered a better-than-expected 10.7% annual gain from the Permian Basin, its top shale-producing region. The company delivered a record 867,000 barrels per day (bpd) in the fourth quarter and, after a first-half dip in output, aims to pump about 900,000 bpd by year-end and reach 1 million bpd by 2025. Chevron #oil #oilgas #oilabdgascompanies #permianbasis #texas #energy #energynow

Public company proved oil and natural gas reserves were mostly unchanged in 2023. Global proved crude oil and natural gas reserves held by 175 publicly traded global exploration and production (E&P) companies increased by 2.0 billion barrels of oil equivalent (BOE) in 2023, or about 1%, according to data from the companies’ annual financial reports. http://ow.ly/AubT105F8F0

Oil and gas upstream M&A deal value hits highest Q1 levels since 2017   An ongoing consolidation in the U.S. shale industry has driven up global M&A deal value in the oil and gas exploration sector to its highest first-quarter level in seven years, industry experts said. Deals worth more than $55 billion have been announced in the first two months of 2024, according to analytics firm Enverus, as publicly traded companies take advantage of their high share price to gobble up smaller firms.   https://lnkd.in/eMAac7vV   #TrioPetroleum #CaliforniaEnergy #SouthSalinasProject #InvestInCalifornia Trio Petroleum Corp (NYSE: TPET)

Public company proved oil and natural gas reserves were mostly unchanged in 2023. Global proved crude oil and natural gas reserves held by 175 publicly traded global exploration and production (E&P) companies increased by 2.0 billion barrels of oil equivalent (BOE) in 2023, or about 1%, according to data from the companies’ annual financial reports. http://ow.ly/AubT105F8F0

Oil and gas upstream M&A deal value hits highest Q1 levels since 2017   An ongoing consolidation in the U.S. shale industry has driven up global M&A deal value in the oil and gas exploration sector to its highest first-quarter level in seven years, industry experts said. Deals worth more than $55 billion have been announced in the first two months of 2024, according to analytics firm Enverus, as publicly traded companies take advantage of their high share price to gobble up smaller firms.   https://lnkd.in/drk_Gd_G   #TrioPetroleum #CaliforniaEnergy #SouthSalinasProject #InvestInCalifornia Trio Petroleum Corp (NYSE: TPET)