Chevron is set to sell 5% of its Permian acreage. Will there be more? Meanwhile, how high will U.S. crude production go over the next year? And, don’t count out offshore just yet.
In this week’s video, Chevron is selling 64,500 net acres in the Permian Basin to private equity-backed Sabinal Energy. Just how much was the deal worth, and will Chevron be selling off more acreage in the basin? Analysts weigh in.
Also in the Permian Basin, Parsley Energy has been busy making smaller trade that are adding up. The company isn’t alone, either as other companies are making smaller scale transactions in the basin.
Meanwhile, EIA is forecasting good things for oil production in the U.S. despite Harvey wrath on the Gulf Coast. Just how high will production rise in 2018? Hint: it’s been a long time since we’ve seen this kind of output.
Finally, don’t count out offshore just yet. One CEO says there are positive trends of looming resurrection.
Sources:
Recommended Reading
Hess Midstream Announces 10 Million Share Secondary Offering
2024-02-07 - Global Infrastructure Partners, a Hess Midstream affiliate, will act as the selling shareholder and Hess Midstream will not receive proceeds from the public offering of shares.
EQT CEO: Biden's LNG Pause Mirrors Midstream ‘Playbook’ of Delay, Doubt
2024-02-06 - At a Congressional hearing, EQT CEO Toby Rice blasted the Biden administration and said the same tactics used to stifle pipeline construction—by introducing delays and uncertainty—appear to be behind President Joe Biden’s pause on LNG terminal permitting.
Venture Global Acquires Nine LNG-powered Vessels
2024-03-18 - Venture Global plans to deliver the vessels, which are currently under construction in South Korea, starting later this year.
Imperial Oil Shuts Down Fuel Pipeline in Central Canada
2024-03-18 - Supplies on the Winnipeg regional line will be rerouted for three months.
Hess Midstream Subsidiary to Buy Back $100MM of Class B Units
2024-03-13 - Hess Midstream subsidiary Hess Midstream Operations will repurchase approximately 2 million Class B units equal to 1.2% of the company.