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.
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.
2022-09-26 - It could be a sign that hedge funds, which often discover trading ideas from market trends, are finding it too tough to bring in the kind of paydays they received from the surge in oil prices earlier this year.
2022-09-26 - Tellurian announced the canceled deals a few days after withdrawing a $1 billion high-yield bond sale that would have funded the initial construction of its proposed multibillion-dollar Driftwood LNG plants in Louisiana.
2022-09-23 - Energy Chamber of Trinidad and Tobago head Thackwray “Dax” Driver says there’s a need to change the Caribbean island’s taxation structure to encourage continued investments.
2022-09-23 - Effective Oct. 1, Dorchester Minerals CEO William Casey McManemin will step down, allowing for the succession of COO Bradley J. Ehrman.
2022-09-23 - Hess subsidiary HONX filed for Chapter 11 protection in Houston on April 29, saying it intended to take advantage of the “breathing spell” of a bankruptcy case to reach a fair and efficient resolution of asbestos claims against Hess.