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.
XTO Energy’s results from a Wolfcamp Shale completion in Loving, Texas, plus an oil and gas discovery announced by BP in the Gulf of Mexico top this week’s drilling activity highlights from around the world.
A Marcellus Shale discovery by Southwestern Energy in West Virginia’s Ohio County plus Occidental Petroleum completes Wolfcamp producers in the Purple Sage Field top this week’s drilling activity highlights from around the world.
The U.S. rig count rose by seven in the last week to 284. However, the count of oil and gas rigs operating remains down year-over-year by 69%.