In Venezuela, opposition leader Juan Guaidó swore himself in as president of the country and was immediately recognized by the U.S. and several Latin American countries. President Nicolás Maduro showed no sign of stepping aside. What’s the impact on oil markets? As Hart Energy’s Joe Markman reports in this week’s frac spread, a stalemate could result in U.S. sanctions against Venezuela that will deprive gulf coast refineries of affordable heavy crude. The long-term scenario could be much brighter, with a stable government led by Guaidó enjoying friendly relations throughout the hemisphere and the likelihood of restoring much of the 67% of oil production lost since Hugo Chávez took power in 1999. That could lead to lucrative opportunities for U.S.companies to assist in rebuilding Venezuela’s energy infrastructure.
With the $735 million Haynesville shale divestiture closed, QEP Resources has engaged Evercore to explore a sales process following a surprise takeover bid by activist investor Elliott Management in early January. Elliott’s takeover offer of $2 billion to $2.5 billion was premised on QEP’s Permian Basin assets being undervalued.
EQT is making fundamental changes, the company’s CEO told analysts this week. Instead of being driven by volume targets, capital efficiency will take the lead. EQT’s focus in 2019 will include “not trying to jump through hoops to get to volume targets and importantly also being realistic about lateral lengths,” new CEO Rob McNally said. The company shared insight on its 2019 spending plans amid a potential activist campaign from shareholders that include founders of Rice Energy, which EQT merged with roughly a year ago.
We want to remind you that we will soon be combining our four websites into one with the launch of the new hartenergy.com. Coming February 4th. For more information go to yoursourceforenergy.com. We will also launch a new program called Hart Energy Connect where we will be taking a closer look at the energy industry trends and issues with the help of who knows best, the top executives and analysts in the business. Look for Hart Energy Connect every Tuesday through Friday starting in February.
Recommended Reading
Beyond Energy: EnergyNet Expands Marketplace For Land, Real Assets
2024-09-03 - A pioneer in facilitating online oil and gas A&D transactions, EnergyNet is expanding its reach into surface land, renewables and other asset classes.
Weatherford Announces Acquisition of Technology Company Datagration
2024-09-03 - The acquisition gives Weatherford International digital offerings for production and asset optimization and demonstrates its commitment to continuously driving innovation across its technology portfolio, the company said.
Voyager Midstream Buys Haynesville G&P Assets from Phillips 66
2024-09-03 - Voyager Midstream acquired about 550 miles of natural gas pipelines, 400 MMcf/d of gas processing capacity and 12,000 bbl/d of NGL production capacity.
DNO Buys Stakes in Five Norwegian Sea Fields from Vår Energi
2024-09-03 - DNO’s acquisition of stakes from Vår Energi includes interests in four producing fields—Norne, Skuld, Urd and Marulk— and the Verdande development.
Transocean Scores $232MM Contract for Deepwater Atlas
2024-09-11 - Transocean’s newest $232 million ultra-deepwater contract follows the company’s $123 million contract for six wells offshore India by Reliance Industries.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.