Latest From Hart Energy

Pemex Targets Debt Declining Below $100 Billion This Summer

Mexico’s state-owned Pemex, the world’s most indebted company, is targeting a total debt below the $100 billion mark this summer—the first time in 10 years that the company’s debt would be below that level.

Offshore, Middle East Buoys SLB’s 2Q as US Land Revenue Falls

Driven by a strong offshore market and bolstered by strategic acquisitions and digital innovation, SLB saw a robust second quarter offset by lower drilling revenue in the U.S.

Report: FTC Probes Hess, Diamondback, Oxy Over OPEC Communications

Investigators are looking for evidence that executives at Hess Corp., Diamonddack Energy or Occidental Petroleum attempted to collude with OPEC officials on oil market dynamics, according to a Bloomberg report.

New Fortress’ FLNG Asset Achieves First LNG Offshore Mexico

New Fortress Energy’s Fast LNG asset has a production capacity of 1.4 million tonnes per annum.

Halliburton Sees NAM Activity Rebound in ‘25 After M&A Dust Settles

Halliburton said a softer North American market was affected by E&Ps integrating assets from recent M&A as the company continues to see international markets boosting the company’s bottom line.

Exxon Surprises with Smaller FPSO for Guyana’s Hammerhead Project

Exxon Mobil Corp. announced plans for its seventh development offshore Guyana, Hammerhead, which will add 120,000 bbl/d to 180,000 bbl/d of production capacity starting in 2029.

ISS, Glass Lewis Push Crescent, SilverBow Shareholders to Vote for Merger

Proxy Advisery firms Institutional Shareholder Services and Glass Lewis also recommend that Crescent Energy shareholders vote for the approval of the issuance of shares on Crescent Class A common stock.

DOE Approves Order Needed for Startup of Venture Global’s Plaquemines

Venture Global’s project is one step closer to production with the Department of Energy’s permission to export.

US Drillers Add Oil, Gas Rigs for Second Time in Three Weeks

The oil and gas rig count, an early indicator of future output, rose by two to 586 in the week to July 19, its highest since late June. 

Ecopetrol in Discussions with Oxy to Buy $3.6B Stake in CrownRock

Occidental Petroleum is in talks with joint venture partner Ecopetrol SA to acquire a 30% stake in CrownRock LP for approximately $3.6 billion, according to regulatory filings.

Energy Transition in Motion (Week of July 19, 2024)

Here is a look at some of this week’s renewable energy news, including the launch of the California hydrogen hub.

Exxon Mobil Selling Malaysia Oil, Gas Assets to Petronas - Sources

Exxon Mobil, which last year marked its 130th year in Malaysia, has been trying to sell its upstream assets in the country since 2020.

Beyond the Horizon: Exploring the Permian’s Longest Laterals

Horizontally drilled lateral wells are all the rage in the Permian Basin. Let’s take a look at the 10 longest wells drilled in the Basin.

EOG Resources Wildcatting Pearsall in Western Eagle Ford Stepout

EOG Resources spud the well June 25 in Burns Ranch with rights to the Pearsall well about 4,000 ft below the Eagle Ford, according to myriad sources.

The $22.5B Deal: How ConocoPhillips Won Marathon Oil in 33 Days

ConocoPhillips didn’t show up until April 25, while two other unidentified public E&Ps were bidding for Marathon, according to a filing with the Securities & Exchange Commission.

US’ Largest Co-located Solar, BESS Project In Service

The Gemini solar and storage project includes 1.8 million solar panels that can generate up to 690 megawatts, powering approximately 10% of Nevada’s peak power demand.

Dividends Declared in the Week of July 15

Here is a selection of dividends declared in the week of July 15 for upstream, midstream and service and supply companies.

Gold H2, Oil Company Ink Deal for Microbial Hydrogen Technology

Houston-based Gold H2 has made its technology available to select oil and gas companies for pilot demonstrations.

Occidental Clears FTC Scrutiny to Close $12B CrownRock Deal

The waiting period for Occidental’s $12 billion acquisition of CrownRock LP under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired, clearing the way for the deal to close next month.

ONEOK to Build New Pipeline, Expand Capacity from Kansas to Denver

ONEOK plans to build a 230-mile refined products line from western Kansas to the Denver International Airport as part of a $480 million network upgrade.

BP Energy Outlook: Oil Demand Diminishes, NatGas, LNG a Wildcard

BP’s energy outlook presents a view at current trends for energy use through 2025 and a net zero case, which would require a history-defying shift from adding fuel sources to substituting them.

Liberty Energy Warns of ‘Softer’ E&P Activity to Finish 2024

Service company Liberty Energy Inc. upped its EBITDA 12% quarter over quarter but sees signs of slowing drilling activity and completions in the second half of the year.

Despite 2Q Earnings Miss, Kinder Morgan Plans Gas Capacity Growth

Kinder Morgan's second quarter earnings fell short of expectations due to recent low gas prices, but remains bullish on natural gas demand and is moving ahead on projects in the Southeast U.S. and Williston Basin.

Safety First, Efficiency Follows: Unconventional Completions Go Automated

The unconventional completions sector has seen a tremendous growth in daily stage capacity and operation efficiencies, primarily driven by process and product innovations in the plug and perf space.

SM Energy Offers Senior Notes to Help Fund $2B XCL Resources’ Deal

SM Energy said it intends to use the net proceeds from the notes to fund its pending $2.04 billion purchase of XCL Resources.

Intersect Power Taps Tesla for Energy Storage Systems

Intersect Power is one of the largest buyers and operators of Tesla’s Megapack battery energy storage system.

Crescent, SilverBow Expect Eagle Ford Merger to Close July 30

Crescent Energy and SilverBow Resources expect their combination in the Eagle Ford Shale to close July 30.

WoodMac: Are MidEast, Asia NOCs Poised For M&A Resurgence?

International M&A spend by national oil companies (NOCs) has dwindled from nearly 50% to less than 5% today. But Wood Mackenzie researchers see NOCs playing a larger role in international M&A in the future.

Marketed: Delaware Basin AFE Interests Divestiture

Armstrong Energy Corp. and Slash Exploration have retained RedOaks Energy Advisors for a sale of certain wellbore-only AFE interests located in Lea County, New Mexico.

New Wells Underway: Private E&Ps Pulled 40% of US Permits in May

Private E&Ps are keeping pace with public operators in taking permits for new-drill horizontals across the Lower 48, according to a research report.