Latest From Hart Energy

In Service: Appalachian E&Ps Banking on MVP for Bigger Returns

Appalachian Basin E&Ps are expected to ramp up production for the Equitrans-operated Mountain Valley Pipeline by 2025 — although, near term, only about 38% of the line’s capacity is expected to be used, an analyst said.

Energy Transition in Motion (Week of June 14, 2024)

Here is a look at some of this week’s renewable energy news, including a move by tech powerhouse Google to procure more geothermal energy.

SLB and Aker Carbon Capture Close $380MM Joint Venture

SLB and Aker Carbon Capture have closed a deal to combine technology portfolios for carbon capture solutions.

US Drillers Cut Oil, Gas Rig Count to Lowest Since January 2022

Baker Hughes said the total rig count is down 97 rigs, or 14%, below this time last year.

TotalEnergies to Sell Subsidiary for $259MM to Malaysian E&P

TotalEnergies is selling its subsidiary TotalEnergies EP (Brunei) BV, which owns interests and is the operator for a mature field offshore Brunei.

Texas Pacific Land Declares Largest Special Dividend

Texas Pacific Land’s $10 per share dividend will cost the company approximately $230 million.

Valeura Purchases FSO Offshore Thailand

After initially leasing the Aurora FSO, Valeura Energy decided to purchase the vessel for $19 million.

Phillips 66 to Sell Interests in Rockies Express Pipeline to Tallgrass

Phillips 66’s sale to Tallgrass will generate $685 million in proceeds following debt and equity adjustments.

Study: Time Running Out for FID on Next Permian NatGas Pipeline

To meet natural gas takeaway demand by 2026, a final investment decision on a new Permian Basin pipeline will be needed before the end of the year, according to Enverus analysis.

Producers Trim 2024 Hedges Amid Bullish Oil Prices, M&A

Meanwhile, gas-weighted players are benefitting from solid hedge books planned ahead of price uncertainty.

Sea Power: Noble’s Deal Fires Major Volley in Offshore, Services M&A

Noble Corp.’s $1.6 billion acquisition of Diamond Offshore Drilling may seem like small potatoes compared to the upstream sectors’ massive megadeals, but service sector consolidation could snowball, analysts said.

Trendsetter to Deliver Subsea Manifolds Offshore Brazil to Trident Energy

The subsea contract follows Trendsetter establishing local facilities in Brazil.

US Producers to Contribute to 2030 Oil Supply Surplus

Higher world oil production, led by U.S. and other producers in the Americas, will outpace demand between 2023-2030 and inflate the world’s spare capacity cushion, according to the IEA.

Howard: Power Generation Growth Dependent on NatGas Demand

Electricity demand needs reliable natural gas to function as coal capacity is retired and less reliable renewables take a greater share of the power supply stack.

Arizona Regulators OK Gas Power Plant Expansion, Bypassing Environmental Rule

Critics claim the vote sets a precedent for more unsupervised development of gas-fired generation.

Surge Holds Dry Powder for Northern Midland Growth

Surge is holding out liquidity for growth in the Midland Basin, said Linhua Guan, CEO of Surge Energy America, at Hart Energy's SUPER DUG Conference. 

Crescent to Offer $750MM in Senior Notes to Settle SilverBow Debt

Crescent Energy intends to use the proceeds to fund the cash portion of its merger with SilverBow Resources and to repay SilverBow’s outstanding debt at the time of the transaction’s closing.

CorEnergy Restructures, Emerges from Chapter 11

CorEnergy Infrastructure Trust has restructured in hopes to return to positive free cash flow beginning 2025, while pursuing energy transition opportunities.

Exxon Buys Viridien Vessel Monitoring System

Formerly known as CGG, Viridien’s Marlin vessel monitoring system will be used to support Exxon’s operations offshore Guyana.

Aramco to Source Shale Feed-gas from NextDecade’s RGLNG Train 4

Aramco looks to offtake LNG from NextDecade Corp.’s Rio Grande LNG Train 4 in Brownville, Texas. A move that will source feed-gas from the Permian and Eagle Ford.

BP’s Archaea Energy, Republic Services Startup Indiana RNG Facility

The Fort Wayne, Indiana RNG facility is designed to process 6,400 cf of landfill gas per minute into RNG, the companies say.

By the Horns: Matador Wrangles Ameredev Deal for Delaware Scale

Matador Resources expects its enterprise value to reach $11.5 billion after acquiring Ameredev II for $1.9 billion in cash—not bad for a brand launched in 1983 with friends-and-family financing.

Exclusive: How Liberty’s ‘Improved’ Operations Transformed the Bakken’s Core

Liberty Resources II’s president and CEO Mark Pearson walks through the sale of its Bakken assets to Silver Hill Energy Partners and highlights a few M&A drivers in the play, in this Hart Energy Exclusive interview.

Oxy, Other E&Ps Look to Alternative Power Sources for Ops

Oil and gas companies Occidental Petroleum Corp. and Diamondback Energy Inc. are collaborating with fission and fusion power technology companies to power their operations.

TMX Crude Quality May Hamper Flows from Canada to US West Coast

Companies and industry associations including Canadian Natural Resources Ltd, Chevron and refiner Valero Energy have written to the Canada Energy Regulator (CER) to complain about high vapor pressure limits on the Trans Mountain pipeline.

Analysis: China Prioritizes LNG Regasification as European Demand Wanes

Lower European demand is being countered by a growing LNG market in Asia, according to GlobalData research.

Exxon’s Craig Morford Retires as VP of General Counsel, Secretary

Exxon’s board of directors has elected Jeff Taylor, who joined Exxon in May, to undertake Morford’s role.

Swift Solar, with Backing from Italy’s Eni, Raises Tech Financing

Swift Solar, with backing from Italy’s Eni and others, has raised a total of $44 million for work transforming the solar energy landscape with perovskite tandem solar projects.

Permian To Drive Two-thirds of US Oil Output Growth Through '25 – EIA

The Permian Basin will drive U.S. oil production growth for the foreseeable future, according to the U.S. Energy Information Administration. But Permian associated gas growth continues to pressure the natural gas industry.  

CPX Energy Grows in the Delaware with Farm-in, Development Agreements

CPX Energy also began spudding a three-well pad in the Wolfcamp Shale.