You know how people always complain that only corporate fatcats make money when demand is high? Well, apparently a rising tide *does* lift all boats. Residents in North Dakota are benefiting from record oil prices, with several local landowners becoming millionaires in this current feeding frenzy. People fortunate to have set up a stake on the right piece of land before knowledge of oil reserves in the area was known have apparently won the cosmic lottery. Bakken shale residents are in particular seeing some profits, since a combination of new oil recovery technology and increased demand for energy are making the reserves on their land indispensable. For those of us not fortunate to have oil reserves under our back porch patios, at least we benefit from additional oil in the market. If you think $140 is bad, just think how much worse it would be if we weren't getting oil from as many sources as possible. –Stephen Payne, Editor, Oil and Gas Investor This Week; www.OilandGasInvestor.com; spayne@hartenergy.com
Recommended Reading
Berkshire Hathaway Boosts stake in Occidental Petroleum to Nearly 29%
2024-06-19 - Warren Buffett's Berkshire Hathaway Inc. acquired another 2.95 million shares in Occidental Petroleum.
Dividends Declared in the Week of July 22
2024-07-25 - Second quarter earnings are underway, and companies are declaring dividends.
PE Firm Pearl to Monetize $355MM in Permian Resources Shares
2024-06-18 - Since forming through a merger in 2022, Permian Resources has reduced its stock ownership by a group of private equity backers from over 50% of the company’s outstanding shares to 16% today.
Talos Ups Buybacks, Pays Down Debt Post $1.29B QuarterNorth Deal
2024-07-22 - Talos Energy said it repaid $325 million in debt since closing its $1.29 billion cash-and-stock acquisition of E&P QuarterNorth in March.
Utility, Clean Energy Company Allete to Go Private in $6.2B Deal
2024-05-06 - The Minnesota-based utility said on May 6 it agreed to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners.