As majors prune their portfolios to sell non-core assets, M&A activity is heating up on the Permian’s Central Basin Platform and Northwest Shelf—and Ring Energy hopes to be a buyer.
Chevron Corp., waiting to close a $55 billion takeover of Hess Corp., is selling off non-core assets in Canada and Alaska.
Chevron said the divestitures are part of its plans to sell $10 billion to $15 billion worth of assets by 2028 following the company’s acquisition of Hess Corp. for $53 billion.
Federal regulators signed off on a blockbuster tie-up between Chevron and Hess Corp. but banned CEO John Hess from sitting on the Chevron board.
Exxon Mobil is looking for its “next Permian,” which an executive said could be in Algeria.
Hess Corp. is seeking a new partner or partners to join in Suriname’s offshore Block 59 after Exxon Mobil and Equinor each gave up their one-third interests last month.
Chevron aims to grow Permian volumes past 1 MMboe/d in 2025—less than a decade after it averaged less than 100,000 boe/d from legacy holdings in West Texas and New Mexico, Chevron CEO Mike Wirth said.
While offshore investments are rising, particularly in deepwater fields, challenges persist due to project delays and inflation, according to Westwood analysis.
Exxon Mobil is forecasting lower third quarter Guyana production by about 13% due to hook-ups related to a gas-to-energy project for mainland Guyana.
Hess Corp. is producing and spending more as it awaits completion of Chevron’s proposed $53 billion acquisition, helping the E&P lift volumes in the Bakken and offshore Guyana.