NorthAmOil - North America Oil & Gas

BlackRock to invest in Occidental direct air capture project in Texas

Private equity firm BlackRock is to invest in Occidental Petroleum’s direct air capture (DAC) project in Texas, a decarbonisation technology.

Renewable-diesel unit started up at Chevron’s El Segundo refinery

Chevron Lummus Global has finished the conversion and start-up of a diesel hydrotreater for producing renewable fuels at its El Segundo refinery near Los Angeles. The refinery can also still produce conventional diesel.

What is pushing oil price down?

The price of crude oil has fallen 6.6% in the week ending November 10, with Brent closing below $80 a barrel for the first time since July. Only a few months ago analysts were predicting triple-digit prices. Now that looks like a dream.

Kinder Morgan to buy NextEra Energy Partners' south Texas gas pipelines for $1.8bn

Kinder Morgan (KMI), the US pipeline operator, said it will buy NextEra Energy Partners’ gas pipelines in southern Texas, STX Midstream, for $1.82bn. The deal is expected to close in the first quarter of 2024.

What is pushing oil price down?

The price of crude oil has fallen 6.6% in the week ending November 10, with Brent closing below $80 a barrel for the first time since July. Only a few months ago analysts were predicting triple-digit prices. Now that looks like a dream.

Saudi, Russia to stick with voluntary output cuts

Saudi Arabia and Russia this week confirmed that they will extend their additional voluntary oil production restraint until the end of the year.

Oil prices defy analysts’ expectations and fall rather than rise after the outbreak of the Israeli-Hamas war

The oil price defied analysts’ expectations and fell rather than rose after the outbreak of the Israeli-Hamas war on October 7. A month later, despite a 3.7% drop in the price of a barrel of Brent, its value has returned to pre-war levels.

NorthAmOil: Profits down at Exxon, Chevron but still buoyant

Democrats seek anti-trust probe of Exxon, Chevron mega-deals

Democrats are calling for the US Federal Trade Commission (FTC) to probe the planned acquisitions, saying they could lead to higher prices for consumers at the pump and could violate anti-trust laws.

Biden’s Alaskan oil plan is ‘major threat’, says oil exec

US President Joe Biden’s plans for the National Petroleum Reserve-Alaska (NPR-A) are a “major threat” to oil companies plans for future drilling in the region, a senior oil executive has said.

Profits down at Exxon, Chevron but still buoyant

Profits at ExxonMobil and Chevron, the two largest US oil and gas companies, fell in the third quarter ended September 30. Exxon reported profits of $9.1bn, while Chevron posted profits of $6.5bn.

Biden delays Gulf of Mexico oil, gas sale

The Biden administration has delayed a planned Gulf of Mexico offshore oil and gas auction on November 8 until an appeals court has ruled on the controversial sale. Biden’s announcement was made on November 2.

Enterprise announces $3.1bn in Permian growth projects

Enterprise Products Partners has announced four new capital projects to support continuing production growth in the Permian Basin.

BP mulling partners to raise US shale output

Oil and gas giant BP is said to be exploring forming joint ventures with US shale gas companies to raise its output and slash costs at its North American onshore gas fields.

Chesapeake agrees to 15-year LNG supply deal with Vitol

US oil and gas company Chesapeake Energy revealed that it has signed a heads of agreement deal with Switzerland-based energy and commodity trader Vitol to supply it with LNG for 15 years, beginning in 2028.

Freeport LNG receives approval to begin commissioning second jetty

Freeport LNG was granted permission by federal regulators on October 27 to start commissioning its second LNG jetty.

Baker Hughes on track to record almost $9bn worth of orders for LNG equipment in 2022/2023

Houston-headquartered energy services company Baker Hughes revealed it is on track to bring in almost $9bn in LNG equipment sales orders between 2022 and 2023, during a third-quarter earnings call.

Chevron to buy Hess for $53bn as majors bet on fossil fuels

In the latest in a series of massive US upstream transactions, Chevron has agreed to buy Hess, a US exploration-and-production independent, for $53bn in an all-stock transaction.

Devon mulls buying Marathon, ConocoPhillips eyes CrownRock

As part of an expected trend of more mergers and acquisitions in the US upstream sector, Devon Energy is mulling buying Marathon Oil, while ConocoPhillips is now eyeing CrownRock.

Trans Mountain pipeline may need new funds for completion

The Canadian government corporation building the Trans Mountain pipeline – which is scheduled to come online by the end of Q1 2024 – may need external financing to complete the project, auditor says.

NorthAmOil: Chevron to buy Hess for $53bn as majors bet on fossil fuels

US oil, gas dealmaking down in Q3 but mega-deals to ignite activity in Q4

More than $120 bn in deals this month may push up activity in M&As in the fourth quarter after a quieter third quarter, reported Enervus.

Largest oil services providers report strong global sales

SLB, the world’s biggest oil-services provider, has reported a boost in its international drilling and oilfield equipment sales in the third quarter, despite weaker demand in North America. Oil demand has been rising globally.

Trudeau weighs excluding oil and gas from Indigenous loan plan

Canadian Prime Minister Justin Trudeau and his cabinet are debating whether to include the oil and gas sector in a planned multi-billion dollar loan programme for resource projects.

Latest M&A deal for US major will impact South America

Chevron, which is already active in Venezuela and Suriname, is set to enter Guyana as a result of acquiring Hess in an all-stock transaction worth $53bn.