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ConocoPhillips Completes Acquisition of Shell’s Delaware Basin Assets for $9.5 Billion
December 15, 2021
ConocoPhillips has completed its acquisition of Shell Enterprises’ prolific Delaware basin position for $9.5 billion in cash. After customary closing adjustments, cash paid for the acquisition is approximately $8.6 billion. The assets include ~225,000 net acres and producing properties located
Chevron to Increase Spending on New Oil and Gas Projects by 20%
December 15, 2021
U.S. oil producer Chevron on Wednesday said it plans to increase spending on new oil and gas projects next year by 20% while also raising its shareholder returns. Major oil companies are responding to a jump in profits this year,
Magellan Exploring Options for Its Permian Longhorn Crude Pipeline
December 14, 2021
Magellan Midstream Partners is evaluating alternative uses for its Longhorn crude pipeline from Texas’s Permian Basin, including converting it to carry other commodities like natural gas or refined products, the pipeline and storage company said on Wednesday. Pipeline operators’ shipping
EnCap Investments Merges Two Permian Oil Producers in $4 Billion Deal
December 14, 2021
EnCap Investments has combined two of its portfolio companies in the Permian basin, creating an oil producer worth more than $4 billion including debt that the private equity firm wants to take public as soon as next year, people familiar
Biden Halts Federal Aid to Coal, Oil, and Gas Projects Overseas
December 14, 2021
The Biden administration has ordered an immediate halt to new federal support for coal plants and other carbon-intensive projects overseas, a major policy shift designed to fight climate change and accelerate renewable energy worldwide. The wide-ranging directive for the first
California Lawmaker Ro Khanna Introduces Bill to Eliminate Carbon Credits for Oil Recovery
December 14, 2021
California lawmaker Ro Khanna introduced a bill into the U.S. House of Representatives on Monday that would prevent investors from securing carbon capture and sequestration tax credits if the carbon is used to boost oil production. The bill has little
Shell Adds Another Deep-Water Discovery in Peridido Corridor, U.S. Gulf of Mexico
December 10, 2021
Shell Offshore, a subsidiary of Royal Dutch Shell, has made a material discovery at the Blacktip North prospect in the U.S. Gulf of Mexico. The Blacktip North well encountered approximately 300 feet net oil pay at multiple levels. Evaluation is
Brigham Enters Agreement to Acquire Mineral and Royalty Interests in DJ Basin for $44 Million
December 10, 2021
Brigham Minerals has entered into a definitive purchase and sale agreement to acquire certain mineral and royalty interests in the DJ Basin for approximately $44 million in cash and approximately 2.2 million shares of stock subject to certain closing adjustments.
Brazos Midstream Acquires Diamondback’s Pecos Gas Gathering System, Forms New Entity
December 10, 2021
Brazos Midstream has made two significant transactions in the Permian Basin region of West Texas. Brazos Delaware acquired the Pecos Gas Gathering System from Diamondback Energy and its midstream affiliate Rattler Midstream. Additionally, newly-formed Brazos Midland has closed on the
Liberty Oilfield Services Acquires PropX in $90 Million Deal
December 10, 2021
Liberty Oilfield Services has acquired PropX for an aggregate purchase price of approximately $90 million, subject to normal closing adjustments. Founded in 2016, PropX is a leading provider of last-mile proppant delivery solutions including proppant handling equipment and logistics software
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