President Donald Trump returned from Singapore and the U.S.-North Korea summit and got right to work again, blasting OPEC for high oil prices. That came even as prices fell amid expectation that OPEC may relax its output cuts at its meeting in Vienna next week. Saudi Arabia’s energy minister Khalid al-Falih said it’s “inevitable” that OPEC and its allies will agree to boost oil out gradually. He told reporters in Moscow, “I think it will be a reasonable and moderate agreement.” The meeting takes place June 22.
Phillips 66 plans to expand its NGL project in Sweeny, Texas. The expansion includes the construction of two natural gas fractionators with a capacity of 150,000 barrels per day each. Supply agreements have been secured for Y-grade NGL feedstock, including an agreement with DCP Midstream, which has an option to acquire up to a 30% ownership interest.
Exxon Mobil Corp. and Plains All American Pipeline signed a letter of intent to form a joint venture and are working together to build a Permian crude oil and condensate pipeline to the Texas Gulf Coast.
In A&D news, Pioneer Natural Resources agreed to sell all of its Raton Basin assets in southeastern Colorado, moving closer to becoming a pure Midland Basin player. Pioneer will sell the assets to Evergreen Natural Resources LLC for $79 million.
Recommended Reading
Constellation Energy Nearing $30B Deal for Calpine, Sources Say
2025-01-08 - Constellation Energy is nearing a roughly $30 billion deal to acquire power producer Calpine that could be announced as early as Jan. 13, sources familiar with the matter said.
Crescent Energy Bolts On $905MM Central Eagle Ford Acreage
2024-12-03 - Crescent Energy will purchase Eagle Ford assets from Carnelian Energy Capital Management-backed Ridgemar Energy for $905 million, plus WTI-based contingency payments of up to $170 million.
Investment Firm Aethon Explores Options for $10B US Natgas Assets, Sources Say
2024-11-13 - U.S. energy-focused investment firm Aethon Energy Management is exploring options for its natural gas production and midstream assets that include a sale or an initial public offering at a valuation of about $10 billion, including debt, people familiar with the matter said on Nov. 12.
Exxon to Sell Older Permian Assets to Hilcorp in $1B Deal, Sources Say
2024-11-13 - Reuters reported in June that Exxon was auctioning the assets to focus on higher growth shale drilling properties, following the completion of its $60 billion takeover of Pioneer Natural Resources in May.
After Big, Oily M&A Year, Upstream E&Ps, Majors May Chase Gas Deals
2025-01-29 - Upstream M&A hit a high of $105 billion in 2024 even as deal values declined in the fourth quarter with just $9.6 billion in announced transactions.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.