Latest From Hart Energy
Goodbye Manual Control: Vital Energy’s Automation Program Boosts Production
Production, ESP efficiency soared when the company automated decisions with AI at the edge.
Where, When and How to Refrac—Weighing All the Options
Experts weigh in on strategic considerations when deciding how to rejuvenate production from a tired well.
Energy Transition in Motion (Week of July 12, 2024)
Here is a look at some of this week’s renewable energy news.
FTC Requests More Info on $17.1B ConocoPhillips, Marathon Oil Deal
The U.S. Federal Trade Commission’s request for additional information regarding ConocoPhillips’ $17.1 billion acquisition of rival Marathon Oil is likely to delay the transaction. Other recent energy M&A deals have faced similar “second requests” from the FTC.
NatGas A&D Warms Up as BKV Sells Marcellus Assets for $132MM
Natural gas M&A may be heating up as Barnett Shale-focused E&P BKV Corp. sold interests in gassy northeast Pennsylvania properties for nearly $132 million, according to regulatory filings.
US Drillers Cut Oil, Gas Rigs for Fifth Time in Six Weeks
The oil and gas rig count, an early indicator of future output, fell by one to 584 in the week to July 12.
Atlantic Shores Submits Bid to Provide Offshore Wind in New Jersey
Atlantic Shores, a joint venture between Shell and EDF Renewables, would become the initial provider of offshore wind for New Jersey.
A Million Homes, Businesses in Texas Still Without Power After Hurricane Beryl
Ports along the Gulf Coast, which had closed ahead of the hurricane, have largely resumed operations and vessel traffic.
US NatGas Prices Rise More Than 2% on Hot-weather Forecasts
U.S. natural gas futures rose more than 2% on July 12 after touching their lowest in close to two-months earlier.
Redwheel Broadening Sustainable Portfolio with Ecofin Deal
Investment manager Redwheel agreed to purchase London-based Ecofin’s assets, which reached approximately $1.4 billion as of May 31.
Tom Ward: Mach Looks to Other Basins as Midcon Competition Heats Up
When other E&Ps were packing up and exiting Oklahoma, Mach Natural Resources went all-in on the Midcontinent. Now Mach CEO Tom Ward says the company is exploring M&A options in other basins as competition and prices creep back up.
CEO: Devon Eyes 3-Mile Williston Wells With $5B Grayson Mill Deal
Devon Energy is digging deeper in the Williston Basin of North Dakota through a $5 billion deal with EnCap-backed Grayson Mill Energy.
Are 3-mile Laterals Worth the Extra Mile?
Every additional foot increases production, but it also increases costs.
Enverus Inventory Rankings: Pinpointing Shale’s Best Remaining Runway
The Montney Shale steals the spotlight in Enverus’ play rankings, while the Eagle Ford draws plaudits for its resilience.
Permian Gets Gas Relief as ADCC Pipeline Begins Commercial Service
The ADCC Pipeline will source volumes from the Permian Basin, Eagle Ford Shale and Texas Gulf Coast for transport to Cheniere’s Corpus Christi LNG facility.
Occlusion and Envana’s ‘Grave to Grave’ Solution for Orphan Wells
Despite no longer producing, abandoned wells pose a significant environmental problem. Occlusion and Envana look to remedy the “couple hundred thousand-well problem” with their Go2Green process for well retirement.
Martin Resource Sidesteps Firms’ Criticism, Offer for Midstream MLP
Martin Resource Management, which in May proposed buying spinoff Martin Midstream Partners, responded to two capital firms’ counteroffer made public July 11 by saying it’s not interested.
IBAT Cranks Up US Commercial Direct Lithium Extraction Facility
Houston-based International Battery Metals said the startup marks the first commercial-scale facility that uses DLE technology in North America and the world’s first modular commercial DLE plant.
APA Closes Midland Basin, Eagle Ford Divestitures for $660 Million
APA Corp. and subsidiary Apache sold non-core assets in the Permian Basin and Eagle Ford Shale sooner than expected, and for less, as the company looks to reduce debt from its Callon Petroleum deal earlier this year.
Upstream, Midstream Dividends Declared in the Week of July 8, 2024
Here is a selection of upstream and midstream dividends declared in the week of July 8.
US Power Generators Burn Record Amounts of NatGas on Hottest Day of Summer so Far
As homes and businesses cranked up their air conditioners to escape the brutal heat this week, LSEG said power generators burned a record amount of gas on July 9.
Firms Blast ‘Conflict-ridden’ Martin Midstream Deal, Launch Counteroffer
Two New York-based capital firms say a May proposal by Martin Resource Management to buy Martin Midstream for $100 million represents a “below market and conflict-ridden proposal,” while the firm’s own offer has been rebuffed.
Solaris Stock Jumps 40% On $200MM Acquisition of Distributed Power Provider
With the acquisition of distributed power provider Mobile Energy Rentals, oilfield services player Solaris sees opportunity to grow in industries outside of the oil patch—data centers, in particular.
TotalEnergies Joins Ruwais LNG Project in UAE
French energy giant TotalEneriges joined the two-train 9.6 million tonnes per annum Ruwais LNG project in the United Arab Emirates with a 10% interest. The LNG project is expected to start sending out cargos in the second half of 2028.
US FTC to Delay Decision on Chevron-Hess Deal During Exxon Arbitration, Bloomberg Reports
The FTC plans to delay its decision whether to block Chevron's $53 billion takeover of Hess until after an arbitration case with Exxon Mobil is settled, Bloomberg News reported on July 11.
CNOOC’s Bohai Bay Well Achieves High Yield
CNOOC’s Bozhong 19-6 Condensate Gas Field D1 well, the first ultra-deep well in China’s Bohai Bay, is currently producing approximately 6,300 boe/d.
Over 1 Million in Texas Without Power, Freeport LNG Restart Pending After Beryl
The slow restoration of power continues hindering some companies' efforts to quickly return operations to normal, especially around Freeport, one of Texas' largest energy hubs.
US Announces Record Oil, Gas Pollution Penalty Against Marathon Oil
Marathon will pay a $64.5 million penalty, the largest ever for violations of the Clean Air Act from stationary sources, according to the Environmental Protection Agency and the Department of Justice.
Paisie: OPEC+ Will Be Able to Manage Prices
Disappointing economic news has contributed to a drop in oil prices.
Come Together: California Resources, Aera Merge for Scale, Drilling Runway
California Resources Corp. closed an acquisition of Aera Energy to become California’s top oil and gas producer. Now, CRC President and CEO Francisco Leon wants to grow from a one-rig to an eight-rig drilling program—but faces stiff pushback from regulators and environmental advocates in the Golden State.