Oil & Gas 360 – Page 627

Diamondback Energy, Inc. to acquire QEP Resources in all-stock transaction

December 21, 2020

Oil and Gas 360 MIDLAND, Texas, Dec. 21, 2020 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) and QEP Resources (NYSE: QEP) (“QEP”) today announced that they have entered into a definitive agreement under which Diamondback will acquire QEP in an all-stock transaction valued at approximately $2.2 billion, including QEP’s net debt of $1.6 billion as

Shell to write down assets again, taking cuts to more than $22 billion

December 21, 2020

Reuters LONDON – Royal Dutch Shell on Monday said it will write down the value of oil and gas assets by $3.5 billion to $4.5 billion following a string of impairments this year as it adjusts to a weaker outlook. In an update ahead of its fourth quarter results on February 4, Shell said the post-tax charge was due in

Oil tumbles as new virus strain revives demand fears

December 21, 2020

Reuters LONDON -Oil prices tumbled on Monday as a fast-spreading new coronavirus strain that has shut down much of Britain and led to tighter restrictions in Europe sparked worries about a slower recovery in fuel demand. Brent crude was down $2.23, or 4.3%, at $50.03 a barrel by 1421 GMT, while U.S. West Texas Intermediate (WTI) crude fell $2.21, or

Russia to U.S. President-elect: don’t upset the oil market

December 21, 2020

Reuters MOSCOW – Russia hopes the incoming administration of U.S. President-elect Joe Biden will not derail producer nations’ action to boost oil markets, Russia’s Deputy Prime Minister Alexander Novak said on Monday. Russia, other leading oil producers and the Organization of the Petroleum Exporting Countries, a group known as OPEC+, have joined forces to reduce output and bolster the global

The Energy Venture Investment Summit: SAVE THE DATE: See you on February 10-11, 2021!- oil and gas 360

The Energy Venture Investment Summit: REGISTER: See you on February 10-11, 2021!

December 18, 2020

Oil & Gas 360 Publisher’s Note: The Energy Venture Investment Summit, on February 10-11, 2021. Please register to join us in February! Due to the pandemic, the conference will be hosted virtually on EnerCom’s proprietary energy news platform, Oil & Gas 360®, targeting more than 25,000 energy professionals and investors. About EnerCom: EnerCom, Inc. is an internationally recognized

A new University of Wyoming study details the economic effects of a Biden-Harris Administration leasing and drilling ban on Federal lands

December 18, 2020

Oil and Gas 360 Publisher’s Note: A New University of Wyoming Study Details the Economic Effects of a Biden-Harris Administration Leasing and Drilling Ban on Federal Lands. Authored by Dr. Timothy Considine, a Professor of Energy Economics with the School of Energy Resources and the Department of Economics at the University of Wyoming, the study meticulously lays out the

Canada launches strategy to become global hydrogen leader

December 18, 2020

WNN The Canadian government has launched a strategy that sees low-carbon and zero-emission hydrogen fuel technology as a key part of the nation’s path to net-zero carbon emissions by 2050. The strategy is underpinned by a federal investment of CAD1.5 billion (USD1.2 billion) in a Low-carbon and Zero-emissions Fuels Fund to increase the production and use of low-carbon fuels, including

LNG Prices Soar To Six-Year High

December 18, 2020

Oil Price Spot prices for liquefied natural gas (LNG) delivery in Asia jumped to a six-year high this week as lower-than-normal temperatures in key LNG importers and continued growth in China’s industrial activity boost demand. Spot LNG prices for January delivery have jumped to over $12 per million British thermal units (mmBtu) as a cold snap in parts of the major LNG

TransAtlantic Petroleum Approval of Agreement and Plan of Merger

December 18, 2020

TransAntantic HAMILTON, Bermuda, Dec. 18, 2020 (GLOBE NEWSWIRE) — TransAtlantic Petroleum Ltd. (TSX: TNP) (NYSE American: TAT) (the “Company” or “TransAtlantic”) today announced that the Company’s shareholders have approved the Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, TAT Holdco LLC, a Texas limited liability company (“Parent”), and TAT Merger Sub LLC, a Texas limited liability company

U.S. rig count had an increase of 1 this week, at 585- oil and gas 360

U.S. rig count increased by 8 this week, at 346

December 18, 2020

Oil and Gas 360 This week’s Baker Hughes rig count shows that U.S. had an increase of 8 over last week, resulting in a total count of 346 rigs. Canada had a decrease of 9 over last week, resulting in a total Canadian count of 102 rigs. Breakdown by region Of the regions tracked by Baker Hughes, 1 region, the

Exxon posts second straight quarterly loss on demand, price plunge- oil and gas 360

ExxonMobil (XOM) Up 14% MTD: What’s Behind the Rally?

December 18, 2020

Nasdaq Shares of Exxon Mobil Corporation XOM have jumped 14% month to date (MTD) compared with the industry’s 8.5% growth. The Zacks Rank #1 (Strong Buy) stock has witnessed upward revisions in the Zacks Consensus Estimate for 2021 earnings in the past seven days. What’s Favoring the Stock? The price of West Texas Intermediate (WTI) crude has crossed the $48-per-barrel mark to reach

Work stops on Trans Mountain pipeline over safety concerns

December 18, 2020

BOE Report Work on expanding Canada’s Trans Mountain oil pipeline has halted for more than two weeks due to safety concerns, the government-owned corporation said. Trans Mountain Chief Executive Ian Anderson cited multiple worker safety incidents during the past two months and said the shutdown was voluntary. Construction was scheduled to halt on Friday and resume Jan. 4. The Canada

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