The oil and gas industry is undergoing its biggest-ever consolidation, according to Enverus.
Upstream merger and acquisition activity hit $144 billion in the fourth quarter alone and $190 billion for 2023, both setting records.
Bids from Exxon Mobil, Chevron, and Occidental Petroleum were among the key deals fueling the record.
Acquisitions have essentially become the only option for producers that want to grow in the hydrocarbon-rich Permian basin.
Oxy’s acquisition of CrownRock cements an absolute banner year in Permian acquisitions and divestments spending.
Many analysts seem to expect that the consolidation drive will continue next year as well, suggesting that even the end of 2024 could see a lot fewer operators in the star play of the U.S. shale patch.
Chevron Nigeria Limited, has expressed commitment to partnership with various stakeholders including the communities neighbouring its areas of operations in the Niger Delta, for sustainable development.
The top three emitters are Saudi Arabia’s Aramco, Russian government-owned Gazprom, the National Iranian Oil company, and the top investor-owned companies are ExxonMobil, Shell, BP and Chevron. The list also includes the company led by the president of this year’s international climate negotiations: the Abu Dhabi National Oil Company.
Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil.
Energy giants BP and Shell unveiled sharp downturns in their usual earnings last week in a rocky third quarter for the sector, with the oil and gas industry failing to match last year’s record profits.
Earlier this week, reports emerged that Chevron was negotiating LNG deliveries for the European Union, looking at contract terms of 15 years.
Chevron Corp unveiled plans to buy Hess Corp on Monday. Executives from the both oil giants discussed details of the deal shortly after it was announced.
As Nigeria celebrates her 63rd independence anniversary, Chevron companies in Nigeria are proud of our partnership and contribution to the social and economic development of the country.
A Bloomberg report that workers on Chevron’s Gorgon and Wheatstone LNG projects have delayed strike action until Friday is being viewed as a sign talks are going well, as strikes were meant to begin Thursday. The positive conclusion to last week’s talks between Woodside and unions is another indication the worst-case scenario is unlikely.