Shale driller CrownRock is selling a stake in Occidental Petroleum it hopes to generate some $1.7 billion, Bloomberg has reported, citing unnamed sources.
U.S. oil and gas producer Occidental Petroleum said on Monday it would sell certain Delaware Basin assets inTexas and New Mexico to Permian Resources for about $818 million, as it plans to cut down debt.
ConocoPhillips has agreed to acquire Marathon Oil in an all-stock deal valued at $17.1 billion in a bid to catch up with rivals as drillers race to secure new oil and gas wells.
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.
The ratio of discovered resources versus demand has dropped in recent decades and is now at around 25%.
Oxy CEO Hollub: “2025 and beyond is when the world is going to be short of oil.”.
Oil industry executives have been warning that new resources, new investments, and new supply will be needed just to maintain the current supply levels as older fields mature.
US giant Occidental Petroleum has drilled a near-field exploration well in Oman’s onshore Block 65, delivering an impressive 6000 barrels of oil equivalent per day on a production test, said chief executive Vicki Hollub.
On Tuesday, Goldman Sachs analysts raised Occidental Petroleum (NYSE:OXY) to Buy from Neutral with an $81 per share price target.
Warren Buffett’s company has now bought up more than $11 billion worth of Occidental Petroleum stock this year to give Berkshire Hathaway control of more than 20% of the oil producer
Italy’s Eni, US major Occidental, France’s Total and the Algerian group Sonatrach signed a $4 billion oil and gas production-sharing contract Tuesday for the Berkine field in the country’s southeast.