Tag

Oil And Gas Production

All articles tagged with #oil and gas production

energy2 years ago•3 min saved

Exxon Mobil's Megadeal: Investors Embrace Buying Existing Oil to Future-Proof Business

Exxon Mobil's investors are now favoring the company's acquisition of existing oil and gas production over new drilling projects. This shift comes as energy investors prioritize higher returns and shorter payback periods. Exxon's talks to acquire Pioneer Natural Resources for $60 billion indicate its readiness to pay for production after missing its own output targets. The potential deal would make Exxon the largest producer in the Permian Basin, and analysts believe acquisitions of existing production are more readily embraced if they generate high cash flow for the acquirer. Exxon's previous acquisitions in the shale sector have been met with mixed success, but the industry has increasingly turned to purchasing existing production rather than exploring untapped fields.

via Yahoo Finance|

#acquisitions #energy #exxon-mobil

energy3 years ago•1 min saved

Canada's Wildfires Disrupt Oil and Gas Production, Thousands Evacuated.

Wildfires in Canada have resulted in the shut-in of nearly 4% of oil and gas production, with 319,000 boepd affected. Alberta, the main energy-producing province, declared a state of emergency as tens of thousands were forced to evacuate. Natural gas exports to the US dropped to the lowest level in over two years. Cenovus Energy has shut down producing fields and processing plants, impacting 85,000 boepd of production. The company is monitoring the situation and will resume operations as soon as it is safe to do so.

via OilPrice.com|

#canada #energy #evacuation

business3 years ago•2 min saved

Exxon's Q1 profits soar despite lower oil prices.

Exxon Mobil reported a record Q1 profit of $11.43 billion, more than double from a year ago, due to strong oil and gas production growth that offset a pullback in energy prices. The company's oil and gas production rose to the most since 2019, driven by new volumes of crude oil and fuels from the startup of new offshore developments and refining facilities. Exxon also finished the startup of a new crude processing unit at its Beaumont, Texas, plant that added 250,000 bpd of oil refining capacity. The company has no urge to tap its $32.7 billion cash for mergers or acquisitions, but would be open to deals that could offer synergies and drive good returns for shareholders.

via Yahoo Finance|

#business #cost-cutting #exxon-mobil