Major companies' recent mergers and acquisitions of independent oil firms have positively reshaped the energy industry in the Permian Basin.

Big oil mergers promise greater stability

/0 Comments/in /by

The recent series of mergers and acquisitions of independent oil companies by major companies has reshaped the energy industry for the better in the Permian Basin.

Odessa oilman Kirk Edwards, State Rep. Brooks Landgraf and Waco economist Ray Perryman say one of the big benefits will be more stability in the oil and natural gas markets as the major companies prove much less reactive to price fluctuations than the independents always were.

Starting last fall and continuing through the spring, ExxonMobil bought Pioneer Natural Resources for $60 billion, Chevron merged with the Hess Corp. for $53 billion, Diamondback Energy obtained Endeavor Energy Resources for $26 billion and Occidental Petroleum acquired CrownRock Operating for $12 billion. ConocoPhillips bought Concho Resources for $13.3 billion in 2020.

Click here to read the full article
Source: OA online

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

You might also like
Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts. Exxon rose as much as 1.6% in New York and Chevron climbed 2.8%.Booming shale production lifts Exxon, Chevron forecasts as oil and gas earning season kicks off
The US and its core allies see rising oil and gas prices as serious economic and political threats to them.Why OPEC+ will do whatever it can to send oil prices higher
Production in the oil-and-gas-rich Permian Basin hits records recently, juicing oil company profits and easing energy supply worries.US Permian Basin oil production — and profits — have surged
Year-to-date through July 2023, TX accounts for 43.3% of all oil production and 27.4% of all natural gas marketed production in the country.Report: Texas oil and natural gas industry breaks decades-old production records
Over the next 12 months, US Energy plans to invest over $750 million, primarily targeting projects in the Permian region.US Energy Development Corporation to invest $750 million on Permian projects
The development of gas processing plants and a pipeline opening in the Permian Basin are expected to give crude producers a boost in the second half of 2024.Expanding gas processing capacity may increase Permian crude
Despite the Biden administration's ambitious climate goals, the oil & gas industry in the US has seen unprecedented growth and profitability.US oil and gas companies profits skyrocket as the US becomes the energy supplier of choice
The oil and gas industry has experienced a number of booms and busts over the past few decades, but for now, it appears to be flush with cash.Oil and gas companies are swimming in so much cash that they’re cutting back on borrowing at a faster pace
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *