Companies

Aramco Finalizes Deal to Acquire 50% of Air Products Qudra's Blue Hydrogen Business

Saudi oil giant Aramco has signed final agreements to buy 50% of the blue hydrogen industrial gases business of Air Products Qudra, it said on Tuesday, continuing the kingdom's drive to become a major hydrogen producer.

Shell's Gas Bet Takes Shape with New LNG Deals

Shell has replaced LNG volume it lost after exiting Russia in 2022 with a string of deals that underpin CEO Wael Sawan's bet on growing demand for the fuel as he reduces the focus on renewable energy.

Honeywell to Acquire Air Products' LNG Unit for $1.81 Billion

The deal would complement Honeywell's LNG pretreatment business by adding technologies such as heat exchangers and cryogenic equipment to its portfolio amid growing demand for the fuel in key end-markets including power and data centers.

BP Shares Drop 4% After Warning of Weak Refining Impact on Q2 Profit

Weak refining margins and lower oil trading results will dent BP's second-quarter profit by up to $700 million, the company said on Tuesday, sending its shares down by over 4%.

Exxon's Q2 Outlook Affected by Pioneer Deal and Gas Price Trends

Exxon's second-quarter outlook hinges on the impact of its Pioneer acquisition and fluctuating gas prices, amid broader market dynamics.

Nigerian Regulator Clears Eni, Equinor Asset Sales to Local Buyers

Nigeria's upstream oil regulator has approved two key onshore assets sale by international oil companies, clearing the way for Oando and new entrant Project Odinmim to acquire assets.

Business

Stay informed about the latest appointments, expansions, and industry insights in this concise business column. From new executive roles at leading companies to strategic manufacturing ventures, get key updates shaping the corporate landscape. Plus, stay in the loop with association initiatives and industry events.

Equitrans and EQT Announce Preferred Stock Election Deadline Ahead of Merger

Equitrans Midstream Corp. and EQT Corp. have announced the deadline for record holders of Equitrans Series A Perpetual Convertible Preferred Shares to elect their form of consideration in connection with the upcoming merger.

Mega-Deals Reshaping How Midstream Business Is Done

Explore how mega-deals are reshaping the midstream oil and gas industry, providing growth and stability amid regulatory challenges and limited organic expansion opportunities.

Berkshire Hathaway Increases Stake in Occidental Petroleum to Nearly 29%

Billionaire Warren Buffett's Berkshire Hathaway Inc. acquired another 2.95 million shares in Occidental Petroleum, a regulatory filing showed, bringing his stake in the U.S. oil producer's common stock to nearly 29%.

Temasek Nears Completion of Pavilion Energy LNG Sale to Shell, Sources Say

Singapore's Temasek Holdings is finalizing the sale of some assets from LNG trading firm Pavilion Energy to Shell with a deal set to be completed in the coming days, two sources with knowledge of the matter said.

Berkshire Buys Additional 2.57 Million Shares in Occidental Petroleum, Filing Shows

Warren Buffett's Berkshire Hathaway bought around 2.57 million shares of common stock in Occidental Petroleum over June 5-7, according to a U.S. securities filing.

Analysis: How Devon Energy Missed the Boat on U.S. Oil and Gas Mega-Deals

U.S. oil and gas producer Devon Energy has lost bids to acquire at least three of its peers in the last 12 months because its shares were spurned as acquisition currency, according to people familiar with the negotiations.

Texas Startup Endeavors Again to Build First Major U.S. Oil Refinery Since 1977

Element Fuels Holdings, a Dallas-area startup proposing to build the first all-new U.S. oil refinery in nearly 50 years, on Thursday said it was relaunching efforts to build a large plant in South Texas.

TC Energy Shareholders Approve Spin-Off of North American Oil Pipeline Business

TC Energy shareholders voted in favor of spinning off the Canadian company's liquids pipeline business on Tuesday, creating a new energy infrastructure firm known as South Bow Corp. whose assets include the Keystone oil pipeline.

Exxon and Chevron Pursue Big-Ticket Deals to Expand Oil Reserves

Cash-rich ExxonMobil and Chevron are bolstering their oil and gas drilling inventory with multibillion-dollar takeovers as they bet on resilient demand for years to come.

Business

Stay informed about the latest appointments, expansions, and industry insights in this concise business column. From new executive roles at leading companies to strategic manufacturing ventures, get key updates shaping the corporate landscape. Plus, stay in the loop with association initiatives and industry events.

Consolidation Trends Persist in U.S. Energy Sector in 2024

The consolidation wave in the U.S. energy sector that triggered $250 billion worth of deals in 2023 has stretched into this year, as companies look for opportunities to deploy their cash hoard and boost their reserves.

Tellurian Plans to Use Gas Asset Sale Proceeds to Reduce Debt

LNG developer Tellurian will use most of the proceeds from the sale of its natural gas assets to Aethon Energy to pay off long-term debt, a company spokesperson said on Wednesday.

Aethon Energy to Acquire Tellurian's Upstream Assets for $260 Million

Aethon Energy said it would buy Tellurian's upstream assets for $260 million and signed a deal that could allow the investment firm to purchase two million tons per annum of LNG from Tellurian's Driftwood LNG plant.

ConocoPhillips to Acquire Marathon Oil in $22.5 Billion Deal Amid Ongoing Energy Mergers

ConocoPhillips has agreed to acquire Marathon Oil in an all-stock transaction valued at $22.5 billion, the latest in a series of mega-mergers in the oil and gas industry as companies look to bolster reserves.

Martin Resource Offers to Buy Remaining Stake in Martin Midstream Partners

Martin Midstream Partners said on May 24 it received a buyout cash offer of $3.05 per common unit from Martin Resource Management for all the units it does not already own.

Business

Stay informed about the latest appointments, expansions, and industry insights in this concise business column. From new executive roles at leading companies to strategic manufacturing ventures, get key updates shaping the corporate landscape. Plus, stay in the loop with association initiatives and industry events.

Savannah Energy Loses Legal Bid to Freeze Oil Pipeline Company's Accounts, Chad Government Says

The Paris Court of Arbitration has rejected a bid by Savannah Energy Plc to freeze COTCO oil pipeline company's accounts after Chad nationalized its upstream assets in the country, Chad's transitional government said on Monday.

Pipeline Operator Williams Beats First-Quarter Profit Estimates on Favorable Acquisitions

Williams Companies beat first-quarter profit estimates on Monday, as the pipeline operator benefited from increased rates and favorable contributions from acquisitions.

Energy Transfer Subsidiary Sunoco and NuStar Energy Merger Receives Green Light from Unitholders

The acquisition grants Sunoco access to NuStar's extensive transportation and storage infrastructure, encompassing approximately 9,500 miles of pipeline and 63 terminals.

Russia's Gazprom Sees Worst Loss in Decades as European Gas Sales Collapse

Kremlin-owned gas giant Gazprom said on Thursday it plunged to a net loss of $6.9 billion in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market.

Exxon's $60 Billion Deal with Pioneer Gets FTC Approval, Former Pioneer Exec Barred from Board

U.S. regulators on Thursday gave the go-ahead to Exxon Mobil's $60 billion purchase of Pioneer Natural Resources, but barred Pioneer's former CEO from Exxon's board on allegations he attempted to collude with OPEC to raise oil prices.

Shell Smashes Forecasts with $7.7 Billion Quarterly Profit Driven by Strong LNG Performance

Shell reported first-quarter profit of $7.7 billion on Thursday, exceeding expectations as disruption to Red Sea shipping and Russian refining boosted oil trading and liquefied natural gas production rose.

Exxon's $60 Billion Pioneer Merger Deal Poised for FTC Approval, Pending Key Condition

The FTC is likely to approve ExxonMobil's $60 billion buyout of Pioneer Natural Resources, but former Pioneer CEO Scott Sheffield's exclusion from the merged board may be crucial for finalizing the deal.