Billionaire and corporate activist Carl Icahn’s fortune took a $10 billion hit this week after he was...
Billionaire and corporate activist Carl Icahn’s fortune took a $10 billion hit this week after he was accused by short-seller Hindenburg Research of using a “Ponzi-like” economic structure at his investment company.
Icahn, majority owner of Oklahoma City-based SandRidge Energy and CVR Energy and its refinery in southern Oklahoma, saw his fortune sink by 41% to $14.6 billion reported Bloomberg.
Icahn is a nearly 70% owner of CVR Energy after acquiring more than 71 million shares between 2011 and 2012.
Bloomberg reported the 87-year-old Icahn is the latest billionaire to be targeted by Hindenburg this year after the New York-based short-seller went after India’s Gautam Adani and Block Inc.’s Jack Dorsey. He owns more than 85% of Icahn Enterprises’s units through various entities, making up the bulk of his fortune.
Haynesville sets new record for dry gas production
Dry natural gas production in the Haynesville Shale hit a record 14.5 Bcf/d in March, representing a...
Dry natural gas production in the Haynesville Shale hit a record 14.5 Bcf/d in March, representing a 10% increase from the 13.1 Bcf/d average in 2022, the Energy Information Administration reports, citing data from Enverus. The play contributes around 14% to total US dry gas output, and three new pipeline projects will add an additional 5 Bcf/d of takeaway capacity out of the region by the end of 2024.
First oil and gas lease sales to happen in Wyoming and Montana since Biden’s freeze
The federal Bureau of Land Management will ...
The federal Bureau of Land Management will hold at least two oil and gas lease sales in Montana and North Dakota in September, the first sales since before the Biden administration paused leasing in 2021.
The Bureau of Land Management has scheduled aSeptember lease sale for 25,759 acres, mostly in the north-central region of Montana. It’s been four years since BLM conducted more than one sale a year in the Montana-Dakota region.
Manchin urges faster action on oil and gas leasing
The Inflation Reduction Act's provisions tying wind and solar lease sales to oil and natural gas sales...
The Inflation Reduction Act's provisions tying wind and solar lease sales to oil and natural gas sales mean the Biden administration must accelerate oil and gas leasing to advance clean energy goals, Sen. Joe Manchin, D-W.Va., told Interior Secretary Deb Haaland during a Senate Energy and Natural Resources Committee hearing. "Failing to take an 'all-of-the-above' approach to energy security puts the administration at risk of taking a none-of-the-above approach," Manchin said, to which Haaland responded that a new five-year offshore drilling plan will be ready in September.
US oil, gas M&A activity fell short of expectations in Q1
US oil and natural gas companies announced 16 mergers and acquisitions in the first quarter, down from...
US oil and natural gas companies announced 16 mergers and acquisitions in the first quarter, down from 45 a year earlier, with a total value of $8.58 billion, the lowest in two years, Enverus reported. Despite expectations for increased M&A activity in the shale sector, Enverus Director Andrew Dittmar says fewer deals will likely be the norm going forward, as the current market "is much more consolidated and has much less undeveloped resources."
