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• Chesapeake Slashing Drilling Activity, Output Amid Low NatGas Prices
  Chesapeake Energy plans to start slashing drilling activity next month...
  Chesapeake Energy plans to start slashing drilling activity next month as natural gas markets remain oversupplied.
  
  Oklahoma City-brd Chesapeake is currently operating nine drilling rigs, with five in the Louisiana Haynesville Shale and four in the Pennsylvania Marcellus Shale. The company also has two frac crews operating in each region.
  
  But “given current market dynamics,” Chesapeake plans to defer placing wells on production and reduce drilling and completion activity, the E&P reported in fourth-quarter earnings after markets closed on Feb. 20.
  
  Chesapeake is planning to drop a rig in the Haynesville in March and another rig in the Marcellus around mid-year. The company also said it would drop a frac crew in each play next month.
  
  Those activity levels will be maintained through the end of 2024, Chesapeake said.
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• Benchmark Buys Revolution Resources’ Anadarko Assets in $145MM Deal
  Benchmark Energy II is acquiring upstream assets from Revolution Resources to...
  Benchmark Energy II is acquiring upstream assets from Revolution Resources to expand the E&P’s portfolio in the Midcontinent.
  
  The deal comes a little over four years after Revolution Resources acquired Jones Energy Inc.’s assets in Texas and Oklahoma.
  
  Austin, Texas-brd Benchmark Energy is adding approximately 140,000 net acres and 470 operated producing wells in the western Anadarko Basin through the acquisition, the company announced Feb. 20. The deal includes a low-decline, mature production br of around 6,000 net boe/d, the company said.
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• ☕️What Else is Brewing Wednesday Morning
  The FBI helped take down the world’s most infamous cybercriminal...
  The FBI helped take down the world’s most infamous cybercriminal group. An international operation led by the FBI and the UK’s National Crime Agency dealt a major blow to the ransomware gang LockBit, arresting two people in the US and two others in Poland and Ukraine, while charging two more Russian nationals. LockBit has caused billions of dollars in damages by forcing its targets—many of them major companies—to pay ransoms to decrypt malicious software. The law enforcement agencies also seized LockBit websites on the dark web and obtained keys that will help victims decrypt their computers. “We have hacked the hackers,” NCA Director General Graeme Biggar told reporters.
  
  Everyone’s suing: The FTC and several states reportedly plan to sue to block the merger of grocery giants Kroger and Albertsons. FuboTV is suing to prevent ESPN, Warner Bros. Discovery, and Fox from creating a combined sports streaming service. And disgraced former Congressman George Santos is suing comedian Jimmy Kimmel for duping him into making videos on Cameo.
  
  The Russian pilot who defected to Ukraine and then moved to Spain is believed to have been murdered.
  
  Sony Pictures is planning four new Beatles movies—one from the perspective of each band member—from Skyfall director Sam Mendes.
  
  The Supreme Court declined to hear a challenge to a Virginia high school’s race-neutral admissions policy.
  
  The US told allies that Russia plans to put a nuclear weapon into space that can knock out satellites as early as this year, Bloomberg reported.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for March delivery ...
  Benchmark U.S. crude oil for March delivery fell $1.01 to $78.18 per barrel Tuesday. Brent crude for April delivery fell $1.22 to $82.34 per barrel.
  
  Wholesale gasoline for March delivery fell 6 cents to $2.28 a gallon. March heating oil fell 8 cents to $2.73 a gallon. March natural gas fell 3 cents to $1.58 per 1,000 cubic feet.
  
  
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• US oil growth momentum is fading, but there's hope
  US oil production growth is expected to slow from last year's 1 million...
  US oil production growth is expected to slow from last year's 1 million barrels per day to just 170,000 bpd this year, signaling the slowest growth since 2016, excluding the pandemic years. Declining rig activity due to lower prices, capital discipline and dwindling inventories of drilled-but-uncompleted wells due to dealmaking are contributing to the anticipated deceleration, although some analysts remain optimistic about the potential for future growth through efficiency gains and the involvement of remaining and emerging private players.
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