Buffett’s Berkshire Hathaway Buys 5.99 Million More Occidental Shares
Warren Buffett’s Berkshire Hathaway Inc. bought another 5.99...
Warren Buffett’s Berkshire Hathaway Inc. bought another 5.99 million shares of Occidental Petroleum Corp., boosting its stake to 20.9% after the oil company’s shares lost about a fifth of their value in less than a month.
The purchases were made between Sept. 26 and Sept. 28 and cost about $352 million, Berkshire said in a regulatory filing on Sept. 28.
Following the purchases, Berkshire now owns about 194.4 million Occidental shares worth approximately $11.9 billion, based on Occidental’s closing price of $61.41 on Sept. 28.
Berkshire also owns $10 billion of Occidental preferred stock, which generates $800 million of annual dividends.
9% of Oil, 6% of Gas Production Shut in as Hurricane Ian Slams Florida
Offshore operators ceased operations and evacuated platforms and rigs in the eastern Gulf of Mexico ahead...
Offshore operators ceased operations and evacuated platforms and rigs in the eastern Gulf of Mexico ahead of Hurricane Ian making landfall in Florida early on Sept. 28.
According to the Bureau of Safety and Environmental Enforcement (BSEE), 157,706 bbl/d, or 9.1% of all oil production in the Gulf, and 128 MMcf/d, or 6% of gas production, have been shut-in.
The shut-in process, which is mandatory during evacuations for facilities likely to be in a hurricane’s path, closes safety valves below the ocean floor and halts production to protect the environment around the wells.
11 of the 521 manned production platforms in the Gulf of Mexico were evacuated in preparation for Hurricane Ian’s passage through the region.
Devon Energy Completes Eagle Ford Bolt-on Acquisition
Devon Energy Corp. completed the acquisition of Eagle Ford operator...
Devon Energy Corp. completed the acquisition of Eagle Ford operator Validus Energy for $1.8 billion cash, the company announced in a press statement on Sept. 28.
Previously announced on Aug. 9, the acquisition will include 42,000 net acres in the Eagle Ford shale with a 90% working interest. The acquired assets currently yield 35,000 boe/d and are anticipated to increase production to approximately 40,000 boe/d over the next year.
Effective June 1, 2022, the bolt-on will bring Devon's total acreage in the Eagle Ford to 82,000 net acres while increasing its expected annual production to 73,000 boe/d.
OPEC+ Discusses Cutting Oil Output at Next Week’s Meeting
(Bloomberg) OPEC+ has begun discussions about cutting oil output when it meets next week, as a fragile...
(Bloomberg) OPEC+ has begun discussions about cutting oil output when it meets next week, as a fragile global economy continues to pressure crude prices.
The size of the potential supply reduction is still under consideration, said a delegate, asking not to be identified as the talks are private. The Organization of Petroleum Exporting Countries and its allies will meet to decide November output levels on Oct. 5.
Oil prices have slumped by a fifth since early August on fears over the global economy, trading near $88 a barrel in London on Thursday. The losses threaten the spectacular revenue windfall being enjoyed this year by Saudi Arabia and its partners.
Oil rises towards $90 as OPEC+ considers output cut
LONDON (Reuters) -Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might...
LONDON (Reuters) -Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains.
Brent crude futures rose 52 cents, or 0.6%, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by 52 cents, or 0.6%, to $82.67.
Leading members of OPEC+ have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters
