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• Energy Sector Commentary
  The energy sector is off to a...

  The energy sector is off to a lower start, reeling amid weakness in both the crude complex and broader equity futures. With the benchmark indices hovering around fresh record highs, investors are stepping back this morning as they digest a wave of corporate earnings and ahead of the Fed’s policy announcement tomorrow.

  
  

  Traders are also reacting to headlines that Saudi Aramco halted their production capacity expansion plans, driving the OFS sharply lower ahead of the bell.

  
  

  WTI and Brent crude oil futures extended yesterday’s declines into the new session, pressured by lingering concerns over the potential fallout of China's Evergrande being liquidated and reports OPEC+ export data suggests a sluggish start to supply cuts being made. The markets are also positioning themselves ahead of this week’s OPEC+ meeting and while expectations are low that the group will make a decision on oil policy for April, analysts are hoping it could still shed some light on production plans. Aramco, in an indication of the future demand outlook, said it had received a directive from the energy ministry to maintain its maximum sustainable capacity at 12 million barrels a day, and not to continue increasing it to 13 million barrels per day. Meanwhile, Washington vowed to take "all necessary actions" to defend its troops following a deadly drone attack in Jordan by Iran-backed militants, the first U.S. military deaths since the Israel-Gaza war began, putting markets on edge.

  
  

  On the first day of trading as the front month contract, March natural gas futures are up over 1.5% in early trading, bouncing off yesterday’s sharp pullback. Warmer weather forecasts and continued outages at the Freeport LNG export plant continued to dampen sentiment.

  
  
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• Permian Resources Continues Buying Spree in New Mexico
  Permian Resources said Jan. 30 it acquired more Delaware Basin...

  Permian Resources said Jan. 30 it acquired more Delaware Basin acreage in two bolt-on acquisitions and an acreage swap.

  
  

  The Midland producer executed two separate transactions to acquire 11,500 net leasehold acres and 4,000 net royalty acres in Eddy County, New Mexico for about $175 million.

  
  

  During Q1 2024, Permian Resources also completed an acreage trade, further reinforcing its position in Lea County, New Mexico.

  
  

  The company traded into approximately 2,000 net acres with “increased working interest” adjacent to its current position. The company also traded out of approximately 2,000 net acres of non-operated acreage and “lower working interest” operated acreage.

  
  

  Permian Resources says it expects to begin development on the newly acquired acreage in 2024.

  
  Source: Hart Energy
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• Tellurian counters speculations over company sale
  US liquefied natural gas developer Tellurian moved on Monday to dispel suggestions it...
  US liquefied natural gas developer Tellurian moved on Monday to dispel suggestions it was considering a sale of the company as the recent appointment of a new financial advisor triggered speculations over the future of the operation.
  
  Tellurian, which has struggled to progress the $14.5 billion Driftwood LNG project in Louisiana, appointed Lazard as financial advisor in December.
  
  In the same month, the company ousted his co-founder and then chairman Charif Souki, with fellow co-founder Martin Houston taking the helm.
  
  In a statement to shareholders on Monday, Houston hit out at “misleading” press coverage that suggested the company had picked Lazard as it was considering a sale.
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• Chevron's Duvernay sale seen attracting mid-sized Canadian shale operators
  As Chevron Corp markets its Duvernay shale assets, the U.S. oil major is most likely...

  As Chevron Corp markets its Duvernay shale assets, the U.S. oil major is most likely to find a buyer among a handful of mid-sized Canadian firms that are boosting investment in a region that has yet to fulfill its potential, analysts say.

  
  

  The play is situated in west-central Alberta and currently produces nearly 200,000 barrels of oil equivalent per day (boepd), according to consultancy Wood Mackenzie. It is much smaller than the nearby Montney shale play and the major U.S. plays like the Permian.

  
  

  Chevron's Duvernay assets could fetch up to $900 million, Houston-based advisory firm Energy Advisors Group estimates.

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• US mistook attack drone for its own
  The drone that struck a US military outpost in Jordan, killing three US soldiers and injuring at least...
  The drone that struck a US military outpost in Jordan, killing three US soldiers and injuring at least 40 more, arrived at the base, known as Tower 22, at the same time as a returning US drone, prompting confusion over whether it was friendly, US officials told news outlets yesterday. Iran has denied responsibility for the attack despite equipping militias in the area. The analysis of how the attack happened came as the US carefully considered how to respond without widening the war in the Middle East. Meanwhile, the prime minister of Qatar said talks had yielded progress toward a cease-fire in Gaza in exchange for the return of more hostages to Israel.
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