Crescent Energy Closes $690 Million Acquisition of EP Energy Uinta Assets
Crescent Energy Co. on March 30 closed its acquisition of Uinta Basin assets in Utah...
Crescent Energy Co. on March 30 closed its acquisition of Uinta Basin assets in Utah previously owned by EP Energy for $690 million—several hundred million dollars less than originally announced.
“We are excited to close this highly accretive transaction and expand our Rockies position,” Crescent CEO David Rockecharlie commented in a company release.
Houston-based Crescent Energy had previously announced the agreement in February to acquire the Uinta Basin assets in an all-cash transaction from Verdun Oil Co. II LLC, an EnCap Investments LP-backed firm formed in 2015. At the time of the transaction’s announcement, the company said the total cash consideration was approximately $815 million.
Occidental Petroleum’s Best Quarter Ever Blows Away Stock Market
(Bloomberg) -- Fueled by its leverage to rising oil prices and a big boost...
(Bloomberg) -- Fueled by its leverage to rising oil prices and a big boost from the world’s top investor, Occidental Petroleum Corp. doubled this quarter and is the best performer in the S&P 500.
It is quite a turnaround for the oil explorer, which has struggled for years. The shares soared 101% over the last three months, marking the best quarter in the company’s history, as oil leaped over $100 a barrel. The next closest stock in the S&P 500 Index in the first quarter was Halliburton Co. with a 70% jump.
Biden takes another aim at oil, gas industry tax breaks
The Biden administration has released a $5.8 trillion budget proposal that would repeal a host of tax...
The Biden administration has released a $5.8 trillion budget proposal that would repeal a host of tax breaks on oil and natural gas production, including deductions for intangible drilling costs and for production from marginal wells. American Exploration and Production Council CEO Anne Bradbury urged Congress to reject the "misguided proposals" because they "would disincentivize additional production, decrease supply, and subsequently increase energy costs for families at a time of historic inflation and record-high gasoline prices."
More Permian gas flowing to US Midcontinent market
Permian Basin shippers are sending growing volumes of natural gas to the US Midcontinent market, lured...
Permian Basin shippers are sending growing volumes of natural gas to the US Midcontinent market, lured by favorable cash basis spreads from the Waha hub in West Texas. Permian gas deliveries to the Midcontinent rose to about 860 million cubic feet per day this month, up from an average 770 MMcf/d in January and 600 MMcf/d in March 2021, according to S&P Global data.
US oil inventories down more than expected in EIA data
US crude oil stockpiles shrank by 3.4 million barrels last week, compared with analyst forecasts for...
US crude oil stockpiles shrank by 3.4 million barrels last week, compared with analyst forecasts for a 1.7-million-barrel drop, the Energy Information Administration reported. However, gasoline and distillate supplies jumped by 800,000 barrels and 1.4 million barrels, respectively.
