OklahomaMinerals.com

Snippets

• Natural Gas Futures Move Higher
  U.S. natural gas futures climbed about 4% to a one-month high on Thursday on a drop in daily output and...
  U.S. natural gas futures climbed about 4% to a one-month high on Thursday on a drop in daily output and forecasts for colder weather and higher heating demand over the next two weeks than previously expected.
  Read More
• Energy Sector Commentary for Thursday
  Energy stocks are set to continue their strong start to 2024, as continued...
  Energy stocks are set to continue their strong start to 2024, as continued gains in oil prices and a jump in natural gas futures lend support.  Meanwhile, the broader benchmarks, which surged in 2023, remain tenuous with another expected lower open.
  
  Oil rose by about 1% on Thursday, extending gains on concerns over Middle Eastern supply after disruptions at an oilfield in Libya and heightened tensions relating to the Israel-Hamas war. Local protests forced a production shutdown on Wednesday at Libya's Sharara oilfield, which can produce up to 300,000 bpd. The field, one of Libya's largest, has been a frequent target for political protests. "A confluence of headlines around further tensions in the Red Sea and a full shutdown of Libya's Sharara oilfield from local protests have renewed concerns about global oil supply disruptions," said Yeap Jun Rong, market strategist at IG.
  Read More
• APA Corporation Acquiring Callon Petroleum for $4.5B
  APA Corporation and Callon Petroleum Company...
  APA Corporation and Callon Petroleum Company have entered into a definitive agreement under which APA will acquire Callon in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon’s net debt. Under the terms of the transaction, each share of Callon common stock will be exchanged for a fixed ratio of 1.0425 shares of APA common stock. The transaction is expected to be accretive to all key financial metrics and add to APA’s inventory of high-quality, short-cycle opportunities. Callon’s assets provide additional scale to APA’s operations across the Permian Basin, most notably in the Delaware Basin, where Callon has nearly 120,000 acres. On a pro forma basis, total company production exceeds 500,000 BOE per day and enterprise value increases to more than $21 billion.
  Read More
• ☕️What Else is Brewing Thursday Morning
  Nearly 100 people were killed in bombings near the Iranian military leader’s grave. At least 95 people were killed and two explosions injured 211 during a ceremony honoring Qassem Soleimani, a leader of Iran’s Revolutionary Guard who was killed by a US drone strike in Iraq in 2020. Iranian officials described the blasts as terrorist attacks, but no group immediately claimed responsibility for them. The bombings came as tensions were already running high in the region because of the Israel–Hamas war.
  
  The US and its allies warned Houthi militants to stop attacking ships in the Red Sea or face military action.
  
  Russia and Ukraine exchanged hundreds of prisoners of war yesterday in the biggest prisoner swap since Russia invaded in February 2022. Meanwhile, the EU hit Russia’s biggest diamond producer with sanctions.
  
  Several state capitols were evacuated or had brief lockdowns yesterday after receiving mass-emailed bomb threats.
  
  Xerox plans to lay off 15% of its workforce as part of a broader reorganization.
  
  Starbucks will now let customers use their own cups for drive-through and app orders as the coffee chain looks to cut back on waste.
  Read More
• 🇨🇳 Chinese Deepwater Project in Brazil Takes Off
  BEIJING: China National Offshore Oil Corp (CNOOC)...

  BEIJING: China National Offshore Oil Corp (CNOOC) has further expanded its presence in Brazil’s deepwater pre-salt oilfields following the start of production of its Mero2 project on Tuesday, say industry experts.

  
  

  Mero2 is one of the four production units of Mero, the country’s third-largest pre-salt oilfield in the Santos Basin off southeastern Brazil. It is located at a water depth of between 1,800m and 2,100m, CNOOC said.

  
  

  Sixteen development wells are to be commissioned, including eight production wells and eight injectors. The production capacity of the project is 180,000 barrels of crude oil per day, the state-owned company said.

  
  

  Mero1 has consistently maintained good production since it came into operation in May, with a daily output of 25,500 tonnes, one of the most productive offshore oil fields in Brazil, said CNOOC Petroleum Brazil Ltd president Huang Yehua, a wholly owned subsidiary of CNOOC.

  Read More

• Prev
• Next