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• The EIA Expects Nat-Gas Demand to Decline
  EIA expects that the total U.S. consumption of natural gas will average 83.7 billion cubic feet per day...
  EIA expects that the total U.S. consumption of natural gas will average 83.7 billion cubic feet per day in 2020, down 1.8% from 2019. The decline in total U.S. consumption reflects less heating demand in early 2020, contributing to residential and commercial demand in 2020 averaging 13.1 Bcf/d. The EIA forecasts industrial consumption will average 22.3 Bcf/d in 2020, down 0.8 Bcf/d from 2019 as a result of reduced manufacturing activity. EIA expects total U.S. natural gas consumption will average 78.7 Bcf/d in 2021, a 5.9% decline from 2020.
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• Apollo Buys Renewable Royalties
  Private equity fund, Apollo, is expected to ...
  Private equity fund, Apollo, is expected to invest up to $200 million for a 50% stake in Great Bay. Great Bay provides strategic capital to energy developers with a proprietary royalty structure. This marks the first position for Apollo in the renewable royalties asset class.
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• Oklahoma City-based Panhandle Oil and Gas Inc. has become PHX Minerals Inc.
  The name change took effect on Oct. 8. Chad L. Stephens, Company President, and CEO explained the firm...
  The name change took effect on Oct. 8. Chad L. Stephens, Company President, and CEO explained the firm embarked on a new corporate strategy at the beginning of the year to become a minerals-only company.
  
  “This new strategy means we will no longer participate as a non-operated working interest owner in the drilling of new wells. In our just-ended fiscal year 2020, we did not participate as a working interest owner in any wells.”
  
  Stephens said the company will carry out the new strategy by acquiring producing minerals with high rock quality and slowly begin divesting its lower margin properties.
  
  In conjunction with its name change, the Company has also unveiled a new logo. The Company’s ticker will remain “PHX” on the NYSE.
  
  The company owns nearly 253,000 acres in Oklahoma, North Dakota, Texas, New Mexico, and Arkansas and approximately 71% of the mineral count is unleased and undeveloped.
  
  From OK Energy Today
  
  
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• Oil prices drop for fourth day as Covid-19 second wave worries intensify
  Oil prices slipped for a fourth straight day on Tuesday on worries a resurgence of coronavirus cases...
  Oil prices slipped for a fourth straight day on Tuesday on worries a resurgence of coronavirus cases globally is stifling a promising recovery in fuel demand while growing output from Libya adds to plentiful supply.
  
  “It’s clouds of gloom over the oil market again,” said Vandana Hari, an energy analyst at Vanda Insights.
  
  Brent crude futures fell 13 cents, or 0.3%, to $42.49 a barrel, after falling 31 cents on Monday.
  
  U.S. West Texas Intermediate (WTI) crude futures slid 2 cents to $40.81 a barrel, after losing 5 cents on Monday.
  
  Covid-19 cases topped 40 million on Monday, according to a Reuters tally, with a growing second wave in Europe and North America sparking new clampdowns.
  
  Source: CNBC
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• ConocoPhillips to Buy Shale Rival Concho for $9.7 Billion
  ConocoPhillips ...
  ConocoPhillips COP -3.17% has agreed to buy Concho Resources Inc. for $9.7 billion in what would be the largest U.S. oil deal since the coronavirus pandemic began roiling global energy markets.
  
  The acquisition gives ConocoPhillips, the largest oil producer in Alaska, a much larger footprint in the hottest oil field in the U.S., the Permian Basin of Texas and New Mexico. The combined company would be the largest U.S. oil independent, with output in the Permian second only to Occidental Petroleum Corp., according to a JPMorgan Chase & Co. analysis of Enverus data.
  
  The all-stock acquisition values Concho at a 15% premium to its closing price on Oct. 13 and would give shareholders 1.46 shares of ConocoPhillips stock for each share of Concho common stock. Bloomberg News reported the companies were close to a deal last week.
  
  Source: Wall Street Journal
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