Quantum Capital acquires Rocky Mountain Caerus Oil and Gas for $1.8 billion
Quantum Capital Group has acquired Caerus...
Quantum Capital Group has acquired Caerus Oil and Gas for about $1.8 billion, including liabilities.
Houston, Texas-based Quantum announced the deal's closing in a statement on Monday. Bloomberg News reported in June that Quantum would buy the Rocky Mountain oil and gas company. It’s doing the deal through portfolio companies QB Energy and Koda Resources.
QB Energy is acquiring Caerus's producing upstream assets, gathering and compression midstream assets, and all other assets in the Piceance Basin. Koda is taking a similar set of assets in the Uinta basin.
“The Piceance assets represent the largest single asset base atop the second largest gas resource in the continental U.S.,” Roger Biemans, chief executive officer of QB Energy, said in a statement.
Caerus is backed by Oaktree Capital Management, Anschutz Investment Co., and Old Ironsides Energy. This deal is a relatively rare example of a so-called secondary buyout in U.S. oil and gas, where corporate buyers have typically acquired private equity-backed assets.
Oil sector sees progress, hurdles in produced water reuse
The oil and natural gas industry is moving the needle on beneficial reuse...
The oil and natural gas industry is moving the needle on beneficial reuse of produced water, though technical and economic hurdles persist, said Bechtel General Manager of Water and Pipeline Jamie McMillan during the Produced Water Society's Permian Basin conference. Bechtel's LEEDS desalination technology is showing promise for treating the Permian Basin's highly saline produced water, but fully commercializing and extracting further value from these efforts is still a work in progress, McMillan added.
As the nation’s third-highest oil-producing state, North Dakota reported...
As the nation’s third-highest oil-producing state, North Dakota reported this past week, a drop in oil and natural gas production from May to June.
The North Dakota State Industrial Commission released the most current June production numbers. The report showed production increased from 19,094 wells in May to 18,973 wells in June.
Oil production totaled 37,140,657 barrels of oil for May and fell to 35,267,022 barrels for June. Natural gas production also dropped from 108,814,366 Mcf for May down to 104,181,310 Mcf a month later.
The oil industry is now running its own local news website for the Permian Basin. Called ...
The oil industry is now running its own local news website for the Permian Basin. Called Permian Proud, it provides local news coverage in the region. Definitely not in the strictest sense of news—rather more in a public relations vein.
Unlike traditional news media, the news site doesn’t have staff reporters or editors. Instead, it is written by a San Francisco public relations firm and a Chevron public and government affairs adviser.
Carl Icahn to pay SEC $2 million over loan hiding claims. The...
Carl Icahn to pay SEC $2 million over loan hiding claims. The Securities and Exchange Commission alleges that the activist investor failed to disclose that he pledged his own Icahn Enterprises stock as collateral for billions of dollars worth of margin loans. Investors are allowed to do this, but it creates risk, so they have to disclose it to others, and the SEC says he started doing it in 2018 but didn’t reveal it until 2022. Without admitting or denying anything, Icahn personally agreed to pay $500,000 and his company will pay $1.5 million in fines to end the agency’s probe into the matter.
Israel accepted a proposal the US put forward for a cease-fire in Gaza and a return of hostages, US Secretary of State Antony Blinken said, urging Hamas to do the same.
Harley-Davidson is ending diversity programs after facing anti-DEI pressure from a conservative activist.
AMD has agreed to buy AI equipment-maker ZT Systems for $4.9 billion to help it take on the king of AI chipmakers, Nvidia.
GM laid off 1,000 software employees globally, including 600 at its tech campus near Detroit.
Former Rep. George Santos pleaded guilty to charges of wire fraud and identity theft. Separately, a judge tossed Santos’s suit against Jimmy Kimmel over videos the comedian ordered from him on Cameo.
Phil Donahue, a legend of daytime TV, died at age 88.
