Diamond Offshore Drilling announced that it has executed...
Diamond Offshore Drilling announced that it has executed a two-year contract extension with a subsidiary of bp in the U.S. Gulf of Mexico for the Ocean BlackHornet, commencing in February 2025 in direct continuation of the rig's current contract. This contract extension represents approximately $350 million dollars of additional backlog.
The energy sector is off to a mixed start, supported by strength in natural gas contracts, but pressured by modest weakness in the major equity futures as the broader market takes a breather from last week’s record highs.
WTI and Brent crude oil futures are mostly unchanged as traders take profits on news of the widely expected extension of voluntary output cuts by OPEC+. Over the weekend, OPEC+ members Saudi Arabia, Russia, Iraq, UAE, Kuwait, Algeria, Oman and Kazakhstan all announced they will be extending voluntary production/supply cuts through the end of 2Q24. Russia said it will be cutting output and exports by an additional 471K bpd after cutting combined crude oil/fuel exports 500K bpd during 1Q24. As tensions in the Middle East heighten, Israeli forces swept into the Palestinians' administrative capital of Ramallah in the occupied West Bank last night.
Natural gas futures are sharply higher this morning on EQT’s announcement to reduce output by 1.0 Bcfd through March in response to low natural gas prices.
Chesapeake Energy and Southwestern Energy proposed shareholder meetings to decide on merger
Chesapeake Energy, based in Oklahoma City, and Houston's Southwestern...
Chesapeake Energy, based in Oklahoma City, and Houston's Southwestern Energy Company are gearing up for upcoming virtual shareholder meetings to ratify a merger they declared in January. The merger, structured as an all-stock deal, was initially valued at $7.4 billion when it was announced on January 10. At that time, it was disclosed that the merged entity would adopt a new name yet maintain its headquarters in Oklahoma City. Although the transaction itself was pegged at over $7 billion, the merger's anticipated combined worth is projected at $24 billion. This merger is poised to forge one of the country's foremost natural gas exploration and production giants.
In preparation for these critical shareholder meetings, both companies have recently submitted filings with the U.S. Securities and Exchange Commission. These submissions, categorized as prospectus filings, have yet to specify the exact dates for the upcoming meetings.
The American Petroleum Institute has called on the Environmental...
The American Petroleum Institute has called on the Environmental Protection Agency to reject the proposal from the California Air Resources Board to ban new gasoline-powered vehicle sales by 2035. The API argues that the proposal "fails to recognize the significant role that traditional and improved fuels and vehicles have played in the US economy," adding that the "regulations explicitly force electrification of the light-duty vehicle fleet regardless of whether this technology and related performance criteria are appropriate for all consumers."
❄️Extreme blizzard slams the Sierra Nevada mountains
You know a snowstorm is severe when it ...
You know a snowstorm is severe when it shuts down ski resorts. A debilitating blizzard dumped an estimated 5 to 12 feet in California by late Sunday, with the most accumulation occurring at elevations of about 5,000 feet. It closed down a 70-mile stretch of Interstate 80, and also left ~15,000 people in California and another 1,000 in Nevada without power. Video from Donner Pass in the Sierra Nevada showed traffic at a standstill with some drivers parking their trucks on the side of the road. Another storm is expected to bring 1 to 2 feet of snow to the area between Monday and Wednesday, according to the National Weather Service.
