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☆ Hawaiian Electric engages with Guggenheim after Maui wildfire scrutiny
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

Aug 22 (Reuters) - Hawaiian Electric Industries (HE.N) said on Tuesday it was seeking advice from boutique advisory firm Guggenheim Securities, after questions were raised over the utility's role in the Maui wildfires. "We are seeking advice from various experts as we position HEI and Hawaiian Electric to be the strong, financially healthy local utility that the people of Maui and Hawai‘i need over the long term," the company said. Shares of Hawaiian Electric, which were down 2.4% at the open, reversed course, and were up 1.3% at $13.21 in afternoon trading. Fitch on Monday downgraded Hawaiian Electric's credit rating to junk status, becoming the third ratings agency to flag risks associated with the utility's potential exposure to liabilities related to the wildfire. Fitch said potential liabilities could be above $3.8 billion, which represents an "existential threat" to the company.

Persons: HEI, Fitch, Arunima Kumar, Arshreet Singh, Krishna Chandra Organizations: Hawaiian Electric Industries, Guggenheim Securities, Electric, Thomson Locations: Maui, Hawaii's, Honolulu, Lahaina . Fitch, Bengaluru

☆ Hawaiian Electric takes expert help but says goal not to restructure
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

Homes damaged by fire are seen in Lahaina on the island of Maui in Hawaii, U.S., August 14, 2023. REUTERS/Jorge Garcia Acquire Licensing RightsAug 18 (Reuters) - Hawaiian Electric Industries (HE.N) is seeking expert advice amid growing scrutiny over its role in the Maui wildfires, but the largest power supplier in the US island state said on Friday that the goal was not to restructure the company. The company did not clearly outline the purpose for which it was seeking expert advice. "Like any company in this situation would do, and as we do in the normal course of business, we are seeking advice from various experts," it said in a filing. It did not include around 2,600 homes and businesses that were destroyed, which represent less than 1% of its customers.

Persons: Jorge Garcia, Arshreet Singh, Arunima Kumar, Arun Koyyur Organizations: REUTERS, Hawaiian Electric Industries, Moody's Investors Service, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Honolulu, California, West Maui, Bengaluru

Homes damaged by fire are seen in Lahaina on the island of Maui in Hawaii, U.S., August 14, 2023. The company said in its filing that shutting off power was not part of its high-wind management protocol. Analysts have said Hawaiian's situation is reminiscent of that of PG&E Corp (PCG.N) and wildfires in California. PG&E filed for bankruptcy protection in 2019, and subsequently restructured, citing potential liabilities exceeding $30 billion stemming from California wildfires that were blamed on its equipment. As of Thursday, about 1,900 customers in West Maui remained without electricity, Hawaiian said.

Persons: Jorge Garcia, Wells, Jonathan Reeder, Arshreet Singh, Arunima Kumar, Shreyashi Sanyal, Caroline Valetkevitch, Arun Koyyur, Josie Kao Organizations: REUTERS, Hawaiian Electric Industries, Electric, Moody's, E Corp, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Honolulu, American, California, West Maui, Bengaluru, New York

☆ Copper miner Freeport-McMoRan reports cybersecurity incident
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: 1 min

Aug 11 (Reuters) - Freeport-McMoRan Inc (FCX.N) said on Friday it was investigating a cybersecurity incident affecting the copper miner's information systems. Its shares fell 1.6% to $41.69. The company said the incident's impact has been limited and warned that a prolonged disruption could impact future operations. "Transitional solutions are being planned and implemented to secure information systems as quickly as possible," it added. Reporting by Arshreet Singh in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Arshreet Singh, Devika Organizations: McMoRan, Thomson Locations: Freeport, Bengaluru

REUTERS/Dado Ruvic/IllustrationAug 4 (Reuters) - Canadian pipeline operator Enbridge Inc (ENB.TO) reported higher second-quarter profit on Friday due to increased oil volumes, and said it was not considering splitting its business. "I just don't see (a split) today for a company of our breadth, size and diversity, and frankly low risk diversification." The Mainline earned C$1.45 billion ($1.09 billion) in the quarter, up 19% from last year. The company reaffirmed its 2023 core earnings guidance and posted adjusted earnings of 68 Canadian cents, in line with analysts' average expectations, according to Refinitiv data. Enbridge reported net income of C$1.8 billion, or 91 Canadian cents per share, for the quarter, compared with C$450 million or 22 Canadian cents per share in the same period of last year.

Persons: Dado Ruvic, Greg Ebel, Ebel, Arshreet Singh, Rod Nickel, Sriraj Kalluvila, Jan Harvey Organizations: REUTERS, Enbridge, TC Energy, Thomson Locations: Calgary , Alberta, Toronto, Alberta, Enbridge's, U.S, Bengaluru, Winnipeg

☆ Marathon Petroleum quarterly profit slumps 63% on lower refining margins
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - U.S. refiner Marathon Petroleum Corp (MPC.N) reported a 63% drop in second-quarter profit on Tuesday, as improved fuel supplies and slowing economic activity compressed its margins. Despite a resilient fuel demand in the U.S., an increase in global refining capacity compared with last year and slowing economic activity has brought the market down from the peaks seen in 2022. Refining and marketing margin was $22.10 per barrel for the April-June quarter, down from $37.54 per barrel a year earlier. On an adjusted basis, Marathon reported earnings of $5.32 per share, beating average analysts' estimate of $4.59 per share, on the back of improvement in refining costs and lower tax rate. Rival Valero Energy Corp (VLO.N) last week also saw its quarterly profits dwindle as refining margins came under pressure, but beat estimates on strength in its renewable diesel business.

Persons: refiner, Arshreet Singh, Krishna Chandra Organizations: refiner Marathon Petroleum Corp, Refining, Reuters, Rival Valero Energy Corp, Thomson Locations: U.S, Marathon, West Coast, Findlay , Ohio, Bengaluru

☆ Cannabis firms Cresco, Columbia Care to terminate $2 bln merger
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - Cannabis producers Cresco Labs (CL.CD) and Columbia Care Inc (CCHW.NLB) have mutually terminated their $2 billion merger announced in March last year, the companies said on Monday. "In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders," Cresco CEO Charles Bachtell said in a statement. Cresco and Columbia last month said they would not be able to complete the divestitures necessary to secure regulatory approvals to close the transaction. Meanwhile, Columbia Care separately said it had closed its Downtown Los Angeles facility and completed a previously announced corporate restructuring plan, including a 52-person headcount reduction. Reporting by Arshreet Singh in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Johnnie Walker, Charles Bachtell, Sean, Diddy, Combs, Arshreet Singh, Krishna Chandra Eluri Organizations: Cresco Labs, Columbia Care Inc, Columbia, Downtown, Thomson Locations: U.S, Columbia, New York , Massachusetts, Illinois, Downtown Los Angeles, Bengaluru

Companies TC Energy Corp FollowJuly 28 (Reuters) - Shares of TC Energy (TRP.TO) fell nearly 5% on Friday after the Keystone pipeline operator said it would spin off its liquids business to focus on transporting natural gas. But TD Securities downgraded TC to "hold" from "buy", saying it was skeptical the spinoff would create value. TC CEO Francois Poirier said TC needed to sell another C$3 billion in assets during the next 18 months to reach its 4.75 times debt to EBITDA target. TC had 5.4 times debt to EBITDA last year and is aiming to reduce that to 5 times this year. TC's Keystone pipeline in December spilled more than 14,000 barrels of oil in Kansas.

Persons: Linda Ezergailis, Ryan Bushell, Bushell, Francois Poirier, TC, Brandon Thimer, Poirier, It's, ” Poirier, Stephen Ellis, TC's, Joe Biden, Arshreet Singh, Rod Nickel, Anil D'Silva, Mark Potter Organizations: TC Energy, Keystone, Columbia, Transmission, TC, Securities, Newhaven Asset Management, Investment, National Bank of Canada, Morningstar, Thomson Locations: Toronto, Columbia, Newhaven, United States, Kansas

☆ TC Energy to sell 40% in Columbia gas transmission systems for $4 bln
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Canada's TC Energy (TRP.TO), best known for its Keystone oil pipeline, will divest a 40% interest in its Columbia Gas Transmission and Columbia Gulf Transmission pipelines for C$5.2 billion ($3.95 billion) to Global Infrastructure Partners (GIP). TC was on course to deliver on its target to divest C$5 billion of assets by the end of the year, CEO François Poirier said in April. Columbia Gas and Columbia Gulf will be held in a new joint venture partnership and TC will remain the operator under the deal, which is expected to close in the fourth quarter. The pipelines span more than 15,000 miles and deliver a substantial portion of daily U.S. natural gas demand, including about 20% of U.S. liquefied natural gas (LNG) export supply, according to TC Energy. ($1 = 1.3180 Canadian dollars)Reporting by Arshreet Singh; Editing by Shounak Dasgupta and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: François Poirier, TotalEnergies, Arshreet Singh, Shounak Dasgupta, Sriraj Organizations: Canada's TC Energy, Keystone, Columbia, Transmission, Global Infrastructure Partners, TC, Columbia Gas, GIP, TC Energy, Thomson Locations: The Calgary , Alberta, British Columbia, U.S, Rio Grande

☆ NextDecade shares fall 23% as LNG project funding disappoints investors
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

Companies NextDecade Corp FollowJuly 13 (Reuters) - NextDecade Corp shares (NEXT.O) fell 23% on Thursday on investor worries over the terms of $18.4 billion financing the U.S. liquefied natural gas developer obtained to go ahead with the long-delayed Phase 1 of Rio Grande LNG export facility. NextDecade said its financial partners and TotalEnergies combined will hold stake that could fetch them at least 79.2% of the cash flow generated from Phase 1 of the project. It also said the lump-sum turnkey engineering, procurement and construction contracts of $12 billion were lower than its forecast of $12.5 billion. "Investors are looking at the huge portion of cash flow that the new project level investors get relative to the equity holders and don't love that," said Sean Morgan, an analyst at Evercore. NextDecade is expected to produce 27 million tonnes of LNG a year from the facility.

Persons: NextDecade, TotalEnergies, TD Cowen, Sean Morgan, Arshreet Singh, Shweta Agarwal Organizations: NextDecade, NextDecade Corp, Evercore, Thomson Locations: Rio Grande LNG, United States

☆ Trump-tied SPAC reaches agreement with SEC staff over merger
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - A blank-check firm, which was set to merge with former U.S. President Donald Trump's media company and under regulatory investigation, has reached an agreement with the staff of the Securities and Exchange Commission, a filing showed on Monday. The special purpose acquisition company (SPAC), Digital World Acquisition Corp (DWAC.O), said in the filing that the agreement was in principle and not yet definitive, and the terms were subject to the SEC's approval. In October 2021, Trump's newly formed media company, Trump Media & Technology Group (TMTG), announced a deal to go public by merging with DWAC. But the SPAC deal was in doubt after the Justice Department and the SEC said they were investigating it. If the SEC approves the settlement, it will enter a cease-and-desist order finding DWAC violated certain antifraud provisions in connection with the proposed merger.

Persons: Donald Trump's, DWAC, Arshreet Singh, Shweta Agarwal Organizations: U.S, Securities and Exchange Commission, Trump Media & Technology, Justice Department, SEC, Thomson

☆ Goldman Sachs may exit partnership with Apple - WSJ
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File PhotoJune 30 (Reuters) - Goldman Sachs (GS.N) is considering exiting its partnership with Apple (AAPL.O), the Wall Street Journal reported on Friday. The iPhone-maker and Goldman Sachs started rolling out a virtual credit card in 2019. Apple, Goldman Sachs and American Express did not immediately respond to Reuters requests for comment. Apple said earlier this year that it will partner with Goldman Sachs to offer high-yield savings to card customers as banks compete for customer dollars.

Persons: Goldman Sachs, Andrew Kelly, Apple, Arshreet Singh, Shweta Agarwal Organizations: New York Stock Exchange, REUTERS, Apple, Wall Street, American Express, Thomson Locations: New York City , New York, U.S

☆ Mobileye finance chief Anat Heller to step down
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: 1 min

June 26 (Reuters) - Autonomous driving technology firm Mobileye Global (MBLY.O) said on Monday finance chief Anat Heller will step down from her role for personal reasons, effective immediately. The company named Moran Shemesh Rojansky, currently vice president of finance, as interim chief financial officer. Heller will remain at the Israel-based company as a strategic adviser to the finance department and to senior management. Mobileye, in which Intel (INTC.O) retains majority ownership, listed on the Nasdaq last year after raising $861 million in an initial public offering. Reporting by Akash Sriram and Arshreet Singh in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Anat Heller, Moran Shemesh Rojansky, Heller, Akash Sriram, Arshreet Singh, Sriraj Organizations: Mobileye, Intel, Nasdaq, Thomson Locations: Israel, Bengaluru

☆ Factbox: Jefferies sees AI fuelling next wave of innovation in oil and gas sector
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

June 9 (Reuters) - With AI rapidly becoming a buzzword across industries, oil and gas companies are exploring ways to use this technology to fuel innovation in the energy sector. Here are 10 predictions for future applications of AI in energy, according to brokerage Jefferies. In 2022, oil-field services firm Patterson-UTI (PTEN.O) CEO William A. Hendricks Jr said AI may allow one person to manage 4 rigs instead of one person per rig. MAXIMIZING RECOVERY RATESAI could help enhance oil recovery at brownfield sites, subject to declining production and higher operating costs. Italian oilfield services firm Saipem (SPMI.MI) is developing an AI tool to maximize well quality.

Persons: Jefferies, Patterson, William A, Hendricks Jr, Arshreet Singh Organizations: Shell, Akselos, Resources, Chevron, Thomson Locations: Swiss

☆ California's cannabis firms band together to address credit woes
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - A coalition of cannabis firms, representing about 45% sales volume in California, on Tuesday started an effort to address credit issues that have plagued the state's legal cannabis market. Cannabis operators including Kiva Sales & Service, Lowell Farms, Nabis, Sunderstorm launched Financial Stability for California Cannabis (FSCC) and issued a public letter in support of Assembly Bill 766. The bill, dubbed "The Cannabis Credit Protection Act", seeks to establish regulatory safeguards around cannabis sales made on credit. Most U.S. banks do not service cannabis companies as marijuana remains federally illegal, despite several states like California legalizing its medicinal and recreational use, leaving the industry largely cash-based and capital-limited. The lack of capital means that the cannabis sales across the supply chain are largely made on credit terms with license holders agreeing to pay for goods and services at a specified later date.

☆ Tellurian appoints Barclays' Simon Oxley as CFO
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: 1 min

Companies Tellurian Inc FollowMay 10 (Reuters) - U.S. liquefied natural gas (LNG) developer Tellurian Inc <TELL.A> said on Wednesday it has appointed Simon Oxley as chief financial officer, effective June 1. Oxley, who worked at Barclays Investment Bank as co-head of Oil & Gas Investment Banking for Europe, the Middle East, and Africa, will take over from Khaled Sharafeldin, who had been serving as the interim finance chief after Kian Granmayeh resigned from the CFO position in March. Oxley joins Tellurian after its Driftwood project has seen many setbacks including the cancellation of some LNG supply deals after two major potential customers last year raised concerns around the company's ability to finish the project. Reporting by Arshreet Singh; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Duke Energy misses profit estimates as warm weather weighs on power usage
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Duke Energy Corp (DUK.N) on Tuesday missed Wall Street estimates for first-quarter profit, as the gas and electric utilities firm was hit by unfavorable weather, higher interest expenses, and lower volumes. Warmer-than-normal weather in the states serviced by the company weighed on customers' electricity needs for heating in colder months. Duke's electric utilities, which serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, saw income fall about 12% to $791 million from last year. Meanwhile for its gas utilities, which serve 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky, income rose about 13% to $287 million for the quarter, aided by better retail margins. Duke said it earned $1.20 per share, on an adjusted basis, in the January-March quarter.

☆ As lithium miners gear up for Q1 earnings, investors focus on tumbling prices
▼ + stars: | 2023-05-02 | by ( Arshreet Singh | ) www.reuters.com time to read: +2 min

Strong demand for EVs and limited supply of the metal pushed lithium prices to record levels in November last year, soaring more than ten-fold from early 2021. But a slump in demand for electric vehicles in China, the world's biggest market, left a stockpile of the metal and drove prices down. Lithium prices have fallen by at least a third in the first quarter, according to an index tracked by Benchmark Mineral Intelligence, raising concerns miners will see a hit to their bottomline. Though falling spot prices have raised red flags for investors over the long-term outlook of lithium miners, analysts believe spot prices will rise again as we get closer to the end of the year. In the long run, supply will continue to fall short of demand, which will help the miners, he added.

☆ Shale producer Diamondback misses profit estimates on lower crude prices
▼ + stars: | 2023-05-01 | by ( Arshreet Singh | ) www.reuters.com time to read: +2 min

Companies Diamondback Energy Inc FollowMay 1 (Reuters) - Shale producer Diamondback Energy Inc (FANG.O) reported first-quarter profit below Wall Street estimates on Monday, hurt by lower prices of crude, sending its shares down 2%. Global crude prices averaged $82 a barrel in the January-March quarter, down nearly 16% from a year earlier as concerns about global economic outlook weighed on prices. The Midland, Texas-based firm said total average unhedged realized prices were $49.72 per barrel of oil equivalent in the reported quarter, 29% lower from a year earlier. Diamondback also said there were signs that inflation, which plagued the industry in recent quarters, is showing signs of abating. Stice added that raw materials and service costs are declining and he expects his company's completion costs to be lower.

☆ Pentagon awards $7.8 billion F-35 contract to Lockheed Martin
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: 1 min

April 28 (Reuters) - The U.S. Department of Defense said on Friday it has awarded a $7.8 billion contract modification for 126 F-35 multi-role aircraft to weapons manufacturer Lockheed Martin Corp (LMT.N). The modification exercises options for the production and delivery of 126 Lot 17 F-35 aircraft, to include 81 F-35A aircraft for U.S. Air Force and its allies. The order for Pentagon's most expensive weapons system, expected to be completed in August 2026, also includes 15 F-35B aircraft for the U.S. Marine Corps and 13 F-35C for the U.S. Navy. Last year, the U.S. Department of Defense agreed with Lockheed Martin to build about 375 F-35 fighter jets over three years in a deal worth $30 billion. Reporting by Arshreet Singh; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ US shale producer Pioneer's founder and CEO Sheffield to retire
▼ + stars: | 2023-04-26 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Scott Sheffield, who built U.S. oil producer Pioneer Natural Resources (PXD.N) into the largest producer in Texas, will retire at the end of the year, the company said on Wednesday. With its $52 billion market value, Pioneer has repeatedly been discussed as a potential candidate for U.S. oil majors. Sheffield, 70, was Pioneer’s founding CEO from 1997 to 2016 and its chairman since 1999. In an interview, Sheffield declined to comment on merger rumors, noting Pioneer "will always do the right thing for shareholders." Richard Dealy, Pioneer's chief operating officer and former finance chief, was named CEO, effective upon Sheffield's retirement.

☆ Shale producer Pioneer's chief Sheffield to retire
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Pioneer Natural Resources Co (PXD.N) on Wednesday said its chief executive officer, Scott Sheffield, will retire by the end of 2023, sending the U.S. shale producer's shares down 2% in extended trading. Sheffield, an energy veteran, served as Pioneer’s founding CEO from 1997 to 2016 and chairman since 1999. Its net income also fell 39% to $1.2 billion from $2 billion last year as oil prices cooled. The oil and gas producer anticipates second-quarter oil production between 357,000 and 372,000 barrels per day and total oil and gas production of between 647,000 and 702,000 barrels of oil equivalent per day. Natural gas producer EQT Corp (EQT.N) also beat profit estimates for the first quarter on higher sales volumes.

☆ Enphase Energy second-quarter revenue forecast disappoints, shares fall
▼ + stars: | 2023-04-25 | by ( Arshreet Singh | ) www.reuters.com time to read: +2 min

Companies Enphase Energy Inc FollowApril 25 (Reuters) - Enphase Energy Inc (ENPH.O) reported market-beating profit in the first quarter on strong sales in Europe, but forecast second-quarter revenue below Wall Street expectations, sending its shares down as much as 17% in extended trading on Tuesday. The company expects second-quarter revenue between $700 million and $750 million, below analysts' estimate of $773 million, according to Refinitiv data. Enphase in February had expected first-quarter revenue in the range of $700 million to $740 million. Raymond James' Molchanov sees revenue growing in the second half of the year with the second quarter remaining flat. The company in March said shipments of its microinverters from Romania are expected to begin in the second quarter of this year.

☆ Dominion Energy to buy solar project in Virginia
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Utilities firm Dominion Energy Inc (D.N) will buy Longroad Energy's 108 megawatt solar project in Virginia, the U.S.-based renewable energy developer said on Tuesday. The solar project, called Foxhound, has been in development for six years and will produce enough clean energy to power more than 17,000 homes, Longroad said in a press release. Dominion and other large U.S. utilities with renewable projects are set to benefit from new federal clean-energy funding in the $430 billion Inflation Reduction Act. The act provides billions of dollars in tax credits and direct payments for solar, wind, battery and other energy sources to transition from fossil fuels. The financial close of Dominion's acquisition is expected upon mechanical completion of the project in January 2024.

☆ Pioneer Natural jumps on report of buyout talks with Exxon
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

April 10 (Reuters) - Pioneer Natural Resources Co's (PXD.N) shares rose as much as 8.5% on Monday following a report that Exxon Mobil Corp (XOM.N) held preliminary talks with the U.S. shale oil producer about a possible acquisition. Shares of Pioneer were up 6.5% at $221.74, while Exxon Mobil inched up 0.2% to $115.25. Pioneer is the third-largest oil producer after Chevron Corp (CVX.N) and ConocoPhillips (COP.N) in the Permian basin, the biggest in the United States. Analysts believe Pioneer and other exploration and production companies could be acquired in the coming quarters given oil giants such as Exxon are looking to boost inventory. "Would not be surprised to see Exxon step up for PXD's scale and inventory depth in the Midland Basin, but the price tag will ultimately be based on the oil prices underwritten by Exxon.

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