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☆ These oil companies could be the next takeover targets in Permian Basin after Diamondback deal
▼ + stars: | 2024-02-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Diamondback Energy took one of the last major, privately held operators in the Permian off the table this week when it agreed to buy Endeavor Energy Resources for $26 billion. The deal is poised to catapult Diamondback into the top tier in the Permian, the most prolific oil patch in the U.S. that stretches from western Texas into southeastern New Mexico. The top six companies in the Permian are set to own 62% of the basin's remaining oil reserves, according to Rystad Energy. The stubborn holdouts After the Diamondback-Endeavor and Occidental-CrownRock deals, the only other major privately held producers left in the Permian are Continental Resources and Mewbourne Oil. Conoco could potentially seek to acquire Permian Resources , Civitas , Coterra, Vital Energy or Ovintiv , Bernstein said.

Persons: Matthew Bernstein, Bernstein, Hess, Andy Lipow, Neal Dingmann, Mewbourne, Dingmann, Ovintiv, Enerplus, Bob Yawger, Yawger, weren't, Ryan Lance, Lance, Conoco, EOG Organizations: Diamondback Energy, Endeavor Energy Resources, Diamondback, Exxon Mobil, Chevron, Rystad Energy, Truist Securities, CRFA Research, Endeavor, CNBC, Exxon, Natural Resources, Occidental, Lipow Oil Associates, Resources, Mewbourne, Continental, Publicly, Civitas, Coterra, Vital Energy, Devon Energy, Marathon Oil, Bloomberg News, Marathon, Reuters, CFRA, ConocoPhillips, Mizuho Locations: U.S, Texas, New Mexico, Guyana, Devon, Bakken, North Dakota, Occidental, Mizuho Americas, Marathon

The five-year plan includes proposed sales in the Gulf of Mexico — the nation’s primary offshore source of oil and gas — in 2025, 2027 and 2029. The three lease sales are the minimum number the Democratic administration could legally offer if it wants to continue expanding offshore wind development. The lease program will guard against environmental damage caused by oil and gas drilling and other adverse impacts to coastal communities, Haaland said. “The (oil leasing) program is definitely informed by the IRA and the connection that the IRA makes between offshore oil and gas leasing and renewable energy leasing,” he said Thursday, referring to the Inflation Reduction Act. The Interior Department can’t sell the rights to drill for oil and gas offshore without first publishing a schedule that outlines its plans.

Persons: Joe Biden's, Biden, Democratic Sen, Joe Manchin, Manchin, Harris, Deb Haaland, ”, Haaland, “, Biden's, Ryan Lance, Willow, Dyani Chapman, Tommy Beaudreau, Interior Department can’t, Rene Santos, Santos, Beth Lowell, Abigail Dillen, Sen, Dan Sullivan, ___ Brown, Becky Bohrer Organizations: WASHINGTON, Democratic, Biden, Interior Department, Interior Department’s, of Ocean Energy Management, drillers, BP, ExxonMobil, ConocoPhillips, Alaska Environment, Interior, P, Gulf, American Petroleum Institute, Chevron, Associated Press Locations: Gulf of Mexico, Alaska, Gulf, Mexico, West Virginia, Chevron, Brazil, Guyana, Louisiana, Oceana, Gulf Coast, Billings, Mont, Juneau , Alaska

HOUSTON, June 30 (Reuters) - Negotiators representing Venezuela have held settlement talks with bondholders and creditors owed billions of dollars from defaults and expropriation claims, the head of a board supervising the country's foreign oil assets told Reuters. The U.S. has for years shielded Citgo from seizure under a license that will expire next month if not renewed. Some $2.6 billion in court-approved claims from Crystallex International, ConocoPhillips (COP.N), Siemens Energy (ENR1n.DE) and Red Tree Investments could be applied to auction proceeds. "We have progressed with the bondholders and Crystallex since party representatives officially met for the first time late last year and in February, respectively. IN 'GOOD FAITH'A negotiation team representing Venezuela also has held talks with ConocoPhillips, but they have not swapped financial proposals, he said.

Persons: Horacio Medina, Medina, Ryan Lance, Citgo, Marianna Parraga, Gary McWilliams, David Evans Organizations: Reuters, Citgo Petroleum, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S . Treasury, U.S, Thomson Locations: Venezuela, U.S, New York, Delaware, Washington

Top producers have built a war chest to fund acquisitions after reaping windfall profit in 2022 from skyrocketing oil prices following Russia's invasion of Ukraine. At least three analysts have identified Diamondback Energy Inc (FANG.O), Matador Resources Inc (MTDR.N) and Permian Resources Corp (PR.N) as possible takeout targets. The shale patch, which lies between Texas and New Mexico, has the necessary infrastructure and is known for high productivity and large undeveloped reserves. But a surge in oil prices last year helped turn the tide. Last week, ConocoPhillips (COP.N) CEO Ryan Lance said he was expecting more shale deals, adding that "consolidation needs to happen" among Permian Basin energy producers.

☆ Exxon CEO's pay rose 52% in 2022, highest among oil peers
▼ + stars: | 2023-04-13 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Oil company workers did not see the same level of increases with median annual compensation for workers declining at several big energy companies. The median pay for an Exxon worker fell 9% last year to $171,582 while Chevron's median worker pay dropped 12%, to $161,488, filings showed. The two largest U.S. oil majors posted record profits in 2022 on high energy prices and costs cuts measures including payroll reductions. Occidental Petroleum's CEO Vicki Hollub's pay rose 35% while ConocoPhillips CEO Ryan Lance's pay fell 16%, all compared to their prior year. Under a new calculation disclosure required by the SEC on potential gains by executives on unvested stock awards, Woods' pay was $89.7 million in 2022, a securities filing showed.

☆ ConocoPhillips CEO Doubles Down on Alaska Oil as Competitors Leave Arctic
▼ + stars: | 2023-03-26 | by ( Benoît Morenne | ) www.wsj.com time to read: 1 min

ConocoPhillips CEO Ryan Lance has a contrarian strategy of drilling wells that will yield oil for decades. ConocoPhillips Chief Executive Ryan Lance was only a budding oilman when he first set foot in Alaska. Nearly four decades later, his company reigns supreme over the U.S. Arctic. With most of its competitors abandoning the state, ConocoPhillips is forging ahead with drilling there, emboldened by President Biden’s approval this month of a robust, new project.

Alaska's elected officials say the project will create hundreds of jobs and bring billions of dollars in revenue to state and federal coffers. The state relies heavily on revenue from oil production, but output there has declined dramatically from its peak in the 1980s. "I feel the people of Alaska have been heard," U.S. Representative Mary Peltola, a Democrat from Alaska, said on a call with reporters. The Interior Department approved the project with three drill pads after saying last month it was concerned about the greenhouse gas impacts of Willow. "This was the right decision for Alaska and our nation," ConocoPhillips Chief Executive Ryan Lance said in a statement.

☆ CERAWEEK - U.S. permit reforms needed to achieve Inflation Reduction Act goals -Conoco CEO
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

The goals of the administration's Inflation Reduction Act will be "procedurally impossible" without streamlined permitting for lower carbon energy infrastructure, Conoco CEO Ryan Lance said in remarks at the CERAWeek energy conference. A major Conoco oil project in northern Alaska, called Willow, has been stalled by court and environmental reviews. Willow holds about 600 million barrels of oil and gas and has the support of Alaskan politicians and native groups. "If we don't get (the oil) from Alaska, it's going to come from someplace. As examples of long-term investments, he cited Conoco's liquefied natural gas projects in the US, Qatar and Australia.

☆ ConocoPhillips CEO on Willow Project in Alaska, oil prices and production
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConocoPhillips CEO on Willow Project in Alaska, oil prices and productionCNBC's Brian Sullivan and Ryan Lance, ConocoPhillips CEO, join 'The Exchange' to discuss the company's Willow Project and the potential response from the government.

☆ Goldman stays bullish on energy for 2023—sees several stocks jumping more than 40%
▼ + stars: | 2023-01-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

It should be another good year for energy stocks, according to Goldman Sachs. XLE 1Y mountain Energy Select Sector SPDR Fund's strong performance Goldman's bottom-up price targets imply 13% market cap weighted total return to the energy stocks it covers. The firm's buy-rated stocks have an implied 26% average total return. Of the stocks Goldman rates a buy, several have upside north of 40% to the firm's price targets. The stocks with the highest total return are Antero Resources and Cheniere Energy , both at 48%, according to Goldman Sachs.

☆ Qatar Warns Brussels Bribery Allegations Could Impact Energy Deals With Europe
▼ + stars: | 2022-12-18 | by ( David S. Cloud | ) www.wsj.com time to read: 1 min

ConocoPhillips CEO Ryan Lance shook hands with Qatar’s energy minister, Saad Sherida al-Kaabi, after Qatar agreed a deal with the U.S. company to send Germany liquefied natural gas. Qatar warned that an investigation by authorities in Brussels into its role in an alleged influence and bribery scheme could adversely affect energy deals with Europe, and it condemned a push by the European Parliament to suspend dealings with the Persian Gulf kingdom. The European Parliament’s move “will negatively effect regional and global security cooperation, as well as ongoing discussions around global energy poverty and security,” a statement by a Qatari diplomat to the European Union said Sunday, noting that Qatar is an important supplier of liquefied natural gas to Belgium.

☆ Qatar Warns Brussels Bribery Allegations Could Hurt Energy Talks With Europe
▼ + stars: | 2022-12-18 | by ( David S. Cloud | ) www.wsj.com time to read: 1 min

ConocoPhillips CEO Ryan Lance shook hands with Qatar’s energy minister, Saad Sherida al-Kaabi, after Qatar agreed a deal with the U.S. company to send Germany liquefied natural gas. Qatar warned Sunday that an investigation by authorities in Brussels into its role in an alleged influence and bribery scheme could adversely affect energy talks with Europe and condemned a decision by the European Parliament to suspend dealings with the Persian Gulf kingdom. The European Parliament’s move “will negatively effect regional and global security cooperation, as well as ongoing discussions around global energy poverty and security,” a statement by a Qatari diplomat to the European Union said Sunday, noting that Qatar is an important supplier of liquefied natural gas to Belgium.

[1/6] QatarEnergy CEO and Qatar's Minister of Energy, Saad al- Kaabi and ConocoPhillips CEO, Ryan Lance attend the signing ceremony of two sales and purchase agreements to export liquefied natural gas (LNG) to Germany, in Doha, Qatar, November 29, 2022. The deal, the first of its kind to Europe from Qatar's North Field expansion project, will provide Germany with 2 million tonnes of LNG annually, arriving from Ras Laffan in Qatar to Germany's northern LNG terminal of Brunsbuettel, QatarEnergy's chief executive said. ICIS head of energy analytics Andreas Schroeder said the starting date of 2026 was late, as Germany needed LNG for 2023 and 2024. The deal comes a few days after QatarEnergy signed a 27-year sales and purchase agreement with China's Sinopec. The North Field is part of the world's biggest gas field, which Qatar shares with Iran.

REUTERS/Imad Creidi/File PhotoDOHA, Nov 29 (Reuters) - QatarEnergy and ConocoPhillips (COP.N) on Tuesday signed two sales and purchase agreements to export liquefied natural gas (LNG) to Germany for at least 15 years from 2026, the first such supply deal to Europe from Qatar's North Field expansion project. The deal will provide Germany with 2 million tonnes of LNG annually, arriving from Ras Laffan in Qatar to Germany's northern LNG terminal of Brunsbuettel, QatarEnergy's chief executive said. "(The agreements) mark the first ever long-term LNG supply agreement to Germany, with a supply period that extends for at least 15 years, thus contributing to Germany's long-term energy security," Saad al-Kaabi said in a joint news conference with ConocoPhillips CEO Ryan Lance. The deal comes a few days after QatarEnergy signed a 27-year sales and purchase agreement with China's Sinopec. The North Field is part of the world's biggest gas field that Qatar shares with Iran, which calls its holding South Pars.

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