Oil Companies Announce Massive Merger Amid Rush to Snatch up Drilling Land
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Oil Companies Announce Massive Merger Amid Rush to Snatch up Drilling Land
Oil Companies Announce , Massive Merger Amid Rush , to Snatch up Drilling Land.
'The Guardian' reports that two United States oil
and gas companies have announced a massive
$26 billion merger in an attempt to increase output.
.
Diamondback Energy will purchase
Endeavor Energy Resources, creating
a company valued at approximately $50 billion.
This is a combination of two strong,
established companies merging to
create a ‘must own’ North American
independent oil company, Travis Stice, Chairman and chief executive of Diamondback, via 'The Guardian'.
Endeavor shareholders will reportedly
receive about $117 million in Diamondback shares,
as well as an additional $8 billion in cash.
.
The merger will see current
Endeavor shareholders retain just under
40% of the newly created company.
The latest news comes amid a wave of
mergers aimed at increasing output by purchasing
rivals who own the rights to proven oil reserves.
October saw Chevron make a $53 billion deal to
purchase Hess and ExxonMobil finalized a $59.5
billion acquisition of Pioneer Natural Resources.
October saw Chevron make a $53 billion deal to
purchase Hess and ExxonMobil finalized a $59.5
billion acquisition of Pioneer Natural Resources.
The recent acquisition of Endeavor is focused on boosting
extraction of oil and gas from the Permian oilfield,
which spans large swathes of New Mexico and Texas.
In 1979, Endeavor was founded with a single
well in the Permian oilfield and now produces
approximately 400,000 barrels of oil per day.
The International Energy Agency (IEA) has warned
that new fossil fuel developments will push the
world past global warming safety thresholds
ConocoPhillips , to Buy Marathon Oil.
ConocoPhillips , to Buy Marathon Oil.
On May 29, ConocoPhillips agreed to
acquire Marathon Oil in an all-stock deal valued at $17 billion, CNBC reports.
The agreement will provide ConocoPhillips with
an additional 2 billion barrels of U.S. inventory.
This acquisition of Marathon Oil further
deepens our portfolio and fits within our
financial framework, adding high-quality,
low cost of supply inventory adjacent to our
leading U.S. unconventional position. , ConocoPhillips CEO Ryan Lance, via statement.
ConocoPhillips' market cap will
exceed $150 billion due to the deal.
As an independent producer, ConocoPhillips will now be on the same scale as some big-time players, CNBC reports.
For example, the company will become larger than BP but still be smaller than Shell, according to Andrew Dittmar, M&A analyst at Enverus.
For example, the company will become larger than BP but still be smaller than Shell, according to Andrew Dittmar, M&A analyst at Enverus.
While the deal is likely to face FTC scrutiny, the fact that Marathon's assets encompass multiple basins supports regulatory approval, Dittmar said. .
Once the deal is complete,
ConocoPhillips anticipates share buybacks worth $7 billion within the first year.
After three years, that number is
expected to grow to $20 billion.
ConocoPhillips' larger rivals,
Exxon Mobil and Chevron, announced
blockbuster deals as well last year.
ConocoPhillips' larger rivals,
Exxon Mobil and Chevron, announced
blockbuster deals as well last year
Credit: Wibbitz Top Stories Duration: 01:31Published
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SUV Sales Hit , Record High in 2023 Despite , Global Efforts to Cut Emissions.
'The Guardian' reports that SUV sales
hit a record high in 2023, comprising
half of all new cars sold globally.
Experts warn that the increasing popularity
of the heavy vehicles will drive up carbon
emissions responsible for global warming.
An analysis by the International Energy Agency
(IEA) found that emissions from SUVs made up
for 20% of the world's carbon emissions in 2023.
According to the IEA, if SUVs were
considered a country, they would have been
the fifth-largest carbon emitter in the world,
ahead of both Germany and Japan.
'The Guardian' reports that urgent cuts in emissions
are needed to combat climate-driven extreme weather
events, which are already increasing in frequency.
Despite this, SUV sales
increased by 15% compared to a 3%
increase for conventional automobiles in 2023.
According to the IEA, the main reasons
behind increasing SUV sales are
“the appeal of SUVs as a status symbol,”
automakers' marketing and perceptions of comfort.
The IEA also points out that SUVs cause greater injuries
in pedestrian collisions, due to the height of the
vehicle's front end and take up more space in cities.
While 20% of the SUVs sold in 2023
were either full electric or plug-in hybrids,
the vehicles require larger batteries, which
places a strain on supplies of critical minerals. .
In 2023, there were over 360 million SUVs
on roads worldwide, which were responsible
for more than 1 billion tons of carbon emissions,
increasing by about 10% compared to 2022
Credit: Wibbitz Top Stories Duration: 01:31Published
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