Top stories today:
Nearly 400 jobs lost in $64B Exxon acquisition of Texas oil company
Equinor Strikes New Oil and Gas Reserves in the Norwegian North Sea
ONEOK to sell three interstate natural gas pipelines to DT Midstream for $1.2bn
Petrobras Announces $111-Billion Investment Plan
Nearly 400 jobs lost in $64B Exxon acquisition of Texas oil company
ExxonMobil's acquisition of Pioneer Natural Resources resulted in approximately 400 job losses. The $64.5 billion deal, focused on strengthening Exxon's presence in the Permian Basin, offered positions to 1,900 Pioneer employees. A WARN notice revealed 376 Irving and 18 Midland employees would be separated, primarily due to workers declining transition roles. The merger aims to retain Pioneer's talented workforce while consolidating operations in the oil and gas industry.
Equinor Strikes New Oil and Gas Reserves in the Norwegian North Sea
Equinor ASA recently discovered oil and gas in the Norwegian North Sea's Rhombi prospect. The exploration well, located near the Troll field, found hydrocarbons in two rock formations. Norwegian Offshore Directorate confirmed the discovery, estimating 13-28 million barrels of oil equivalent, with over half being gas. Equinor operates the project with a 45% stake, alongside partners Vår Energi and INPEX Idemitsu Norge. The company is considering connecting the new discovery to existing infrastructure and aims to develop the resources efficiently while minimizing environmental impact. This marks the first regional discovery in 2024, demonstrating Equinor's continued exploration efforts in the area.
ONEOK to sell three interstate natural gas pipelines to DT Midstream for $1.2bn
ONEOK has agreed to sell three natural gas pipeline systems to DT Midstream for $1.2 billion. The sale includes the Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission, which collectively span approximately 1,300 miles and can transport over 3.7 billion cubic feet of natural gas daily. The pipelines connect multiple states and regions, including Illinois, Wisconsin, Minnesota, North Dakota, and Canada. ONEOK's CEO, Pierce H. Norton II, believes DT Midstream is the ideal owner for these federally regulated pipeline systems. DT Midstream's president, David Slater, sees this acquisition as a strategic move to expand their natural gas infrastructure near key market regions. The transaction, expected to close in the fourth quarter of 2024, is subject to regulatory approvals and will provide DT Midstream with 100% operating ownership of the pipeline systems.
Petrobras Announces $111-Billion Investment Plan
Petrobras, Brazil's state energy company, plans to invest $111 billion between 2025 and 2029. Most of the budget, $77 billion, will focus on oil and gas exploration and production. The company expects to increase daily production to 3.2 million barrels of oil equivalent, maintaining its position as South America's top energy producer. The investment plan includes $20 billion for refining, transportation, and related sectors. Currently producing 2.7 million barrels daily, Petrobras aims to boost production from existing fields and address natural depletion in mature areas. The spending plan reflects a strategic approach to maintaining profitable assets.