Petroly, 8 January 2024
Chesapeake Expands Media Reach with Southwestern Merger
US gas giants Southwestern and Chesapeake are merging, creating a $17 billion behemoth poised to topple gas king EQT and dominate 2 key drilling regions. This industry-shaking deal signals consolidation is heating up, with cost cuts and future growth the prize. Stay tuned for the energy landscape's next chapter!
Chesapeake, Southwestern Set for Merger: US Media
Southwestern Energy Co., and Chesapeake Energy Corp. are close to a merger that would create a roughly $17 billion company, ranking as one of the largest natural gas producers in the US, the Wall Street Journal reported.
The acquisition would make Chesapeake’s gas production larger than its biggest rival, EQT Corp., and expand its holdings in two key gas drilling regions: the Marcellus basin in Appalachia and the Haynesville basin in Louisiana and east Texas.
The potential merger comes as US oil and gas producers are increasingly buying up competitors as they push cut costs and increase future production.
GAIL Fuels up for the Future with LNG and Biogas Deals!
GAIL just scored big on fuel! They inked a massive 10-year deal with energy giant Vitol for Liquefied Natural Gas, bringing cleaner, abundant energy to India. Plus, they teamed up with TruAlt Bioenergy to run India's 2nd compressed biogas plant, turning waste into green fuel. It's a double win for both our energy needs and the environment! Buckle up, the future's looking bright!
Vitol Inks 10-Year LNG Supply Deal with Gail India
“This long-term LNG deal with Vitol by GAIL will augment its large Liquefied Natural Gas (LNG) portfolio and will contribute to bridging India’s demand and supply gap of natural gas”, GAIL Chairman and Managing Director Sandeep Kumar Gupta said.
Compressed Biogas Joint Venture
Meanwhile, GAIL has signed a term sheet for its equity participation in TruAlt Bioenergy Limited’s joint venture company Leafinti Bioenergy Limited, which owns and operates India’s second compressed biogas (CBG) plant.
Dealy succeeds Sheffield as CEO of Pioneer Natural Resources
While he was COO, Pioneer became the largest oil producer in Texas, and he successfully integrated the acquisitions of Parsley Energy and Double Point Energy.
Tuesday’s announcement comes as Pioneer awaits its $64.5 billion merger with ExxonMobil reported in October 2023.
Dealy told Midland Reporter Telegram he expects Exxon’s acquisition of Pioneer to be completed in 2024.
Dealy succeeds Sheffield as CEO of Pioneer Natural Resources
Dallas-based Pioneer Natural Resources said Richard P. Dealy started his new role as CEO, and Scott D. Sheffield is now special advisor to the CEO as of Jan. 1.
The post Dealy succeeds Sheffield as CEO of Pioneer Natural Resources appeared first on Permian Basin Oil and Gas Magazine .