It Comes Down to Debt & Politics

Ecopetrol rejects $3.6B Oxy deal due to debt and politics; Chevron-backed cleantech firm secures $100M for clean energy projects; US LNG ambitions shaken by regulatory setbacks—industry on alert; CrownRock offloads Oxy shares after closing $1.2B deal—what’s next for the oil market?

Author

Rob Quigley
August 16, 2024

by VSO Petroleum Consultants. Oil and Gas industry news for those in the deal flow (Investors and A&D Professionals). Your daily source for the latest A&D/M&A news, industry news, and expert interviews.

First Things First:

Ecopetrol rejects $3.6B Oxy deal due to debt and politics.

Debt, Politics and Gas: Ecopetrol Explains Rejecting $3.6B Oxy Deal

Ecopetrol said its decision to not move forward with a $3.6 billion deal to acquire Oxy’s CrownRock LP assets was mainly due to the impact on its leverage, but also political shifts under Colombian President Gustavo Petro.

www.hartenergy.com/exclusives/debt-politics-and-gas-ecopetrol-explains-rejecting-36b-oxy-deal-210133

Chevron-backed cleantech firm secures $100M for clean energy projects.(World Oil)

US LNG ambitions shaken by regulatory setbacks—industry on alert.(Oilprice)

CrownRock offloads Oxy shares after closing $1.2B deal—what’s next for the oil market?(Hart Energy)

VSO is the go-to consulting firm for buy-side technical due diligence. We can handle all your technical evaluations or can be your spare capacity when you need overflow help. If you’re in the deal flow, let’s work together.

Daily Headlines

  • US LNG ambitions shaken by regulatory setback.(Oilprice)

  • Mexico taps private sector to boost Gulf oil production.(Oil & Gas 360)

  • Colorado adopts deep geothermal drilling rules.(Fairfield Sun Times)

  • Chevron plans next development phase at Australian icon.(Upstream Online)

  • Heavy oil discount narrows for the fifth session in a row.(Boereport)

  • Brazil set to become world's fifth-largest oil producer.(Upstream Online)

  •  NextDecade to appeal Rio Grande LNG project overturn.(Natural Gas World)

Deal Flow

M&A/Investment

  • Ecopetrol rejects $3.6B Oxy deal due to debt and politics.(Hart Energy)

  • Brazos Midstream completes Permian plant, plans new project.(Hart Energy)

  • Chevron-backed cleantech firm secures $100M from Canada Growth Fund.(World Oil)

  • TC Energy finalizes sale of Portland Gas Transmission System.(Boereport)

  • Aurora Energy expands into Chile with a new acquisition.(Energy Voice)

  • Swan Energy sells FSRU stake to Botas for $399M.(Natural Gas World)

  • Vintage and Galilee Energy announce merger proposal.(Natural Gas World)

IPO/Direct Listing/Issuances/Block Trades

  • CrownRock sells Oxy shares post $1.2B deal closure.(Hart Energy)

Debt

  • Delek Logistics issues senior notes to reduce debt.(Hart Energy)

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