Crude's Labor Day Nose Dive

U.S. crude oil falls more than 4%, closes at lowest level since December to erase 2024 gains; Voyager Midstream (backed by Billy Quinn's Pearl) buys Haynesville GP assets from Phillips 66; SandRidge Energy closes $144 million acquisition in the Western Anadarko Basin.

Author

Rob Quigley
September 04, 2024

Good morning! WTI took a 4% nose dive to lowest level of 2024 based on 1) OPEC October supply bump rumors 2) Libya 3) China. What a way to come back from the lake after Labor Day. Also Phillips 66 agreed to sell a subtantial Gathering & Processing system in the Haynesville to Billy Quinn (Pearl) backed Voyager Midstream for an undisclosed price. Let's drill down.

Daily Headlines

  • U.S. crude oil falls more than 4%, closes at lowest level since December to erase 2024 gains.(CNBC)

  • Algorithmic Traders Add to Oil’s Rout as Demand Fears Resurface.(BLOOMBERG $$$)

  • EOG to ramp up activity in Utica shale play in Ohio.(Reuters)

  • AI predicted to weigh on oil prices over the next decade.(BOE Report)

  • U.S. LNG exports rebound in August.(BOE Report)

  • Judge's ruling may end Gulf oil production, senator warns.(Fox Business)

  • Saudi Aramco continues to pursue downstream and LNG deals.(OilPrice)

Deal Flow

M&A/Investment

  • Voyager Midstream (backed by Billy Quinn's Pearl) buys Haynesville GP assets from Phillips 66.(Hart Energy)

  • SandRidge Energy closes $144 million acquisition in the Western Anadarko Basin.(Hart Energy)

  • Perenco acquires five mature natural gas fields offshore Trinidad and Tobago from BP.(World Oil)

  • NEO Energy explores potential North Sea oil acquisition despite windfall tax concerns.(Offshore Technology)

  • Secret buyer acquires two Transocean vessels for $342 million.(Upstream Online $$$)

  • Shell signs LNG agreement with BOTAS to expand gas supply in Turkey.(Offshore Technology)

IPO/Direct Listing/Issuances/Block Trades

  • Gulfport Energy offers $500 million in senior notes due 2029.(Hart Energy)

Fundraising

  • ICR secures $2.7 million in new contracts in the Middle East.(Energy Voice)

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.

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