FTC Sniffing for Collusion

FTC begins a controversial investigation into alleged collusion between Hess, Oxy, and Diamondback; Kamala Harris Seen as Tougher Oil Industry Opponent Than Biden;Woodside Energy to acquire LNG developer Tellurian for $900 million; Namibia's new offshore discoveries rival Guyana's growth potential.

Author

Rob Quigley
July 22, 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:

FTC begins a controversial investigation into alleged collusion between Hess, Oxy, and Diamondback.

FTC begins “baseless” investigation into Hess, Oxy, Diamondback, OPEC collusion allegations

FTC investigators are looking for evidence of executives attempting to collude with OPEC officials on oil market dynamics, according to people familiar with the matter who asked not be named discussing non-public information. Such communications, particularly on pricing and output, could be illegal under U.S. antitrust laws.

www.worldoil.com/news/2024/7/21/ftc-begins-baseless-investigation-into-hess-oxy-diamondback-opec-collusion-allegations

Kamala Harris Seen as Tougher Oil Industry Opponent Than Biden.(Bloomberg.com) 

Woodside Energy to acquire LNG developer Tellurian for $900 million.(Hart Energy)

Namibia's new offshore discoveries rival Guyana's growth potential.(World Oil)

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

  • FTC begins baseless investigation into Hess, Oxy, Diamondback collusion.(World Oil)

  • Kamala Harris Seen as Tougher Oil Industry Opponent Than Biden.(Bloomberg.com) 

  • Namibia's offshore discoveries position it as a new oil and gas hotspot.(World Oil)

  • Ohio receives $57.25M to cap abandoned oil and gas wells.(Dispatch)

  • ConocoPhillips won $2.25B Marathon Oil deal in 33 days.(Hart Energy)

Deal Flow

M&A/Investment

  • Occidental explores $3.6 billion sale of CrownRock Permian stake to Ecopetrol.(World Oil)

  • Woodside Energy to buy LNG developer Tellurian for $900 million.(Hart Energy)

  • ExxonMobil and Shell sell North Sea assets to Tenaz Energy for $246 million.(World Oil)

  • LLOG fully acquires 41 blocks in Deepwater GoM.(Rigzone)

  • QatarEnergy to acquire stake in Suriname PSC.(Rigzone)

IPO/Direct Listing/Issuances/Block Trades

  • No deals that match this criteria.

Debt

  • Pemex targets debt declining below $100 billion by summer.(Hart Energy)

SPAC

  • No deals that match this criteria.

Bankruptcy/Restructuring/Distressed

  • No deals that match this criteria.

Fundraising

  • No deals that match this criteria.

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