Getting Paid: $6.4B to MGMT

Vitol’s senior employees were paid a record $6.4B in 2023; Post Oak Minearls buys APA minerals for $475mm, has closed on 10 material deals in 2024; Aramco advances Jafurah shale with $2.5B contracts; North American rig gain streak at 10 weeks.

Author

Rob Quigley
July 30, 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:

Vitol’s senior employees were paid a record $6.4B in 2023.

Vitol’s senior employees paid a record $6.4bn last year

Vitol, the world's largest independent commodity trader, paid senior employees a record $6.4 billion in 2023 amid soaring profits fueled by energy market volatility post-Russia's Ukraine invasion.

www.ft.com/content/0cb925df-82d0-4f8d-b01d-77f8048f7e9d

Post Oak Minearls buys APA minerals for $475mm, has closed on 10 material deals in 2024.(WorldOil)

Aramco advances Jafurah shale with $2.5B contracts.(JPT)

North American rig gain streak at 10 weeks.(Ringzone)

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

  • Vitol’s senior employees were paid a record $6.4B in 2023.(Financial Times)

  • North American rig gain streak at 10 weeks.(Ringzone)

  • Fresh Quakes Damage West Texas Area with Long History of Tremors Caused by Oil and Gas.(Albuquerque Journal)

  • Biden buys nearly 5 million barrels for strategic reserve.(World Oil)

  • Latin America's Missed Opportunity in the Global LNG Boom.(OilPrice.com)

  • Freeport LNG to resume full production post-hurricane.(Offshore Technology)

  • OPEC Asserts Oil's Indispensability for Global Electrification.(OilPrice.com)

Deal Flow

M&A/Investment

  • Post Oak Minearls buys APA minerals for $475mm, has closed on 10 material deals in 2024.(WorldOil)

  • Aramco awards $2.5B in contracts for Jafurah shale project.(JPT)

  • SandRidge Energy Buys Western Anadarko Cherokee Assets for $144MM.(HartEnergy)

  • Investment Firms Offer to Buy Martin Midstream for $175MM.(HartEnergy)

  • Macquarie to acquire 20% in National Gas for $900mm.(Offshore Technology)

  • Shell, Cheiron to invest $340mm in Egyptian oil production.(Upstream Online)

IPO/Direct Listing/Issuances/Block Trades

  • No deals fit this criteria.

Debt

  • Athabasca Oil announces $200M unsecured notes offering.(BOE Report)

SPAC

  • No deals fit this criteria.

Bankruptcy/Restructuring/Distressed

  • Seatrium secures $810M in bank guarantees.(World Oil)

Fundraising

  • Permian Resources announces financing moves post-Oxy deal.(Hart Energy)

Our firm has been in the business of appraising oil and gas assets for nearly 30 years. We have always prioritized customer service, and we fully understand the technical and financial importance of our reports for numerous stakeholder groups. We are here to provide clear and accurate analysis that supports reserves and valuations you can trust.

Stan S. Valdez, P.E. President

Only the Finest, Refined Memes:

Meme of the Day: #3

Meme of the Day: #2

Meme of the Day: #1