Good morning! Crescent Energy continues their buying spree with a $900mm purchase of Ridgemar. Carnelian/Ridgemar made out like bandits, flipping their asset for >2x in <24 months. Summit completes their acquisition of Talk Oak Midstream. In the news OPEC boss praised 'realistic' green policies under Trump. Let's Drill Down.

Daily Headlines

• Sliding oil prices may push Permian E&Ps to cut CapEx amid challenges Hart Energy$$$

• E&Ps Eye Deepwater in Hunt for Natural Gas, Oil Reserves Natural Gas Intel

• What Chevron’s Anchor Breakthrough Means for the GoM’s Future Hart Energy$$$

• ‘Realistic’ green policies good for the U.S., Aramco CEO says, with Trump to return to White House CNBC

• U.S. Treasury tightens focus on Iran's oil trade networks Oil and Gas 360

• Enbridge cancels natural gas pipeline project in Northern BC Financial Post$$$ 

Deal Flow

M&A/Investment

• Crescent Energy expands in Eagle Ford basin with $900mm Ridgemar Energy deal Reuters

• Summit Midstream Completes $450MM Tall Oak Acquisition Hart Energy$$$

• Eurasia Energy acquires UK assets from Warrior Oil in a $1.5B deal to expand its portfolio. Rigzone

• Libya is preparing to launch an oil and gas bidding round before the end of the year. OE Digital

IPO/Direct Listing/Issuances/Block Trades

• ExxonMobil issues $2B in green bonds to support its sustainable energy initiatives. Rigzone

Debt

• Chevron secures a $5B revolving credit facility to support expansion. Rigzone

• Venezuela’s rising oil exports are backed by credit line deals with foreign investors. Boereport

Bankruptcy/Restructuring/Distressed

• Venezuela’s PDVSA enters debt restructuring talks amid growing financial challenges. Boereport

Only the Finest, Refined Memes:

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Meme of the Day: #1