Good morning! TotalEnergies announced an acquisition of a 45% stake in gassy Eagle Ford wells from Lewis (~400 mmcfd). Elliott is back in the news as they support Amer Energy in its bid to acquire Citgo Petroleum for $7.3 billion. In the news, Forbes notes that U.S. output is up 6.5% year-over-year to a record 13.2 million bopd. ERCOT announced plans to bolster the state's grid system and use oil and gas to support the energy needs of the state. Finally, natural gas prices are up due to Hurricane Helene, and oil prices are rising due to Middle Eastern tensions. Let's drill down.

Daily Headlines

• Why U.S. Oil Production Is 6.5% Ahead Of Last Year’s Record Pace Forbes

• Texas approves plan to boost oil, gas output to meet electricity needs Offshore Technology

• U.S. natgas prices near 3-month high amid Helene's impact Oil & Gas 360

• Oil jumps on Middle East tensions despite Saudi production hike Rigzone 

• OPEC+ alliance focuses on compliance amid oil market challenges CNBC

• The U.S. wants to triple nuclear power by 2050. America’s coal communities could provide a pathway CNBC

• Bustin’ Out - EPIC Crude Pipeline Running at Capacity, Spurring Talk About a Possible Expansion rnb energy

• U.S. oil rig count drops for second week in a row BOE Report

• Colorado's move to ban oil drilling sparks national debate OilPrice.com

• EY says U.S. E&P fared well in 2023 while ESG reporting increased further Worldoil

• LNG ban fuels Republicans' clash with controversial researcher Energy in Depth

Deal Flow

M&A/Investment

• Mitsubishi to boost stake in Malaysian LNG assets Natural Gas World.

• Elliott-backed Amber Energy to acquire Citgo Petroleum for $7.3B Hart Energy$$$

• Devon Energy completes a strategic Williston Basin acquisition of Grayson Mills BOE Report

Bankruptcy/Restructuring/Distressed

• Refiner Vertex Energy files for bankruptcy and explores potential sale Rigzone

Only the Finest, Refined Memes:

Meme of the Day: #3

Meme of the Day: #2

Meme of the Day: #1